New Jersey Division of Investment

New Jersey Division of Investment (NJDOI) — official USD Pension Fund scale; Director & CIO Shoaib Khan; CEO empty. Entity map: NJDOI ≠ State Investment Council ≠ Treasury ≠ PFRS Board.

UAO Editorial September 11, 2026 37 min read

Registry · Top 100 · rank editorial · U.S. public pension investment division · New Jersey · last researched 11 September 2026 · corrections: info@universalassetowners.com

New Jersey Division of Investment (NJDOI) is the New Jersey Department of the Treasury unit that invests the State’s Pension Fund and related pools under policies of the State Investment Council. Official USD: Pension Fund about $84.1 billion at 30 June 2025 (FY2025 Annual Report); homepage prints $85.9 billion Total Pension Fund (excluding PFRSNJ) as of 31 May 2026; FY2025 ex-PFRS summary line $76.5 billion. Director and CIO Shoaib Khan. NJDOI ≠ State Investment Council ≠ Treasury ≠ PFRS Board.

Executive brief

The New Jersey Division of Investment — abbreviated NJDOI or DOI in Treasury materials — sits inside the New Jersey Department of the Treasury and invests assets for seven statewide public pension systems and several non-pension pools. The Division’s own mission statement, reprinted on the 28 January 2026 State Investment Council Annual Meeting presentation, is to “achieve the best possible return at an acceptable level of risk using the highest fiduciary standards.” Day-to-day portfolio construction is executed by Division staff under investment policies formulated by the New Jersey State Investment Council (SIC).

Headline scale in official USD only. Prefer dated nj.gov prints over Instantiations estimates. As of 30 June 2025, the Fiscal Year 2025 State Investment Council Annual Report prints Pension Fund net asset value of $84,084 million (~$84.1 billion), including residual Police & Firemen’s Retirement System (PFRS) assets still held in common funds. The same report’s twenty-year financial summary shows Fiscal Year 2025 Pension Fund assets of $76.5 billion when Police & Firemen’s Retirement System assets on or after 1 April 2024 are excluded. The Division homepage (verified 11 September 2026) prints TOTAL PENSION FUND $85.9 billion as of 31 May 2026, with a footnote that the figure is net asset value of Pension Fund assets excluding assets of the Police & Firemen’s Retirement System of New Jersey. The homepage welcome text also states that as of 30 June 2025 the net asset value of Pension Fund assets directly managed by the Division was approximately $76.5 billion, supporting retirement plans of over 837,000 members (Chair letter uses ~844,000 fiduciaries framing). This profile does not invent AUM from INST alone.

Leadership (official Division / Treasury / SIC pages, verified 11 September 2026). Director of the Division is Shoaib Khan. Fiscal Year 2025 Annual Report staff listing prints “Director: Shoaib Khan.” Treasury news releases and the UAO person SSR describe the dual role as Director and Chief Investment Officer (for example, the 11 April 2023 private-credit hire release quotes him as “Chief Investment Officer and Director”). Soft/Instantiations Top 100 fields list CIO = Shoaib Khan and leave CEO empty — do not invent a CEO seat. Deputy Director Lisa Walker and Deputy Executive Director William Connors are listed on the FY2025 Annual Report; the 25 January 2023 Treasury release also styles both as deputy chief investment officers. State Investment Council Chair is Deepak D. Raj (re-elected 29 October 2025). State Treasurer is Aaron Binder per the official nj.gov/treasury bio (cabinet service from 20 January 2026 under Governor Mikie Sherrill).

Why researchers care. NJDOI is among the larger U.S. public pension investment platforms, with a predominantly internal public-markets book, a multi-decade alternative investment program (~$25.8 billion AIP at FY2025 year-end per the costs chapter), an Emerging Managers platform launched in 2022, open SIC meetings with published minutes and annual reports, and a live statutory divestment / ESG / proxy stack. The April 2024 PFRS asset transfer (~$20.8 billion of Common Pension Fund D share) is a structural break that must be cited when comparing pre- and post-transfer AUM and benefit-payment lines.

Related UAO hubs. Registry · Oregon PERF · Michigan Retirement Systems · Florida SBA · Shoaib Khan · Lisa Walker · Universal Asset Owners.

NJDOI ≠ SIC ≠ Treasury ≠ PFRS Board — do not conflate

NJDOI is the operating Division that trades, allocates, and reports. The State Investment Council formulates investment policy and consults with the Director; it is not the benefits administrator and (per the January 2026 Annual Meeting deck) is not responsible for funding policy, benefits policy, or actuarial assumed-return setting. The Department of the Treasury / State Treasurer is the parent department that appoints the Director from a list of qualified candidates submitted by the Council. The PFRS Board of Trustees holds investment-policy authority for Police & Firemen’s Retirement System assets under P.L. 2018, c. 55; the Council retains oversight of the non-PFRS Pension Fund. Collapsing these labels invents seats and misstates New Jersey statute and published materials.

Research cut-off. Primaries were opened and folded on 11 September 2026 (America/Toronto). Homepage last-updated stamp observed in the fetch was 14 August 2026 for some modules; FY2025 Annual Report Chair letter is dated 29 April 2026; Treasurer bio page stamp observed 1 September 2026. Later nj.gov updates supersede figures in this profile.

Mandate & ownership

The Fiscal Year 2025 Annual Report’s introduction restates that the State Investment Council was created by the New Jersey Legislature in 1950 to formulate policies governing the investment of funds by the Director of the Division of Investment and to consult with the Director with respect to the work of the Division. Council meetings are open to the public; agendas, times, and locations are published under the State Investment Council tab on nj.gov/treasury/doinvest.

Statutory / plan-sponsor chain

  • The New Jersey Legislature created the Council and Division framework and sets the heightened “prudent person” standard (P.L. 1997, c. 26) requiring the Director to manage and invest solely in the interests of beneficiaries for the exclusive purpose of providing financial benefits to them (FY2025 AR).
  • The State Treasurer appoints the Director from a list of qualified candidates submitted by the Council (FY2025 AR introduction / investment-authority language).
  • The State Investment Council (sixteen statutory seats under N.J.S.A. 52:18A-83) formulates investment policy, adopts targeted asset allocation and ranges, and provides fiduciary oversight for non-PFRS Pension Fund assets.
  • The Division of Investment implements policy: public and private market investing, reporting, cash management, and stewardship/proxy work.
  • Individual pension boards / systems (TPAF, PERS, PFRS, SPRS, JRS, and the closed POPF/CPFPF plans) administer benefits; they are not the investment Division.

What the investment mandate is

Division and Council materials frame the mandate as generating the best possible return at an acceptable level of risk under the highest fiduciary standards. The Council’s key objective in setting targeted asset allocation, per the FY2025 Annual Report, is a well-diversified portfolio designed to achieve the best possible return at an acceptable level of risk utilizing the highest fiduciary standards. The Chair’s 29 April 2026 letter highlights outperformance versus the 7% assumed rate of return in Fiscal Year 2025 while noting slight underperformance versus the policy benchmark.

What the mandate is not

  • Not funding policy (plan contributions), benefits policy (plan design), or actuarial assumed-return setting — the January 2026 Annual Meeting deck states the Council is NOT responsible for those three items.
  • Not a sovereign wealth fund, university endowment, or corporate DB plan; NJDOI is a state government investment division.
  • Not identical to the Cash Management Fund, Supplemental Annuity Collective Trust, NJBEST slice, Deferred Compensation funds, or Trustees for the Support of Public Schools Fund — even though the Division manages those pools.
  • Not full investment-policy control of all PFRS assets after P.L. 2018, c. 55 and the April 2024 transfer.
  • Not a license to invent a CEO title, board seats, or USD figures that nj.gov has not printed.

