Alternative Dispute in NJ

The headline from the latest meeting of the New Jersey State Investment Council was:

New Jersey halts hedge fund, private equity investments, awaits direction from governor

with nj.com reporting:

The majority of New Jersey’s assets are considered return-seeking, a category that includes public equity, private equity and real estate. The state’s investment strategy has been a source of disagreement among the state’s investment overseers, as labor leaders pushed to slash its investments in alternatives, and hedge funds specifically.

Murphy has vowed to divest from hedge funds and private equity, though he’s not yet taken any formal steps.

“This analysis basically buttressed and endorsed the allocation that we’ve had all along,” said Tom Byrne, chairman of the State Investment Council.

But when the hard copy of my Pensions & Investment came in the mail today a bigger issue emerged that I would have expected to get a mention in other outlets supposedly covering the New Jersey pensions crisis.

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