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Office of the Governor | ICYMI: New Jersey’s $95 Billion Pension Fund Unveils Emerging Managers Program to Diversify Portfolio, Build the Next Generation of Investment Talent

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New Program Kicks Off with Proposed Funding of as much as $250 Million in Barings LLC to Assist New Jersey Entry Smaller Managers, Broaden Market Diversification

TRENTON – The Murphy Administration right this moment formally unveiled a brand new Rising Managers initiative being launched by the Division of the Treasury’s Division of Funding to be able to additional diversify the personal markets portfolio for the State of New Jersey’s roughly $95 billion pension fund, together with the primary proposed funding of as much as $250 million underneath the brand new program.

“I applaud Treasury and the Division of Funding for placing the wheels in movement and casting a wider web to draw a broader vary of various funding alternatives, together with funding managers from underserved communities,” stated Governor Phil Murphy. “We’re primarily placing collectively a farm workforce to construct up the subsequent technology of expertise – rising managers who’ve the abilities, however not essentially the entry, to make it to the foremost leagues.”

The Division of Funding (DOI) formally offered the initiative to the State Funding Council (SIC) at its newest assembly right this moment after being reviewed by the SIC’s Funding Coverage Sub-Committee earlier this month. In doing so, DOI additionally proposed its first funding within the new program – as much as $250 million in a individually managed funding car by Barings Funds & Co-Investments. 

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The Barings funding will broaden the pension fund’s diversification, assist the division entry smaller managers, and seize potential enticing returns in small to mid-size development and buyout funds. Barings has a repute for using an open-door coverage and a proactive origination program that features a community of relationships, together with members of its workforce who serve in management roles in organizations targeted on rising ladies and various illustration within the asset administration trade, such because the Toigo Basis, the Hispanic Heritage Basis, NAIC, and PEWIN.

“This platform will improve the pension fund’s publicity to a broader vary of fund managers, together with various fund managers,” stated State Treasurer Elizabeth Maher Muoio. “The Division of Funding has a fiduciary obligation to take a position pension fund belongings for the monetary good thing about the fund’s beneficiaries – New Jersey’s hardworking public staff. I applaud the Division of Funding for figuring out this distinctive alternative, exploring it, and appearing upon it.”

The Rising Managers program is centered round a platform of Individually Managed Accounts (SMAs) that can supply, conduct due diligence on, spend money on, and oversee allocations to rising managers. DOI will start by investing with massive, well-established asset administration corporations with enough sources and experience, choosing corporations who’re long-term main buyers with the power to anchor first-time funds and scale with the underlying funds all through their improvement.

DOI will set up particular custom-made standards for every SMA to be able to guarantee a various pool of fund managers. The SMAs will assist in figuring out profitable rising fund managers who match into the broader DOI portfolio and might “graduate” into direct relationships with the division.

“By creating an rising managers program that targets rising corporations there’s worth available in each the way in which we conduct enterprise and as a method to create added returns. These managers will deliver each a really prime quality and a recent view level to cash administration,” stated Deepak Raj, Chair of the NJ State Funding Council. “This platform will improve publicity to distinctive and area of interest alternatives which are too small for bigger funds.”

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DOI intends a goal funding measurement of as much as $250 million in every SMA, which might be allotted to roughly 10-25 underlying personal fairness funds.

Moreover, DOI is planning to conduct an Rising Managers Symposium later this 12 months to have interaction the potential expertise pool and promote the brand new program to as large of a universe as doable.

“The Division of Funding frequently seeks to allocate capital to the perfect risk-adjusted funding alternatives out there. As a part of that effort, we persistently search for methods so as to add enhancements throughout our portfolios,” stated Shoaib Khan, Performing Director of the Division of Funding. “The Rising Managers Platform is a devoted program to supply, vet, and spend money on a few of the brightest expertise at an earlier stage of an funding agency’s life cycle to the good thing about our total portfolio.” 

