Last Friday, Private Debt Investor reported the New Jersey Decision of Investment’s decision to modify the commitment agreement to its 2008 commitment to Capital Trust High Grade Partners II – now a component of The Blackstone Group’s mortgage trust business – in order to increase its allocation to higher-returning strategies, including a separately managed account with Blackstone's credit arm GSO Capital Partners.
Flipping bad for good
Portfolio management’s a tricky business – especially when it comes to illiquid assets with long-term lockups that offer virtually no flexibility. So when a public pension finds a way around an underwhelming commitment, it can be a rare achievement.