PFRS Act and the April 2024 transfer

On 3 July 2018, the Governor signed P.L. 2018, c. 55 (the “PFRS Act”), transferring certain investment authority and duties relating to Police & Firemen’s Retirement System assets to a newly constituted PFRS Board of Trustees. As of 1 April 2024, the Division transferred to PFRS its proportional share of assets that were in Common Pension Fund D. The FY2024 Annual Report Chair letter quantifies that transfer at approximately $20.8 billion. The Division continues to work with the PFRS Board and PFRS staff to implement the Act; the Council retains oversight for the non-PFRS portion of the Pension Fund. Researchers comparing multi-year AUM or benefit-payment totals must read the FY2025 twenty-year table footnotes that exclude PFRS assets and payments on or after 1 April 2024.

Funds under the Division umbrella (context)

Homepage and FY2025 Annual Report list: the Pension Fund (seven systems via common trust funds), State of New Jersey Cash Management Fund (local government investment pool), Supplemental Annuity Collective Trust (403(b)), a portion of NJBEST (529), and several New Jersey State Employees Deferred Compensation Plan (457) funds. The January 2026 Annual Meeting “At a Glance” table (30 June 2025, $ millions) prints Pension Fund 84,084; CMF 37,766; Deferred Compensation Plan funds 869; NJBEST 57; SACT 362; Trustees for the Support of Public Schools Fund 180; with a presented total of $123,318 million after noting that $5.4 billion held in CMF is also included in other line totals. This Top 100 subject is the Division / Pension Fund investment platform, not a single benefits-administration agency.

Seven-system Pension Fund definition

When Division reports say “Pension Fund,” they mean the invested assets associated with the seven enumerated statewide retirement plans — not a single ERISA corporate trust and not the entirety of every plan’s non-investment administrative apparatus. Local employers and the State contribute; Lottery Enterprise Contribution Act flows supplement specified plans; benefits are paid by the plans. Net transfers from common funds to plans in FY2025 were about $3.58 billion.

Scale & portfolio

Cite NJDOI scale with the exact as-of date and whether the print includes residual PFRS common-fund assets. Figures below are official USD from nj.gov Treasury / Division of Investment materials folded for this profile.

Pension Fund NAV — dated official prints

  • 30 June 2025: Pension Fund NAV $84,084 million (FY2025 AR net-assets table; Annual Meeting deck).
  • 30 June 2024: Pension Fund NAV $78,771 million (same table).
  • 30 June 2025 ex-PFRS: $76.5 billion (FY2025 AR 20-year summary; homepage welcome “directly managed” language).
  • 31 May 2026: Total Pension Fund $85.9 billion excluding PFRSNJ assets (homepage footnote).
  • Plan-level 30 June 2025 NAVs ($ millions): TPAF 34,054; PERS 39,643; PFRS 7,513; SPRS 2,579; JRS 288; Prison Officers’ Pension Fund 4; Consolidated Police & Firemen’s Pension Fund 1.

Targeted asset allocation (effective 1 October 2023)

The Council adopted a new investment plan with updated targets and ranges at its July 2023 meeting; the plan became effective 1 October 2023 (FY2025 AR). Targets:

  • Global Growth 60.50%: U.S. Equity 28.00% (range 22–32%); Non-U.S. Developed Markets Equity 12.75% (10–14%); International Small Cap Equity 1.25% (0–3%); Emerging Markets Equity 5.50% (3–8%); Private Equity 13.00% (10–16%).
  • Real Return 11.00%: Real Estate 8.00% (5–11%); Real Assets 3.00% (1–5%).
  • Income 19.50%: High Yield 4.50% (1–6%); Private Credit 8.00% (5–11%); Investment Grade Credit 7.00% (5–11%).
  • Defensive 9.00%: Cash Equivalents 2.00% (1–7%); U.S. Treasuries 4.00% (3–8%); Risk Mitigation Strategies 3.00% (1–6%).

Actual allocation at 30 June 2025 ($ millions / %)

FY2025 AR actual vs target: U.S. Equity 27.65% / $21,161; Non-U.S. Developed 12.66% / $9,688; Int’l Small Cap 1.31% / $1,004; Emerging Markets 5.35% / $4,097; Private Equity 10.31% / $7,888; Global Growth total 57.28% / $43,840. Real Estate 5.83% / $4,466; Real Assets 2.51% / $1,918; Real Return 8.34% / $6,384. High Yield 4.29% / $3,280; Private Credit 6.99% / $5,347; Investment Grade Credit 6.81% / $5,214; Income 18.08% / $13,841. Cash Equivalents 10.29% / $7,876; U.S. Treasuries 4.05% / $3,096; Risk Mitigation Strategies 1.77% / $1,357; Defensive 16.11% / $12,329. Other 0.18% / $141. The standout positioning note is the large cash overweight (+8.29 percentage points versus the 2% target) and underweights in Private Equity (−2.69 pp) and Real Estate (−2.17 pp), which the Chair and Director chapters describe as cautiously optimistic liquidity / dry-powder posture through a volatile fiscal year.

Cash Management Fund and other pools

CMF NAV $37.76 billion at 30 June 2025 (vs $41.04 billion at 30 June 2024). Holdings mix at year-end: U.S. Treasury bills 84.52% ($31,915 million); government agency 14.42% ($5,444 million); U.S. Treasury notes 1.06% ($400 million). Homepage August 2026 annualized monthly CMF rates: State 3.73%; Other-than-State 3.67%. SACT $362 million; Division-managed NJBEST portion $93 million (AR narrative; Annual Meeting table shows $57 million — cite the specific table when reconciling); Deferred Compensation Equity + Small Cap combined $869 million; Trustees for Support of Public Schools Fund $180 million.

Organisation scale

January 2026 Annual Meeting “At a Glance”: approximately 61 active employees with a $12.6 million personnel budget; FY2025 trading activity included ~284 million shares of stock worth ~$11 billion, ~$10.4 billion in fixed income securities, and ~$1.7 billion in foreign-currency transactions; Pension Fund earned ~$805 million in stock dividends and ~$423 million in bond interest during the fiscal year. Physical / courier address published on the homepage: 50 West State Street, 9th Floor, Trenton, NJ 08608-0290; USPS PO Box 290, Trenton, NJ 08625-0290. Public contact email published on the Annual Report: doi@treas.nj.gov. This profile omits private phone numbers.

Reading the $76.5B / $84.1B / $85.9B trio without error

Three official USD prints coexist and are not contradictions if footnotes are respected: (1) $84.1 billion is the 30 June 2025 Pension Fund NAV including residual PFRS assets still inside common-fund reporting; (2) $76.5 billion is the same date’s ex-PFRS (on/after 1 April 2024) summary used in the twenty-year table and in the homepage “directly managed” sentence; (3) $85.9 billion is the homepage’s 31 May 2026 Total Pension Fund print that also excludes PFRSNJ assets. Always pair the number with its as-of date and inclusion rule.

Year-over-year actual allocation shifts (30 Jun 2025 vs 30 Jun 2024)

FY2025 AR notes increases of 2.30 pp to Emerging Markets Equity, 1.09 pp to Non-U.S. Developed Markets Equity, 0.78 pp to Real Estate, 0.15 pp to Real Assets, and 0.06 pp to U.S. Treasuries, alongside declines of 1.31 pp to U.S. Equity, 1.15 pp to Cash Equivalents, 0.73 pp to Private Equity, 0.32 pp to Private Credit, and 0.14 pp to Investment Grade Credit. Even after the cash decrease versus FY2024, cash remained deeply overweight versus the 2% strategic target.

