The New Jersey Division of Investment, Trenton, made direct hedge fund investments of $100 million each to Davidson Kempner Institutional Partners, King Street Capital Partners and Golden Tree Partners Fund, according to a memorandum from the $79.4 billion retirement system. Davidson Kempner will manage the assets in a low-volatility fund strategy; King Street, a multistrategy fund; and Golden Tree Partners, an opportunistic fund. Investment consultant Cliffwater advised.
Separately, the system will invest an additional $200 million in a private equity separate account managed by Hamilton Lane, for a total investment of $400 million.
The investments were part of an asset allocation shift approved in July, said Mark Perkiss, spokesman.