New Jersey Division of Investment continues to diversify its real assets portfolio away from traditional energy investments with plans to invest $300m (€272.1m) in other sectors this year.
The $80bn pension fund said in a meeting document that it expects to diversify its $1.7bn real assets portfolio by investing further in diversified infrastructure and assets like agriculture. It also plans to target some renewable energy assets and seek opportunities beyond North America.
The pension fund made its first infrastructure investment in 2017 with a $125m commitment to the Stonepeak Infrastructure Fund III fund. In the same year, it awarded Aether Investment Partners a $135m separate account to diversify its exposure to real assets.
Last year, IPE Real Assets reported that New Jersey Division made its first farmland investment with a $100m commitment to Homestead Capital USA Farmland Fund III fund.
The pension fund said at the time that the farmland investment would help diversify its real assets portfolio away investments exposed to energy commodity prices.
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