DOI intends to regularly construct out this system, beginning first with personal fairness the place the universe measurement is largest, historic observe data of success have been constructed, and new fund creation is most plentiful. Given the broader and distinctive choices from rising fund managers, many of the alternative can be targeted on the sooner to mid-stages of personal fairness, particularly seed, enterprise capital, development, and substitute capital. DOI is successfully making a mechanism to spend money on rising managers throughout the completely different asset courses, with personal fairness being the primary asset class sleeve and potential alternatives for different courses to observe.

Rising manager-focused funds will permit DOI to take part in early stage funds the place it doesn’t at the moment take part due to measurement, observe document, and Belongings Below Administration (AUM) constraints. It will assist determine skilled spinout groups, unbiased sponsors, and seed investments with the potential for enhanced returns. In flip, it’s anticipated that it will improve publicity to decrease center market alternatives, which have traditionally outperformed relative to bigger capitalization funds.

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New Jersey

New Jersey State Police 'never meaningfully grappled' with discriminatory practices, official finds – WHYY

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New Jersey State Police 'never meaningfully grappled' with discriminatory practices, official finds – WHYY


New Jersey State Police didn’t do all they could to prevent discriminatory policing practices from their ranks, the state’s comptroller said in a new report issued Tuesday.

The report found that while the state police regularly issued lengthy reports on racial profiling, “leaders never meaningfully grappled with certain data trends that indicated persistent, adverse treatment of racial and ethnic minority motorists,” the comptroller’s office said.

“The fact that for years the State Police was aware of data showing disparate treatment of people of color on our roads — yet took no action to combat those trends — shows that the problems run deeper than previously realized,” Acting State Comptroller Kevin Walsh said in a statement.

The report comes as part of the state comptroller’s mandate under a 2009 law to conduct an annual review of the state police and its Office of Law Enforcement Professional Standards. It also follows a 2023 report commissioned by the state attorney general that found evidence of discrimination against Black and Latino drivers.

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Trump declines witness stand as testimony in his first trial concludes • New Jersey Monitor

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Trump declines witness stand as testimony in his first trial concludes • New Jersey Monitor


WASHINGTON — The end of the first criminal trial of a former U.S. president is in sight as Donald Trump’s defense team rested its case Tuesday in Manhattan, where jurors have heard weeks of testimony from nearly two dozen witnesses about Trump’s alleged reimbursement of hush money meant to silence a porn star before the 2016 presidential election.

Trump did not take the stand after his team called just two witnesses.

The former president is accused of 34 felonies for falsifying business records. New York prosecutors allege that Trump covered up reimbursing his former personal lawyer Michael Cohen for paying hush money to porn star Stormy Daniels just before Election Day in 2016 to silence her about a tryst with Trump.

Trump, the presumptive 2024 Republican candidate for president, denies the affair and maintains that he was paying Cohen for routine legal work.

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The case will not resume until after the Memorial Day holiday, when closing arguments are expected.

A back channel to Trump

Trump’s defense team’s second and final witness, former federal prosecutor and longtime New York-based attorney Robert Costello, stepped down from the witness stand Tuesday morning. His brief but tense appearance began Monday afternoon and included an admonishment from Justice Juan Merchan for “contemptuous” conduct.

Costello testified to meeting a panicked and “suicidal” Cohen in April 2018 after the FBI had raided Cohen’s New York City hotel room as part of an investigation of his $130,000 payment to Daniels just before the 2016 presidential election.

After Merchan sustained a series of objections from the prosecution Monday, Costello exclaimed, “jeez” and “ridiculous” on the mic and at one point rolled his eyes at Merchan. Merchan cleared the courtroom, including the press, to address Costello and Trump’s defense team.

Costello’s testimony confirmed that he offered a back channel for Cohen to communicate with then-President Trump through Costello’s close contact and Trump’s former legal counsel Rudy Giuliani as Cohen was under investigation, according to reporters at the courthouse.

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New York does not allow recording in the courtroom but provides public transcripts of the proceedings.

During cross examination, prosecutor Susan Hoffinger showed a series of Costello’s emails in an attempt to convince jurors that Costello was actively working to assure Trump that Cohen would not turn against him during the federal investigation.

In one email between Costello and his law partner, he asks, “What should I say to this (expletive)? He is playing with the most powerful man on the planet,” according to reporters at the courthouse.

