When generating the NJ state tax forms, the club may notice that the state 1065 and k-1 forms have "hedge fund" selected along with "Investment club"

Based on the instructions for the NJ state 1065 form at:

https://www.state.nj.us/treasury/taxation/pdf/other_forms/partnership/051065parti.pdf
The club can defined as a hedge fund "if the investment entity's only activity is the purchase, holding or sale of intangible personal property, such as commodities or securities and such intangible personal property is not held for sale to customers as defined at N.J.S.A. 54A:5-8c."