Centerbridge Partners New Jersey
New Jersey Ups Allocation to Centerbridge After Gains
Centerbridge Partners has been rewarded by New Jersey's pension fund for the hedge fund's good performance; or, New Jersey's pension fund has been rewarded with the chance to invest in the fund again, depending on your take. Centerbridge Partners has returned an impressive 47% in cumulative returns since the New Jersey Division of Investment first allocated $100 million in November 2007. This great performance has motivated the NJ Division of Investment to invest an addition $40 million.
The $70 billion public pension fund made a $40 million follow-up investment to the firm’s Credit Partners fund on Jan. 1. Division director Timothy Walsh told the state’s Investment Council that the Centerbridge fund is “one of our best performing hedge funds,” having returned a cumulative 47% since the pension first invested $100 million in November 2007.
Certainly, the Centerbridge investment did not seem one of the Garden State’s best early on: It lost 23.3% in 2008. But the fund “rebounded nicely,” returning 62.5% in 2009 and 17.4% through October 2010.
The Centerbridge investment helped the pension return 8.7% in the second half, just ahead of its 8.53% benchmark. The Division’s returns were 13.4% in the previous fiscal year, which ended in June. Source
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