New Jersey Division of Investment, Trenton, committed a total of $1.025 billion to hedge fund, private equity and real estate investments, confirmed spokesman Andrew Pratt.
The division, which oversees the state's seven pension funds with a combined $70.5 billion, made hedge fund commitments of $200 million to BlueCrest Capital International, an opportunistic strategy; $150 million to Claren Road Credit Fund, a global long/short credit strategy; and $100 million to Cadian Fund, a long/short equity strategy. The board does not any have current investments with any of the three managers.
Cliffwater assisted with the hires.
Separately, the board approved committing $300 million to Warburg Pincus Private Equity XI, a growth-oriented buyout strategy, and $100 million to TPG Growth Fund II. The system has five previous investments with TPG and three with Warburg Pincus.
Strategic Investment Solutions assisted.
Also, up to $175 million was committed to CT High Grade Partners II. R.V. Kuhns assisted.
The board also said the retirement system's assets increased 4.9% year-to-date to $70.5 billion, buoyed by strong stock returns.