New Jersey plans several hires for alternatives team: Exclusive

  • Seeks professionals with experience in PE, real estate, real assets and hedge
  • Responsibilities include sourcing, due diligence 
  • New Jersey had committed $12 bln to PE through April

The investment division is seeking professionals with experience in the private equity, real estate, real assets and hedge fund sectors, said Gregory Harcum, a human resources official in the Department of the Treasury. Harcum did not disclose exactly how many positions New Jersey plans to fill.

The to-be-hired staff members would be responsible for sourcing investments, performing manager due diligence, negotiating partnership agreements, managing relationships with outside consultants and presenting recommendations to the New Jersey State Investment Council, according to a job description made available to Buyouts.

New Jersey Division of Investment Director Chris McDonough told Buyouts of his plan to bolster the $79 billion pension system’s alternatives team in March, shortly after being named director. He had served as New Jersey’s acting director since September, when former Director and Chief Investment Officer Timothy Walsh left to take over the North American operations of real estate firm Gaw Capital.

New Jersey Division of Investment had committed roughly $12 billion to private equity funds through the end of April, according to a recent report. Its holdings in buyout and venture capital strategies were valued at $5.78 billion as of April 30, equal to just over 7 percent of its total investment portfolio and slightly above its 7 percent target allocation. Holdings in debt-related private equity strategies were valued at $795 million, or 1 percent of total allocation, below the pension system’s 1.25 percent target.

The private equity portfolio (including debt-related) has generated a five-year return of 15.75 percent for the retirement system, according to the report. The alternatives portfolio, which groups private equity alongside real estate, real assets and hedge fund strategies, had generated 10.64 percent return over the same time.

In May, the state authorized a $100 million commitment to Warburg Pincus Energy Fund and $50 million for MHR Fund Management’s fourth  distressed debt vehicle.

New Jersey’s alternative investment team is currently staffed by Jason MacDonald, Maneck Kotwal and Lou Kish, according to a contact sheet available through the New Jersey Division of Investment website.

New Jersey will be accepting applications for the new positions through the end of July. Applicants have been asked to send their completed application (found here), cover letter and resume to HumanResources@treas.state.nj.us

Photo of townhouses on the Hudson River in Weehawken, New Jersey by Gary Hershorn for Reuters. All rights reserved.