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The New Jersey Division of Investment (DOI) held a virtual Private Market Emerging Managers Symposium, bringing together more than 500 people globally and connecting up-and-coming fund managers with one of the largest public pension funds in the nation.

The June 22 event provided an overview of New Jersey’s Emerging Managers Platform—unveiled last year with a goal of enhancing the state’s exposure to a broader range of fund managers, many of which are women and minority-owned firms, while expanding access for highly skilled investment professionals.

The symposium featured remarks from Gov. Phil Murphy, State Treasurer Elizabeth Maher Muoio, DOI Director and Chief Investment Office Shoaib Khan, State Investment Council Chair Deepak Raj, as well as speakers and panelists from funds and organizations representing billions of dollars in assets under management.

Some of the topics discussed included:

• Advice for emerging managers from DOI’s investment partners,
• A description of other public pension funds’ emerging manager programs,
• An overview of the emerging manager universe in the private equity, private credit and real estate asset classes, and more.

An opportunity and an obligation

Murphy said that as one of the largest public pension funds in the country, New Jersey has both an opportunity and an obligation to cast a net to attract a broad range of diverse investment opportunities, especially investment managers from underserved communities.

“This program and today’s event will essentially help us create a farm team to build up the next generation of talent – emerging managers who have the skills, but not necessarily the access, to make it to the major leagues,” said Murphy. “Harnessing diversity will ultimately help us meet our fiduciary responsibility to the pension fund and its more than 800,000 members.”

“We’re always looking for ways to diversify the private markets portfolio of New Jersey’s $95 billion pension fund, and one of the most effective ways to accomplish this goal is by engaging emerging managers launching into the investment space,” said Muoio. “We’re excited about the terrific attendance at today’s event and look forward to continuing to raise awareness for our new Emerging Managers Platform and help build the next generation of investment talent.”

“Adding smaller, emerging managers into an investment portfolio adds to its performance,” said Khan. “We’re excited to engage with new leaders that will enhance and diversify New Jersey’s pension fund.”

“A benefit of investment with smaller and emerging managers is the greater access to minority-owned and women-owned investment firms which adds tremendous value to investment portfolios,” said Raj. “They bring new ideas, new processes and new thinking into the composition of New Jersey’s pension portfolio. Together as a group, emerging managers, minority-owned and women-owned managers will be critical players of the present and future pension fund’s investment program.”

A recording of the virtual symposium can be found here.