New Jersey pension fund hires new PE consultant

The NJ Division of Investment entered a five-year contract with TorreyCove

The New Jersey Division of Investment has hired TorreyCove Capital Partners as its private equity consultant to advise on its $79.22 billion pension fund, a source with knowledge of the situation said.

TorreyCove began a five-year contract on 1 July, valued at $4.26 million. It will replace Strategic Investment Solutions, which will become a secondary consultant. Cliffwater, LP Capital Advisors and Wilshire Associates will also serve as secondary consultants.

According to the most recent monthly investment report, published in April, the division allocated 7.88 percent to buyouts and venture capital, short of its 8.25 percent target, amounting to $6.24 billion. Its year-to-date return on private equity investments was 3.83 percent, compared with 0.83 percent from its Cambridge Associates benchmark.

In May, it announced a $150 million commitment to RRJ Capital Master Fund III, which has an investment emphasis on China and Southeast Asia, according to PEI’s Research & Analytics division.

San Diego-based TorreyCove, founded in 2011, manages $31 billion in assets. It is jointly owned by the firm’s senior management team and the Mitsubishi Corporation.