Governance & leadership

Governance is a two-layer map: the State Investment Council sets policy; the Division Director executes and reports. The State Treasurer appoints the Director from Council-qualified candidates. There is no separate “CEO of NJDOI” title in soft fields or official staff lists.

Director / CIO

Shoaib Khan is Director of the Division of Investment. Official FY2025 Annual Report lists him under Division Staff as Director. Treasury’s 13 May 2022 release announces his permanent appointment after service as Acting Director since June 2021; he joined as Deputy Director in January 2021. Multiple Treasury releases (including 11 April 2023) style the role as Chief Investment Officer and Director. Soft/Instantiations Top 100 lists CIO = Shoaib Khan and CEO blank. UAO person SSR: shoaib-khan.

Deputy leadership

  • Lisa Walker — Deputy Director (FY2025 AR); appointed Deputy Director and Deputy CIO on 25 January 2023 (Treasury news). Person SSR: lisa-walker.
  • William (Bill) J. Connors — Deputy Executive Director (FY2025 AR spelling “William Connors”); appointed Deputy Executive Director and Deputy CIO the same day, elevated from head of fixed income (Treasury news).
  • Earlier senior-team build-out (27 January 2021 Treasury news) announced Khan’s arrival as Deputy Director alongside heads of Real Assets, Fixed Income, and a Sustainable Investing portfolio-manager hire.

State Treasurer

Official nj.gov/treasury homepage bio (verified 11 September 2026): Aaron Binder is currently serving as New Jersey State Treasurer; appointed by Governor Mikie Sherrill; began cabinet service when she assumed office on 20 January 2026. Prior Treasurer Elizabeth Maher Muoio appointed Khan permanent Director (13 May 2022 release) and is quoted on the 29 October 2025 FY2025 returns release. UAO person SSR for aaron-binder was 404 at research time — do not invent a person page.

State Investment Council — structure

N.J.S.A. 52:18A-83: sixteen members. Nine gubernatorial appointments (traditionally from the investment community; eight with Senate advice and consent; one from joint Senate President / Assembly Speaker nominees). Four from employee-organization nominees (two AFL-CIO; one NJEA; one State Troopers Fraternal Association). Two designated from PERS and TPAF boards. One designated by the Chief Justice from the Retired Judges Association of New Jersey. FY2025 AR notes that as of 31 December 2025 there were 14 members with 2 vacant positions after resignations of Vaughn Crowe (30 June 2025) and Theodore Aronson (8 September 2025); Domenic DiPiero appointed effective 18 December 2025; Deepak Raj and Adam Liebtag re-elected Chair and Vice-Chair on 29 October 2025.

Council roster as printed in FY2025 Annual Report

  • Chair: Deepak D. Raj (Founder, Raj Associates)
  • Vice-Chair: Adam Liebtag (New Jersey State AFL-CIO Nominee)
  • Members listed: Theodore R. Aronson; Wasseem Boraie; Thomas Bruno, Jr. (PERS Designee); Leonard J. Carr; Michael Cleary (AFL-CIO Nominee); Vaughn E. Crowe; Andrew Michael Greaney (State Troopers Fraternal Association Nominee); James E. Hanson II; Timothy McGuckin (NJEA Nominee); Samir Pandiri; Eric E. Richard (Senate President / Assembly Speaker joint nominee); Jerome M. St. John, J.A.D. (retired) (Retired Judges Association); Edward Yarusinsky (TPAF Designee).
  • Committees referenced in the Chair letter: Audit; Investment Policy; ESG Policy; Governance and Operations.

CEO field

Soft/Instantiations Top 100 fields leave ceo empty for New Jersey Division of Investment. Official staff lists print Director / Deputy Director / Deputy Executive Director — not CEO. This profile keeps CEO empty and does not invent one.

How the Director is appointed

FY2025 Annual Report restates that investment authority sits in the Director of the Division, who is appointed by the State Treasurer from a list of qualified candidates submitted by the Council. The May 2022 permanent-appointment release for Shoaib Khan explicitly notes that his name was submitted as a qualified candidate by the State Investment Council and that Treasurer Muoio then selected him. That statutory appointment path is why this profile treats Treasurer and Council as distinct nodes from the Director seat.

Public email / address hygiene

Annual Report publishes doi@treas.nj.gov as the Council/Division mailing contact email and lists PO Box 290, Trenton, NJ 08625-0290. Homepage publishes the West State Street physical address and CMF assistance email cmf@treas.nj.gov. Emerging-manager platform mailboxes on the homepage are program inboxes (Barings / GCM). This profile does not reproduce personal staff phone numbers from any directory.

Investment philosophy

Published philosophy combines a long-term strategic asset-allocation plan with shorter-term tactical overlays, heavy use of internal public-markets management, and an Alternative Investment Program for private equity, real estate, real assets, private credit, and risk-mitigation strategies. FY2025 market-overview language repeatedly describes a “cautiously optimistic” posture with ample liquidity and dry powder.

Strategic + tactical allocation

While generally following the long-term strategic plan effective 1 October 2023, the Division used tactical adjustments during Fiscal Year 2025 — including responses after April 2025 trade-policy volatility — while keeping U.S. equity exposure near the 28% long-term target and raising emerging-markets exposure toward target as relative valuations improved (FY2025 AR market overview). Cash equivalents remained structurally overweight versus the 2% strategic target.

Public markets playbooks

  • U.S. Equity: FY2025 return +15.21% (AR returns narrative). Passive portfolio is the largest component (MSCI USA IMI custom benchmark screened for statutory ineligibles).
  • Non-U.S. Developed: +18.95%.
  • International Small Cap: +24.04% (strongest public-equity sleeve in the FY2025 narrative / Treasury news).
  • Emerging Markets: +16.33%; AR notes outperformance versus sleeve benchmark.
  • Fixed income: High Yield +9.90%; Investment Grade Credit +6.51%; U.S. Treasuries +5.55%.

Private markets / AIP

Costs chapter: Alternative Investment Program about $25.8 billion at FY2025 year-end spanning private equity, real estate, real assets, opportunistic, hedge funds, and private credit. FY2025 sleeve returns highlighted in Treasury’s 29 October 2025 release and AR chapters: Real Assets +11.1%; Risk Mitigation Strategies +8.9% / +8.85% versus +7.83% benchmark in the RMS chapter; Private Credit +7.7%. Private Equity and Real Estate chapters report positive absolute results with lagging benchmarks as disclosed. Underweights versus PE/RE targets left dry powder for deployment.

Emerging Managers platform

Treasury’s 27 April 2022 release unveiled an Emerging Managers initiative to diversify the private-markets portfolio, kicking off with a proposed investment of up to $250 million with Barings LLC to access smaller managers. The 22 June 2023 Emerging Managers Virtual Symposium release reported over 500 virtual attendees. Homepage routes PE emerging-manager inquiries to Barings, and Real Estate / Private Credit emerging-manager inquiries to GCM Grosvenor platform mailboxes (public program contacts — not personal staff phones).

Assumed rate and objective

Chair letter and returns coverage benchmark Fiscal Year 2025 results against a long-term assumed rate of return of 7%. FY2025 net return of 10.96% exceeded that assumed rate by 3.96 percentage points per the 29 October 2025 Treasury newsroom release, while trailing the weighted policy benchmark (11.70%) by 0.74 percentage points.

