The New Jersey State Investment Council has approved plans at its monthly meeting to boost the hedge fund allocation to 15% from 7% of the state's $68 billion pension fund.
The move is significant for the pension fund that only started allocating to hedge funds in 2006. Earlier in the year, the State Investment Council boosted the percentage allocated to hedge funds to 7% from 6.5% due to anticipated funding of new global macro strategies. The actual hedge fund portfolio currently totals roughly $3 billion or 4.3%.
Last month's meeting of trustees is