New Jersey Division of Investment hires Aether to diversify real assets exposure
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.