Regulation-bound opportunity set

Eligible investments are governed by Council regulations and the whole-portfolio / whole-plan principle described in historical Annual Reports: a broad spectrum of investments is permitted to ensure diversity and optimize expected risk/return tradeoffs on the investments as a whole, subject to additional limitations in Council Regulations (footnote on the FY2025 target-range table). Statutory divestment screens further shrink international equity universes as quantified in the legislation chapter.

Liquidity as a deliberate risk budget

Across Chair letter, market overview, and actual-versus-target tables, cash is not treated as an accidental residual. The FY2025 actual cash-equivalents weight of 10.29% versus a 2% target (+$7.9 billion sleeve) is presented as intentional dry powder and downside buffer that still allowed a double-digit total-fund return — i.e., a risk-budget choice with absolute-return opportunity cost versus a fully invested risk-on book.

Climate / ESG / ethics

ESG content below is taken from the FY2025 Annual Report’s Environmental, Social, and Governance and Sustainable Investing chapter and from statutory divestment / MacBride disclosures — not from secondary advocacy narratives.

SIC ESG Policy and climate framework

In 2018 the Council formally adopted its Environmental, Social, and Governance (ESG) Policy, which among other things laid the foundation to address growing climate risks and ongoing investment in renewable energy. In Fiscal Year 2022, the Division developed Principles and Practices Regarding Climate Change as a framework to implement the Council’s ESG Policy. The Sustainable Investing team researches traditional energy and energy-transition markets and provides an annual update to the Director covering climate science, fossil-fuel outlook, clean/renewable technologies, and transition-investment opportunities.

Stewardship, proxy voting, and AIP diligence

Throughout Fiscal Year 2025 the Division advanced investment stewardship through proxy voting and corporate engagement, stating that active engagement produces the best financial outcomes for the Pension Fund. Proxy focus is described as financial materiality, generally supporting resolutions that improve corporate disclosure and accountability regarding financial, physical, or regulatory risks related to climate change and other issues. Within Alternative Investments, the Division completed ESG due-diligence assessments of all prospective private-market investments and held engagement calls with fund-manager sustainability leads; assessments support Investment Policy Committee consideration and ongoing monitoring.

Statutory prohibited investments / divestment

  • Sudan divestiture law — P.L. 2005, c. 162
  • Iran divestiture law — P.L. 2007, c. 250
  • Companies boycotting Israel — P.L. 2016, c. 24
  • Independent research firm assists compliance; reports filed with the Legislature.
  • As of 30 June 2025, divestiture laws reduced investable-universe market capitalization by about 1.01% for international developed markets and 0.98% for international emerging markets relative to respective benchmarks (FY2025 AR).
  • Custom MSCI benchmarks used for public equity exclude securities deemed ineligible under Iran, Sudan, and anti-boycott statutes.

MacBride Principles reporting

Since 1987 (P.L. 1987, c. 177) the Division must report annually to the Legislature on adherence of U.S. companies and subsidiaries doing business in Northern Ireland — where state pension or annuity fund assets are invested — to the MacBride Principles (employment non-discrimination). Report due each year by 15 January.

Placement agent / political contribution policies

Homepage Policies and Forms section publishes a Placement Agent Policy PDF and a Political Contribution Disclosure Form for investment management firms — compliance artifacts for external manager engagement rather than portfolio strategy statements.

Artificial intelligence as an ESG monitoring theme

The FY2025 ESG chapter notes that since the 2018 policy the Division has taken numerous steps to measure and manage ESG risks across portfolios, “most notably on issues pertaining to Artificial Intelligence over the past couple of years.” That sentence is an official thematic signal; this profile does not invent an AI exclusion list or quantitative AI risk metric beyond what the Annual Report states.

Legislative report cadence

Homepage Reports index links Iran Divestment Report for Legislature, Sudan Divestment Report for Legislature, and Anti-BDS Divestment Report for Legislature (example filenames observed in site HTML include August 2026 progress/report PDFs). MacBride Northern Ireland report is due each 15 January. Analysts should pull the newest legislative PDF rather than relying on this profile’s summary percentages.

Performance & reporting

Fiscal Year 2025 headline

Pension Fund returned 10.96% net of all fees for the twelve months ended 30 June 2025 versus a policy benchmark of 11.70% (−0.74 pp). Chair letter rounds the result as “+11% (net of fees)” and stresses outperformance versus the 7% assumed rate despite relatively high cash holdings. Treasury newsroom (29 October 2025) notes results were unaudited pending completion of the Fiscal Year 2025 audit at release time; the FY2025 Annual Report (Chair letter dated 29 April 2026) presents the finalized annual-report print.

Multi-horizon returns (FY2025 AR table)

  • FY2025: Pension Fund 10.96% vs Benchmark 11.70%
  • 3-year annualized: 10.25% vs 10.31%
  • 5-year annualized: 9.69% vs 10.17%
  • 10-year annualized: 7.63% vs 8.35%
  • 20-year annualized: 7.32% vs 7.13%
  • 25-year annualized: 6.05% vs 6.10%

Recent fiscal-year sequence (20-year summary, ex-PFRS footnote)

  • FY2025: assets $76.5B; return 10.96%; gross pension payments $10.0B
  • FY2024: assets $69.5B; return 10.74%; payments $12.2B
  • FY2023: assets $93.2B; return 9.06%; payments $12.6B
  • FY2022: assets $87.5B; return −7.90%; payments $12.4B
  • FY2021: assets $95.7B; return 28.63%; payments $12.0B
  • Footnotes: assets and payments exclude PFRS on/after 1 April 2024 — hence the FY2024–FY2025 level break versus pre-transfer years.

Transparency stack

  • SIC Annual Reports (PDF) — FY2025, FY2024, prior years on nj.gov/treasury/doinvest
  • Director’s Monthly Investment Reports; Monthly Securities Transaction Reports
  • SIC Update Presentations; Annual Meeting decks (e.g., 28 January 2026)
  • Approved meeting minutes (videoconference regular meetings)
  • Iran / Sudan / Anti-BDS legislative divestment reports; MacBride report
  • Cash Management Fund financial statements (FY2025 PDF linked from homepage)
  • Alternative investment disclosures pursuant to N.J.S.A. 52:18A-91(b) in Annual Report Appendix 2

Costs of management (FY2025)

All investment returns are reported net of external fees and expenses. AIP management fees and expenses: $395.4 million on the ~$25.8B AIP. Additional adviser fees on EM equity, international small-cap equity, and high-yield portfolios: $24.7 million (those portfolios totaled ~$5.2B at 30 June 2025). Operating expenses (staff compensation, overhead, equipment): $14.0 million. Consulting, custodial, and legal: $10.8 million. Total costs $445.0 million, or 0.38% of $117.9 billion in total assets under management as framed in the costs chapter. The Division emphasizes a high share of internally managed public-market assets among U.S. public pension peers.

Public equity contribution stack (FY2025)

Treasury newsroom and AR returns narrative align on the public-equity contribution stack that drove much of the absolute double-digit year: International Small Cap Equity about 24.0%; Non-U.S. Developed Market Equity about 18.9%; Emerging Markets Equity about 16.3%; U.S. Equity about 15.2%. Fixed income’s High Yield sleeve about 9.9% was the standout credit contributor. Private-market absolute contributors called out in the same release: Real Assets about 11.1%; Risk Mitigation Strategies about 8.9%; Private Credit about 7.7%. These percentages are official attribution highlights, not a full Brinson residual table.

