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Carlyle Ex-Partner Grady Said Set to Lead N.J. Pension Council

Robert E. Grady, a former partner in the Carlyle Group, is set to become chairman of the panel that guides investment policy for New Jersey’s $68 billion pension fund, two people with knowledge of the plan said.

Grady, a Jackson Hole, Wyoming-based managing director of Cheyenne Capital Fund LP since 2009, will replace Orin Kramer, 65, general partner of New York-based hedge fund Boston Provident Partners LP, the two people said yesterday. They said Kramer doesn’t plan to seek re-election when the State Investment Council selects officers today.

Kramer has been chairman since his appointment to the panel in 2002 by former governor James E. McGreevey. Under Kramer’s direction, the fund has shifted $9.4 billion out of equities into hedge funds and other alternative investment classes, according to the fund’s latest monthly report.

Neither Kramer nor Grady could be reached immediately for comment. Carlyle, based in Washington, is the world’s second-largest private-equity firm, with almost $91 billion in assets invested in 66 funds as of June.

The 13-member New Jersey council sets policy for the state’s public pension fund, the 13th-largest in the U.S., according to the panel’s website.

Election of officers is listed as an agenda item on the official notice for the council’s regular meeting today in Trenton, the state capital. Andy Pratt, a spokesman for state Treasurer Andrew Sidamon-Eristoff, declined to comment on Grady.

Christie Economic Adviser

Grady served as budget adviser on the transition team of Republican Governor Chris Christie, who took office Jan. 19. Michael Drewniak, a spokesman for Christie, declined to comment. Grady was named chairman of Christie’s Council of Economic Advisors when the governor established the panel in January.

Earlier in his career, Grady was a managing director with Silicon Valley investment bank Robertson Stephens & Co. and chaired the National Venture Capital Association. In 1989-1993, he was an aide to then-President George H.W. Bush and earlier was communications director for New Jersey Governor Tom Kean.

The state Treasury’s Investment Division manages money for New Jersey’s seven pension plans, which provide benefits to about 800,000 working and retired teachers, police officers and government employees.

Through June 30, 2009, the pension system was underfunded by $46 billion, meaning the assets on hand were worth less than half the projected cost of the benefits already promised to members, actuary reports released earlier this year show.

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