New Jersey State Division of Investment, Trenton, is searching for a hedge fund consultant to advise on manager selection for its first hedge fund allocation. An RFP was issued on behalf of the $68 billion public pension plan, said Kathy Hennessy, public information officer, but she did not have details. The new consultant will eventually assist in manager selection for a hedge fund allocation of $2.7 billion to $3.4 billion.
Real estate consultant Townsend Group and private equity consultant Strategic Investment Solutions, both hired earlier this year, are searching for managers for the system, Ms. Hennessy said. She was not able to provide details. The fund's real estate allocation will be $2.7 billion to $3.4 billion, and its private equity allocation will be between $3.4 billion and $4.8 billion.
The hedge fund and real estate targets are 4% to 5% of assets each, and the private equity target is 5% to 7%. In January, the New Jersey State Investment Council approved rules and procedures permitting investment in alternatives.