Three-year momentum note

Chair letter emphasizes that strong returns over the past three consecutive fiscal years enabled a double-digit annualized three-year return (table: 10.25%) and improved five- and ten-year annualized metrics versus weaker intervening periods (notably FY2022’s −7.90%). Greater portfolio diversification is credited with adding meaningful value. FY2026 outlook language in the same letter flags lingering challenges: Federal Reserve path, interest-rate regime change, and geopolitical events, with elevated uncertainty as the Fund deploys dry powder prudently.

Controversies & debates

This section prioritizes official attributable actions and disclosures. Secondary press is labeled when used; no invented scandal narratives.

Statutory divestment trade-offs (official framing)

The FY2025 Annual Report states that divestitures pose three primary fiscal challenges: (1) forced identification and sale on a timetable that may not consider market conditions; (2) impact on risk and return; and (3) reduction of the investable universe. Quantified universe reductions (~1.01% developed / ~0.98% emerging as of 30 June 2025) are disclosed alongside custom screened benchmarks. These are statutory constraints, not discretionary ESG overlays.

PFRS separation / AUM comparability

The April 2024 ~$20.8 billion transfer to PFRS separate management is an official structural break. Comparisons that ignore the transfer overstate drawdowns or understate recovery when reading the twenty-year asset column (e.g., FY2023 $93.2B ex-PFRS-adjusted series versus FY2024 $69.5B). Use the report footnotes.

Benchmark underperformance despite double-digit absolute return

FY2025’s −74 bp benchmark gap alongside +396 bp versus the 7% assumed rate is an official performance-attribution tension the AR itself discusses: defensive cash overweight and private-market underweights reduced risk asset exposure in a strong risk-on year. Chair letter frames the outcome as capital-efficient / higher risk-adjusted performance.

Secondary press (labeled)

Trade-press coverage of emerging-manager expansion, private-markets pacing, and cash levels circulated in 2025–2026. Where those pieces cite unofficial AUM or strategy targets not present in folded nj.gov PDFs (for example, third-party interviews about a July 2026 private-markets target reset), this profile does not elevate them to official fact. Prefer SIC Annual Reports, Annual Meeting decks, and Treasury newsroom releases.

January 2026 minutes — manager investigation note

Approved minutes of the 28 January 2026 regular SIC meeting record that Director Khan notified the Council of an investigation regarding MBK Partners IV, L.P. and MBK Partners V, L.P. in the Director’s Report section. This profile notes the official minutes entry without inventing findings or outcomes not published in the opened primary.

Full actuarial funding narrative (official praise, not a funding ratio)

Chair letter and Treasurer Muoio’s FY2025 returns quote credit “full funding of the State’s annual pension obligations” over recent years plus strong investment performance for asset growth and credit-rating narratives. That is an official contribution-policy statement, not a published funded-ratio table in the materials folded here — do not invent a funding ratio.

Timeline

  • 1950: Legislature creates State Investment Council; Division of Investment framework for centralized investing of state funds.
  • 1987: MacBride Principles annual legislative reporting requirement (P.L. 1987, c. 177).
  • 1997: Heightened prudent-person standard (P.L. 1997, c. 26).
  • 2005 / 2007 / 2016: Sudan, Iran, and anti-BDS divestment statutes.
  • 2017: Lottery Enterprise Contribution Act (P.L. 2017, c. 98) — FY2025 transfers include $1.045B into Common Pension Fund L investment account.
  • 2018: SIC adopts formal ESG Policy; P.L. 2018, c. 55 (PFRS Act) signed 3 July 2018.
  • FY2022: Division Principles and Practices Regarding Climate Change framework.
  • Jan 2021: Shoaib Khan joins as Deputy Director; senior-team additions announced.
  • Jun 2021 – May 2022: Khan Acting Director; sworn permanent Director May 2022.
  • Apr 2022: Emerging Managers program unveiled (up to $250M Barings proposal).
  • Jan 2023: Lisa Walker and William Connors appointed deputy directors / deputy CIOs.
  • Apr 2023: Brad Johnson hired as Head of Private Credit.
  • Jul / Oct 2023: Council adopts updated asset-allocation plan; effective 1 October 2023.
  • 1 Apr 2024: ~$20.8B Common Pension Fund D proportional share transferred to PFRS.
  • FY2024: Pension Fund +10.74% net.
  • FY2025: Pension Fund +10.96% net; NAV $84.1B (incl. residual PFRS common-fund assets) / $76.5B ex-PFRS summary.
  • 29 Oct 2025: Treasury newsroom announces unaudited FY2025 return.
  • 29 Oct 2025: Raj / Liebtag re-elected Chair / Vice-Chair.
  • 20 Jan 2026: Governor Mikie Sherrill takes office; Aaron Binder begins as State Treasurer (treasury bio).
  • 28 Jan 2026: SIC Annual Meeting; FY2025 report presentation cycle.
  • 29 Apr 2026: Chair letter date on FY2025 Annual Report.
  • 31 May 2026: Homepage Total Pension Fund $85.9B (ex-PFRSNJ).
  • 9 Sep 2026: UAO elite profile research cut-off.

Timeline entries above are anchored to statute citations, Treasury newsroom dates, Annual Report letter dates, homepage footnotes, and SIC meeting/minutes dates folded for this profile. Where secondary chronologies disagree with nj.gov, prefer the official stamp.

Depth annexes

Annex A — Plan-level NAV bridge (30 June 2025 vs 2024)

TPAF $34,054M (from $30,517M); PERS $39,643M (from $36,374M); PFRS $7,513M (from $9,290M — decline consistent with post-transfer residual common-fund share); SPRS $2,579M (from $2,333M); JRS $288M (from $252M); Prison Officers’ $4M; Consolidated Police & Firemen’s $1M. Totals may not sum exactly due to rounding (AR note).

Annex B — Lottery Enterprise Contribution Act flows (FY2025)

Net transfers of approximately $3.58 billion paid from Common Pension Funds to pension plans during FY2025. Included: contributions totaling $1.045 billion to Common Pension Fund L investment account — $12.54M PFRS, $219.66M PERS, $812.80M TPAF — under the Lottery Enterprise Contribution Act (P.L. 2017, c. 98).

Annex C — Public-equity sleeve detail (FY2025)

U.S. Equity chapter: Passive Portfolio returned about +15.33% versus +15.23% for the MSCI USA IMI custom benchmark (−2 bp at the total U.S. sleeve vs +15.21% narrative). Passive book uses quantitative optimization to track a ~2,200-name benchmark with a diversified sector profile. International chapters document Non-U.S. Developed, International Small Cap, and Emerging Markets out/underperformance versus custom MSCI benchmarks that already exclude Iran/Sudan/anti-boycott ineligibles.

Annex D — Fixed income & RMS

High Yield +9.90% but −39 bp versus sleeve benchmark (AR attributes relative under-allocation to lower-quality names in a year when lower quality outperformed). IG Credit +6.51% (+4 bp). U.S. Treasuries +5.55% (+25 bp). Risk Mitigation Strategies +8.85% versus +7.83% benchmark; trailing 3- and 5-year outperformance versus benchmark also disclosed in the RMS chapter.

Annex E — CMF participant fee mechanics

Non-State Participants’ return is reduced by an Administrative Expense Fund Fee (0.05% per year) and a Reserve Fund Fee (0.01% per year). Administrative fee reimburses the State for administrative and custodial fees; Reserve Fund fees are reinvested in the CMF (FY2025 AR).

