New Jersey Division of Investment, Trenton, which manages investments for the $76.8 billion New Jersey Pension Fund, is searching for a hedge fund consultant, according to an RFP posted on the division's website.
Incumbent consultant Cliffwater, whose contract expires Aug. 10, is invited to rebid, said Christopher Santarelli, a spokesman for the state Treasury Department, in an e-mail. The RFP is being issued due to the expiring contract, Mr. Santarelli added.
For the fiscal year ending June 30, the division's hedge fund portfolio is expected to account for 12.5% of the pension fund's total assets, according to the RFP. The hedge fund portfolio now consists of “approximately 35 direct investments and four fund-of-fund relationships,” the RFP said.
The consulting firm's duties will include performing quarterly reviews of the hedge fund portfolio, providing recommendations on fund manager guidelines, assisting in a search strategy to identify qualified fund managers and conducting due diligence reviews of the funds in the division's hedge fund portfolio, the RFP said.
The RFP is available on the division's website. Proposals are due at 3 p.m. EDT June 6. A hiring decision was not specified.