New Jersey’s Clark to resign as pension director

William Clark, the director of New Jersey’s $68 billion pension who was integral in implementing its private equity programme, resigned on Tuesday, according to a pension spokesperson.

Clark has served as director since March 2005 after he was promoted from deputy director. It’s not clear why Clark is leaving his post. One source told PEO Clark “will be landing somewhere”, though declined to specify. An article in Pensions & Investments said that Clark received an “attractive offer”.

Deputy director Ray Joseph will serve as acting director during the search for a new director.

Clark “implemented” New Jersey’s alternatives programme after the groundwork for the programme had been laid under the watch of former director Peter Langerman. Langerman is the chairman and chief executive officer of Franklin Mutual Advisors.

The pension has put its alternatives programme on hold while new Governor Chris Christie transitions into office. Christie defeated incumbent Governor Jon Corzine in an election in November.

New Jersey began investing in private equity in 2005. It has an overall 28 percent allocation cap to alternatives, with 7 percent limitations each on the categories of real estate, real assets, private equity and absolute returns strategies.

The pension has LP interests in 66 private equity funds valued at $2.8 billion and 38 interests in real estate funds totaling $1.9 billion.