Institutional Investors

New Jersey unwinds credit investments


The $59 billion New Jersey Division of Investment is redeeming from two credit hedge funds, after saying last month it planned on acquiring funds handled by top managers at a significant discount to net asset value by buying stakes from existing investors.

Last month, officials made public plans to unwind investments in the GoldenTree Master Fund and Satellite Fund II. The redemptions are due to performance in the case of GoldenTree and Satellite is in the process of winding down.

The initial $100 million investment in the GoldenTree fund was made in January 2007 and is separate and distinct from