Adjusting to our own “New Normal” June 2007 William Clark, Director New Jersey Division of Investment New Jersey Division of Investment Manages $81 billion in pension fund assets 13 th largest pension system in the U.S. 50 th largest money manager in the U.S. Pension system supports 800,000 employees/retirees MediumTerm Goal = 19% International Equity 21.0 Commodities 0.4 Cash 7.3 US Equity 40.3 Real Estate 1.0 Other 4.5 Private Equity 1.1