RJR Nabisco Inc., New York, with approximately...

RJR Nabisco Inc., New York, with approximately $3.5 billion in assets, invested $50 million in Pine Grove Equitized Partners LP, a ''long/short'' fund of funds that also overlays an S&P 500 futures contract.

The investment by the $3.5 billion pension fund is part of RJR Nabisco's equity program, and ``is just another way to add value in a very difficult and efficient market class,'' said Ed Robertiello, senior director of pension and benefit investments.

The five managers in Pine Grove's fund of funds are Aronson + Partners; Innovest Capital; Martingale; Standish, Ayer & Woods; and Twin Capital. Money for the new investment came from rebalancing.

Meanwhile, RJR Nabisco plans to more than double its exposure to a limited duration bond fund that has an S&P 500 futures overlay. Mr. Robertiello plans to increase the $30 million portfolio with Metropolitan West Asset Management to $75 million by the end of the year, he said.