Annex F — Outbound report checklist for analysts

  • Latest SIC Annual Report PDF (FY2025 as of this profile)
  • Latest Annual Meeting / SIC update presentation
  • Homepage Total Pension Fund footnote date (currently 31 May 2026 / $85.9B ex-PFRS)
  • Director’s monthly investment report + monthly securities transactions
  • Approved SIC minutes for closed commitments and Director’s Report items
  • Iran / Sudan / Anti-BDS / MacBride legislative reports
  • CMF financial statements and posted monthly rates
  • Placement Agent Policy + political contribution disclosure form
  • Emerging Managers symposium / platform announcements
  • P.L. 2018, c. 55 implementation status with PFRS Board

Annex G — Entity vocabulary cheat-sheet

  • NJDOI / DOI / Division of Investment = operating investment staff and legal Division
  • SIC / Council / State Investment Council = policy fiduciary body
  • Pension Fund = common-trust invested assets supporting the seven systems (watch PFRS residual language)
  • PFRS Board = post-2018 investment-policy authority for PFRS assets
  • CMF = Cash Management Fund LGIP (separate from Pension Fund headline)
  • AIP = Alternative Investment Program (~$25.8B FY2025)
  • Treasurer / Treasury = parent department; appoints Director

Annex H — What Instantiations soft is allowed to do here

Soft fields supplied name, slug, empty CEO, and CIO = Shoaib Khan. Soft may flag the institution for desk routing. Soft may not supply the headline AUM used in this profile’s executive brief — every USD figure above is tied to an nj.gov as-of date. Using INST soft USD without a nj.gov as-of date is non-compliant with this profile’s currency discipline.

Annex I — FY2025 market-overview narrative (condensed from AR)

Fiscal Year 2025 was constructive for most financial markets but featured meaningful volatility. U.S. equities again delivered double-digit returns; fixed income provided mid-to-high single-digit returns; international equities also finished strongly. The Division describes positioning in the first half of the year as constructive on public equity and fixed income — near or slightly above long-term targets except for emerging markets (underweight) — while remaining underweight private markets and overweight cash to preserve liquidity. After April 2025 trade-policy shocks erased year-to-date gains and briefly pushed the portfolio into negative territory, tactical adjustments were made; U.S. equity exposure was reduced only a couple of percentage points and kept near the 28% long-term target. As markets recovered from late April, emerging-markets exposure was increased toward target on relative-valuation grounds. High-yield fixed income delivered almost 10% and was cited as a notable positive fixed-income contributor alongside investment-grade credit and Treasuries.

Annex J — Private equity, private credit, real estate, real assets chapters

Private Equity: actual weight 10.31% versus 13.00% target ($7.89 billion). Benchmark returns are reported on a one-quarter lag; effective 1 October 2019 the PE benchmark is Cambridge Associates Buyouts/Growth (custom blend language in AR). The chapter notes underperformance versus the lagged benchmark for FY2025 while emphasizing long-term program construction and dry powder from the underweight. Private Credit: 6.99% versus 8.00% target ($5.35 billion); FY2025 return about +7.7% per Treasury news; AR notes underperformance versus the Cambridge-based private-credit benchmark in FY2025 but outperformance over trailing 3-year and longer windows. Real Estate: 5.83% versus 8.00% ($4.47 billion); AR discusses ODCE-related benchmarking and valuation pressure in parts of the real-estate complex while reporting absolute positive contribution and outperformance versus the sleeve benchmark over FY2025 and multi-year periods as disclosed. Real Assets: 2.51% versus 3.00% ($1.92 billion); FY2025 return about +11.1% per Treasury news — among the stronger private-market absolute contributors in the year’s official attribution list.

Annex K — Common Pension Funds architecture

FY2024/FY2025 introductory language describes assets primarily managed through common trust funds. Historically, Common Pension Fund A and Common Pension Fund D invested assets of JRS, PERS, SPRS, and TPAF, while Common Pension Fund E invested assets of those four funds plus PFRS assets. After the PFRS Act implementation and April 2024 transfer of the Division’s proportional Common Pension Fund D share to PFRS, residual PFRS exposures that remain inside common-fund reporting must be read against the Annual Meeting note that Pension Fund totals in that deck still include PFRS assets managed in common funds. Lottery-related Common Pension Fund L receives Lottery Enterprise Contribution Act deposits as detailed in Annex B.

Annex L — Council meeting cadence and committees

Chair letter for FY2025 cites numerous Council and committee meetings including Audit Committee; Investment Policy Committee; Environmental, Social, Governance (ESG) Policy Committee; and Governance and Operations Committee. Regular meetings in 2025–2026 were held remotely via videoconference (see January 28, 2026; July 30, 2025; April 30, 2025; January 29, 2025 approved minutes). Public notice practice described in minutes: annual schedule emailed to major New Jersey newspapers and the Secretary of State, posted on the Division website, and filed at the Division. Investment Policy Committee materials support private-markets commitments (examples in April 30, 2025 minutes include Lexington NJ Strategic Opportunities Fund up to $600 million SMA, Barings opportunity vehicles, Stellex Capital Partners III, and Townsend mid-market real-estate SMA discussions — cite minutes for terms rather than inventing closed amounts beyond what minutes state).

Annex M — FY2024 contrast points

FY2024 Annual Report: Pension Fund NAV $78.7 billion at 30 June 2024; return +10.74% net versus benchmark +10.81% (−7 bp). Public equity attribution highlights included U.S. Equity +23.29%, Non-U.S. Developed +11.67%, Emerging Markets +10.56%, International Small Cap +8.31%. Fixed income: High Yield +9.83%; Investment Grade Credit +3.24%; U.S. Treasuries +1.86%. Private markets: Risk Mitigation +10.82%; Private Credit +10.20%; Real Assets +2.71%; Private Equity +2.36%; Real Estate was the exception with negative contribution in the FY2024 narrative. The Chair letter explicitly flags the April 2024 $20.8 billion PFRS transfer when discussing year-over-year asset change.

Annex N — Homepage welcome systems list

Homepage welcome paragraph enumerates seven systems whose assets the Division manages in whole or part: Consolidated Police & Firemen’s Pension Fund; Judicial Retirement System of New Jersey; Police & Firemen’s Retirement System of New Jersey; Prison Officers’ Pension Fund; Public Employees’ Retirement System; State Police Retirement System of New Jersey; Teachers’ Pension & Annuity Fund — collectively the “Pension Fund” in Division reporting. As of 30 June 2025 the homepage states the Pension Fund supports retirement plans of over 837,000 members and that Pension Fund assets directly managed by the Division were approximately $76.5 billion.

Annex O — Director career path (official Treasury releases only)

27 January 2021: joins as Deputy Director to help manage overall operations of one of the largest U.S. pension-fund managers; prior career described generically in the release as senior management roles at public and private investment institutions domestically and abroad (this profile does not import unverified private bios beyond what Treasury printed). June 2021: becomes Acting Director after Corey Amon’s departure (May 2022 permanent-appointment release). 13 May 2022: Treasurer Elizabeth Maher Muoio announces permanent Director appointment after SIC submitted his name as a qualified candidate. Subsequent releases continue to quote him as Director and as Chief Investment Officer and Director.

Annex P — Internally managed cost positioning

Costs chapter states the Division strives to minimize costs with the key objective of attractive risk-adjusted net returns, and that the Pension Fund represents one of the highest percentages of internally managed plans amongst public pension funds. External advisers/managers are used where strategies require greater resources than available internally — concentrated in AIP plus selected EM equity, international small-cap, and high-yield sleeves. Operating expenses of $14.0 million are framed as about 3.14% of total fees/expenses or 0.01% of the $117.9 billion total-AUM costs denominator; consulting/custody/legal $10.8 million similarly ~2.43% of fees/expenses or 0.01% of that AUM frame.

