Philadelphia Inquirer – New Jersey’s state-employee pension fund for the first time will put money into hedge funds, the state’s top investment official said.<\/p>\n
The fund also plans to hire advisers to try to double or triple its investment in emerging markets, William Clark, head of the state Division of Investment, said this week.<\/p>\n
State documents show that the pension fund will give a total of $300 million to four hedge-fund firms – Archipelago Partners L.P., AG Super Fund L.P., BGI Multi-Strategy Fund, and OZ Domestic Partners.<\/p>\n
New Jersey’s $72 billion public pension fund, the eighth-largest in the United States, invested only in stocks and bonds until last year. The fund’s policymaking board then committed to putting at least $9 billion into private-equity, real estate and hedge funds.<\/p>\n
The changes were made as part of efforts to improve returns and offset a deficit that investment board chairman Orin Kramer estimates at more than $30 billion.<\/p>\n