The New Jersey State Investment Council unanimously voted to cut its target allocation to hedge funds in half, reducing investments in these partnerships to about $2 billion. The pension fund approved the plan on Wednesday to trim the exposure to 3% from 6% under pressure from labor unions looking to reduce fees to investment managers. The state’s hedge fund allocation had a market value of $4.3 billion as of April 30. “Several members had concerns about this over the last several years,” said Eric Richard, one of the council’s union members.