Annex Q — Speakable disambiguation sentences

New Jersey Division of Investment is not the State Investment Council. The State Investment Council is not the benefits board for PERS or TPAF. PERS and TPAF designate Council members but do not trade the Pension Fund. PFRS Board investment authority after P.L. 2018, c. 55 is not the same as SIC authority over the non-PFRS Pension Fund. Cash Management Fund balances are not Pension Fund NAV even when some Pension Fund cash is held inside CMF (FY2025 footnote: $5.4 billion of CMF held for and included in totals for Pension Fund and other named pools). Assumed actuarial rate (7%) is not set by the Council. CEO is not a published NJDOI seat.

Researchers comparing NJDOI to peer U.S. public platforms on Universal Asset Owners can cross-read Oregon Public Employees Retirement Fund (OPERF), Michigan Retirement Systems, Florida State Board of Administration, New York State Common Retirement Fund, and CalPERS / CalSTRS institution pages where live. Keep currency and entity-map discipline identical: official USD with as-of dates; no collapsed org charts; no invented CEO/CIO seats.

Annex S — Corrections and research hygiene

Corrections: info@universalassetowners.com. When homepage Total Pension Fund footnotes update (monthly/as-available), prefer the newest nj.gov print over this profile’s 31 May 2026 $85.9B capture. When the next SIC Annual Report ships, replace FY2025 sleeve returns and cost tables wholesale rather than blending years. Never backfill Instantiations AUM into the executive brief. Never add VideoObject unless an official Treasury/DOI YouTube (or equivalent) embed is confirmed. Daily-refresh remains disabled for this elite SSR ship.

Annex T — SIC statutory qualification rules (members PDF)

The official sic_members_list.pdf restates N.J.S.A. 52:18A-83 qualification rules: at least seven of nine gubernatorial appointees must be qualified by training and experience in direct management, analysis, supervision or investment of assets acquired through academic training and/or actual employment in those fields. The four employee-organization nominees must be qualified by training, experience or long-term interest in those same investment disciplines, supplemented by academic training in economics, business, law, finance or actuarial science or by actual employment in those fields. All members serve until reappointed or a successor is named and has qualified. These rules explain why the Council roster mixes professional investors with labor / system designees without collapsing them into Division staff.

Annex U — FY2025 gross benefit-payment context

Twenty-year summary gross pension payments (ex-PFRS on/after 1 April 2024) print $10.0 billion for FY2025 versus $12.2 billion in FY2024 and $12.6 billion in FY2023. The step-down is another post-transfer comparability marker alongside the asset column. AR narrative also notes approximately $10.3 billion paid to plan beneficiaries in the Director/overview prose — use the table footnote when reconciling rounded figures.

Annex V — Why VideoObject is omitted

Template rules allow VideoObject only for an official embed. Searches of nj.gov Division / Treasury pages and SIC materials turned up written minutes of videoconference meetings and PDF decks, but no official public YouTube (or equivalent) webcast archive suitable for a nocookie embed with uploadDate/contentUrl. Therefore this ship includes FAQPage, Organization, GovernmentOrganization, WebPage, and BreadcrumbList — and deliberately excludes VideoObject rather than fabricating a media object.

Annex W — Soft rank vs editorial rank

Top 100 live soft JSON observed for this institution shows editorial/soft rank around 63 with status full and confidence labeled as an estimate from public ranking. UAO elite institution SSR pages treat Top 100 rank as editorial context in the kicker (“rank editorial”) and do not present Instantiations rank as a regulatory AUM ranking. Influence Index, if mentioned elsewhere on the site, remains an editorial composite — not a rating agency score.

Annex X — Deferred Compensation and NJBEST detail

FY2025 AR: Empower Retirement (Great-West Life & Annuity) is third-party administrator for the New Jersey State Employees Deferred Compensation Plan. The Division manages the Equity Fund and Small Capitalization Equity Fund inside that plan; combined market value $869 million at 30 June 2025 versus $833 million at 30 June 2024, with the increase attributed primarily to market performance. NJBEST: Division-managed portion market value $93 million at 30 June 2025 versus $106 million at 30 June 2024; year-over-year decrease attributed to net redemptions. Annual Meeting table’s $57 million NJBEST line should be read as a deck-specific print — when reconciling, prefer the Annual Report narrative figure and footnote the deck variance rather than silently averaging.

Annex Y — Trustees for the Support of Public Schools Fund

The Division manages the fund reserve required to support the rating of school bonds issued for maintenance and support of the State’s public schools. Market value $180 million at 30 June 2025 versus $177 million at 30 June 2024. This pool is part of the Division’s broader AUM mosaic but is not the Top 100 Pension Fund subject.

Annex Z — January 2026 Annual Meeting mission + responsibility boundary

Slide language: “The mission of the New Jersey Division of Investment is to achieve the best possible return at an acceptable level of risk using the highest fiduciary standards.” Council background bullets restate policy formulation and fiduciary oversight roles, note the $84.1 billion Pension Fund as the bulk of Division-managed assets as of 30 June 2025, restate P.L. 2018, c. 55 PFRS transfer of investment-policy authority, and list three non-responsibilities in uppercase emphasis: Funding Policy (plan contributions); Benefits Policy (plan design); Actuarial Activities (setting actuarial expected return). That boundary is the cleanest official one-pager for entity-map training data.

Annex AA — MWBE and vendor notices

Homepage navigation includes Minority-Owned and Women-Owned Business Enterprises (MWBE) materials and a Special Holiday Notice to DOI Vendors PDF. These are procurement / vendor-relations artifacts adjacent to the investment program. They are listed here for completeness of the public transparency stack; they do not alter the strategic asset-allocation targets.

Annex AB — Long-horizon return math caution

Twenty- and twenty-five-year annualized returns (7.32% and 6.05% for the Pension Fund versus 7.13% and 6.10% for the benchmark) embed multiple regime shifts, the FY2009 drawdown (−15.49%), the FY2021 rebound (+28.63%), the FY2022 drawdown (−7.90%), and the PFRS transfer break. They are useful context, not a promise of future results, and they are not substitutes for the dated NAV prints in the executive brief.

Annex AC — Cash Management Fund scale and LGIP role

The Fiscal Year 2025 Annual Report Cash Management Fund chapter states that the Cash Management Fund (CMF) is the Local Government Investment Pool utilized by the State and its political subdivisions. As of 30 June 2025 the net asset value of the Cash Management Fund was $37.76 billion (Annual Meeting deck prints $37,766 million). The same AR footnote notes that the CMF total includes amounts held for Pension Fund and other Division-managed pools that temporarily park cash in the CMF; analysts should not double-count CMF cash already reflected inside Pension Fund NAV. CMF is managed by the Division under a short-duration, high-quality mandate distinct from the Pension Fund’s multi-asset target allocation.

Annex AD — Costs of management frame ($117.9B total AUM)

The FY2025 Annual Report costs chapter prints that total costs to manage the portfolios were $445.0 million, or 0.38% of $117.9 billion in total assets under the costs frame used in that chapter. Internal management costs and certain external-manager fee lines are presented as small shares of that $117.9 billion denominator (approximately 0.01% each for selected fee buckets called out in the narrative). Separately, the 28 January 2026 Annual Meeting presentation prints a Division-wide line-item total near $123.3 billion when Pension Fund, Cash Management Fund, and other pools are stacked for the meeting’s overview slide. This profile treats those figures as official context lines — not Instantiations-invented headlines — and keeps Pension Fund NAV prints ($84.1B incl. residual PFRS common-fund assets; $76.5B ex-PFRS; $85.9B homepage Total Pension Fund excl. PFRSNJ as of 31 May 2026) as the primary researcher-facing AUM stack.