Hoffinger also established from Costello during her final series of questions that Cohen never officially retained him for legal help — reinforcing that Costello showed up in Cohen’s life only after the FBI raid.

Trump’s multiple indictments

Costello has been publicly critical of the hush money trial against Trump, and of Cohen, as recently as May 15, when he testified before the GOP-led U.S. House Committee on the Judiciary’s Subcommittee on the Weaponization of the Federal Government.

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There, Costello told lawmakers that the cases brought against Trump during this election year are “politically motivated.”

Trump, who faces dozens of criminal charges in four separate cases, was indicted in New York in April 2023.

Three other criminal cases were also brought against Trump in 2023. They all remain on hold.

  • The former president was indicted by a federal grand jury in Florida in June 2023 on charges related to the mishandling of classified information. Federal District Judge Aileen Cannon indefinitely postponed proceedings, making a trial before the November election unlikely.
  • Trump was indicted by a federal grand jury in Washington, D.C., in August 2023. A four-count indictment accused him of knowingly spreading falsehoods about the 2020 presidential election results and scheming to overturn them. Trump claimed presidential immunity from the criminal charges in October 2023, which both the federal trial and appeals courts denied. Trump is awaiting a decision from the U.S. Supreme Court.
  • Weeks after the federal election interference indictment, Trump was indicted on state charges in Fulton County, Georgia, for allegedly interfering in the state’s 2020 presidential election results. The Georgia case has been mired in pretrial disputes over alleged misconduct by Fulton County District Attorney Fani Willis.

Courtroom conditions

In the dim, tightly secured hallway just feet from the courtroom at the New York County Supreme Court, Trump again criticized the trial Monday and accused prosecutors of wanting to keep him off the campaign trail.

“We’re here an hour early today. I was supposed to be making a speech for political purposes. I’m not allowed to have anything to do with politics because I’m sitting in a very freezing cold courtroom for the last four weeks. It’s very unfair. They have no case, they have no crime,” he said before the news cameras that he’s stopped to speak in front of every day during the trial.

Trump told the cameras that outside the courtroom was like “Fort Knox.”

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He complained that there are “more police than I’ve ever seen anywhere,” and said “there’s not a civilian within three blocks of the courthouse.”

That statement is false. States Newsroom attended the trial Monday and witnessed the scene outside the courthouse during the morning, mid-afternoon and late afternoon.

Just as dawn broke, people standing in the general-public line vying for the few public seats in the courtroom squabbled over who was in front of whom.

About an hour later, a woman with a bullhorn showed up in the adjacent Collect Pond Park to read the Bible and amplify contemporary Christian music played from her phone. A man paced the park holding a sign that read, “Trump 2 Terrified 2 Testify.”

Several people sat outside eating and talking at tables in Collect Pond Park during the 1 p.m. hour, as witnessed by reporters who left the courtroom after Merchan dismissed the jury for lunch.

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By late afternoon, a small handful of protesters holding Trump flags and signs shouted that he was innocent.



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6 ethnic restaurant gems in NJ

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6 ethnic restaurant gems in NJ


Last week, my friend Peter who owns the Ewing Diner in Mercer County (and yes, delivers a consistently delicious breakfast daily to the morning crew) invited me to speak at the opening of the annual Greek Festival at St. George’s Church.

The kitchen team was nice enough to send me home with some delicious souvlaki, gyros, and tzatziki. Of course, the food was delicious.

And when it came up on the show, we were flooded with restaurant recommendations. We started with Greek and then turned to Mexican, Italian, and even Thai. I hope you didn’t miss my attempt at pronouncing some of the more authentic names.

Kostas in Tuckerton

Pru Thai in Clifton and Pennington

Jozanna’s in Middlesex Boro

Must-visit NJ restaurants with James Beard nominated chefs

New Jersey chefs and restaurants have continued to make the shortlist for James Beard Award semifinals for over a decade. Here are those must-try eateries open as of 2024.

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Gallery Credit: Erin Vogt

The post above reflects the thoughts and observations of New Jersey 101.5 talk show host Bill Spadea. Any opinions expressed are Bill’s own.

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