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New Jersey Pension's Secondary Market Approach to Hedge Fund Allocation
Institutional Investor Link to more items from this source
Sept. 14, 2012

"Although it is not unusual these days for a pension fund to dump its fund-of-funds managers and invest directly in hedge funds, it's less common for another pension fund to scoop up those same assets for its own portfolio. But that's exactly what is happening at the $49 billion Massachusetts Pension Reserves Investment Management Board, which is cashing out of four of the five fund-of-funds managers it now invests with to go directly into hedge funds. And the $69.4 billion New Jersey Division of Investment, which oversees investments for the state's public workers, is picking up some of those investments. It's a novel move for a pension fund[.]"

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