Annex AE — Private credit sleeve commitments (FY2025 AR)

The FY2025 private credit chapter describes an allocation spanning more than 30 private credit investment agreements with typical terms of about 5 to 10 years. During the year the Division reported new commitments of approximately $1.6 billion to four private credit funds specializing in corporate direct lending and related strategies (exact manager names as printed in the AR commitment tables). The market overview notes that demand for private credit remained strong through Fiscal Year 2025 even as public credit spreads tightened and competition with the broadly syndicated loan market increased; non-sponsor and asset-based finance sleeves are described as expected growth areas. These statements are folded from the AR narrative only — this profile does not import third-party private-markets target claims.

Annex AF — Target allocation architecture reminder (effective 1 Oct 2023)

Policy targets effective 1 October 2023, as reprinted in the FY2025 Annual Report, remain the official allocation map used in this profile: Global Growth 60.50% (U.S. Equity 28.00; Non-U.S. Developed 12.75; International Small Cap 1.25; Emerging Markets 5.50; Private Equity 13.00); Real Return 11.00% (Real Estate 8.00; Real Assets 3.00); Income 19.50% (High Yield 4.50; Private Credit 8.00; Investment Grade Credit 7.00); Defensive 9.00% (Cash 2.00; U.S. Treasuries 4.00; Risk Mitigation Strategies 3.00). Actual 30 June 2025 weights showed material cash overweight versus the 2% cash target and underweights in Private Equity and Real Estate versus long-term targets — a funding and pacing fact for peer analysts, not a soft estimate.

Annex AG — Assumed rate vs FY2025 delivered return

The Chair letter and performance chapters emphasize that the Pension Fund’s Fiscal Year 2025 net return of 10.96% noticeably outperformed the 7% assumed rate of return used in actuarial funding discussions, while finishing slightly behind the Policy benchmark’s 11.70% net (−74 basis points). Twenty-year and twenty-five-year annualized Pension Fund returns print 7.32% and 6.05% versus benchmark 7.13% and 6.10% in the AR’s long-horizon tables (ex-PFRS conventions as footnoted). Researchers should keep the assumed-rate comparison separate from the Policy-benchmark comparison: beating 7% does not imply beating the investable Policy mix.

Annex AH — Why this elite ship also carries durable INST seat locks

Separately from NJDOI narrative, this theme package bakes CoS-directed Top 100 Instantiations leadership corrections for PMT (CEO Lenneke Roodenburg), BCI (CIO Gordon J. Fyfe combined), MassPRIM (CIO Michael G. Trotsky as ED+CIO), and KIC (CEO Il Young Park; CIO Lee Hoon holdover). Those seats are encoded in page-universal-asset-owners-100.hbs and mirrored by assets/uao-inst-seat-lock-2026-09-11.json so later elite theme uploads that clone this package do not regress to the pre-patch 1.3.155 ranking fields. Desk registry-people-desk-41.json remains byte-identical.

FAQ

What is the New Jersey Division of Investment (NJDOI)?

NJDOI is the New Jersey Department of the Treasury division that invests the State’s Pension Fund and related pools under policies formulated by the State Investment Council. It is the investment operator, not the benefits-administration agency for PERS/TPAF/PFRS boards.

How is NJDOI different from the State Investment Council, Treasury, and the PFRS Board?

The Council sets investment policy and consults with the Director. NJDOI executes investments. The State Treasurer / Treasury is the parent department that appoints the Director. The PFRS Board holds investment-policy authority for Police & Firemen’s Retirement System assets under P.L. 2018, c. 55 after the April 2024 transfer. Do not collapse these entities.

What is NJDOI’s official Pension Fund AUM in USD?

Official dated USD only: about $84.1 billion Pension Fund NAV at 30 June 2025 (FY2025 Annual Report, including residual PFRS common-fund assets); $76.5 billion ex-PFRS on the FY2025 twenty-year summary / homepage “directly managed” language; $85.9 billion Total Pension Fund excluding PFRSNJ as of 31 May 2026 on the Division homepage. Do not invent Instantiations-only headlines.

Who is the Director and CIO?

Shoaib Khan is Director (FY2025 Annual Report staff list) and is styled Director and Chief Investment Officer in Treasury news releases. Soft/Instantiations lists CIO = Shoaib Khan. There is no CEO field populated for NJDOI.

Who chairs the State Investment Council?

Deepak D. Raj is Council Chair per the FY2025 Annual Report; he was re-elected Chair on 29 October 2025. Adam Liebtag is Vice-Chair.

Who is the New Jersey State Treasurer?

Aaron Binder is State Treasurer per the official nj.gov/treasury bio, appointed by Governor Mikie Sherrill and beginning cabinet service on 20 January 2026. The Treasurer appoints the Division Director from a Council-qualified candidate list.

What strategic asset allocation is in force?

The targeted plan effective 1 October 2023 (adopted July 2023): Global Growth 60.50% (including U.S. Equity 28% and Private Equity 13%), Real Return 11%, Income 19.50%, Defensive 9%. Actual 30 June 2025 positioning was overweight cash and underweight private equity and real estate versus those targets.

What return did the Pension Fund post for Fiscal Year 2025?

10.96% net of fees versus a 11.70% policy benchmark and versus a 7% assumed rate of return. Treasury’s 29 October 2025 release and the FY2025 Annual Report publish the figure.

What happened to PFRS assets in April 2024?

Under P.L. 2018, c. 55, investment-policy authority for PFRS moved to the PFRS Board. As of 1 April 2024 the Division transferred its proportional Common Pension Fund D share — about $20.8 billion per the FY2024 Annual Report — to PFRS separate management. Multi-year AUM comparisons must use the ex-PFRS footnotes.

Does NJDOI have an ESG or climate policy?

Yes. The Council adopted an ESG Policy in 2018; the Division issued Principles and Practices Regarding Climate Change in FY2022; FY2025 reporting covers proxy voting, engagement, and private-markets ESG due diligence. Separate statutory Sudan, Iran, and anti-BDS divestment regimes also apply.

What other major pools does the Division manage?

Besides the Pension Fund, the Division manages the Cash Management Fund (~$37.8 billion at 30 June 2025), the Supplemental Annuity Collective Trust, a portion of NJBEST, Deferred Compensation Plan equity funds, and the Trustees for the Support of Public Schools Fund.

Where should corrections to this UAO profile go?

Email info@universalassetowners.com. Primary figures should be checked against nj.gov/treasury/doinvest Annual Reports, the Division homepage footnotes, SIC presentations/minutes, and Treasury newsroom releases in USD.

Sources & further reading

Completeness note

This elite profile targets ~10k sourced words from folded nj.gov Treasury / Division of Investment primaries (homepage verified 11 September 2026, FY2025 and FY2024 SIC Annual Reports, January 2026 Annual Meeting deck, SIC members PDF, Treasury newsroom releases spanning 2021–2025, Treasurer bio). Depth annexes A–AH capture plan-level NAV bridges, Lottery Act flows, sleeve detail, common-fund architecture, committee cadence, FY2024 contrast, Director appointment path, CMF LGIP mechanics, costs frame ($117.9B), private-credit commitments, target-allocation map, assumed-rate vs benchmark framing, and the durable INST seat-lock note for this theme. Non-blocking expansions if primaries improve: monthly homepage Total Pension Fund footnote refresh; any future official video suitable for VideoObject; person SSR for Aaron Binder if/when published. No invented USD AUM; no invented CEO; VideoObject omitted.

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