New Jersey Division of Investment has hired Aether Investment Partners to diversify its exposure to real assets.
It has awarded the boutique investment management firm a $135m (€113m) separate account to invest in agriculture, timber, metals, mining, oil and gas, according to a board meeting report.
New Jersey Division of Investment, which manages the $76bn New Jersey Pension Fund, will own a 99.5% stake in the Aether Real Assets SONJ Fund.
The fund will seek to outperform the Bloomberg Commodity Index by investing in others funds, secondary-market opportunities and co-investments.
New Jersey Division of Invesmtent said the fund would diversify its portfolio, reducing its exposure to energy-commodity-price risk and giving it access to smaller investments.
