8991270-large.jpg

Gov. Chris Christie is shown campaigning with Charlie Baker in 2010. Baker is running again, and the state just sold off its stake in a venture capital fund that had ties to him

(The Boston Golbe)

TRENTON — The agency that invests New Jersey's pension money has sold its stake in a fund with ties to a Massachusetts gubernatorial candidate who gave money to New Jersey Republicans, according to a report.

The Department of Treasury has been reviewing whether New Jersey's $15 million investment in a venture capital fund managed by General Catalyst violated the state's pay-to-play law because its "executive-in-residence," Massachusetts Republican gubernatorial candidate Charlie Baker, had donated $10,000 in 2011 to the Republican State Committee, months before the state invested the money.

Now, Fortune, ­ citing a source,­ reports that the state Division of Investment has sold the stake anyway for a profit of about 1.5 times the cost.

According to the report, the Department of Treasury has not yet said whether the investment violated the state¹s pay-to-play law, which is designed to limit the influence of public contractors on politicians.

Department of Treasury spokesman Chris Santarelli said the "we do not have anything to comment on this matter before the State Investment Council meeting tomorrow."

Another spokesman for the department declined to say whether the state's selling of the assets would stop the release of its findings as to whether the investment violated the law.

The report says the sale could be made public at a State Investment Council meeting on Tuesday.

Matt Friedman may be reached at mfriedman@njadvancemedia.com. Follow him on Twitter @MattFriedmanSL. Find NJ.com on Facebook.

MORE POLITICS