New Jersey seeks private equity advisor

The $70bn pension has published requests for proposals for four advisors, including in private equity, real estate, hedge funds and general consulting.

New Jersey has put out a call for four investment advisors covering alternatives, including private equity, real estate, hedge funds and a general consultant.

The state's $70 billion pension has worked with Strategic Investment Solutions on private equity. New Jersey has worked with the Townsend Group on real estate and Cliffwater on hedge fund investments.

Contracts with the consultants have automatically renewed over the past few years, a pension spokesperson told PEO. Bids are due 13 January.

New Jersey has undergone major administration shifts since a new governor was elected last year. Tim Walsh became the executive director of the investment division, and the pension is considering boosting its allocation to alternatives to 38 percent from 28 percent. The increased exposure would include an increase in the private equity allocation to 12 percent from 7 percent.

The recommended allocations must go through a public comment period before the council can consider final approval.

Changes also included some promotions to top ranks in the investment division. Christine Pastore, formerly head of the pension’s private equity investments, was promoted to co-head of alternatives. She shares leadership with Maneck Kotwal, who formerly led hedge fund investments for New Jersey.

At this point, the pension has not filled Pastore’s and Kotwal’s former positions.

New Jersey made its first private equity-like investment in close to two years last month, when it committed $100 million to Sheridan Production Partners II, a Warburg Pincus oil and gas joint venture.