The New Jersey Division of Investment, Trenton, will likely conduct an invitation-only search for direct hedge fund managers and hedge fund-of-funds after voting to increase its overall hedge fund allocation to $4.6 billion over the next year, confirmed Tom Vincz, communications director. The $74 billion pension plan currently has $500 million invested in hedge funds of funds and $300 million directly in hedge funds; plan officials hope to invest the majority of the new allocation in direct hedge funds, Mr. Vincz said. The move is being made to help boost returns. Funding will likely come from a general redistribution, Mr. Vincz said. There is no specific timeframe for the search; Cliffwater and CRA RogersCasey is assisting.
(updated with corrections)