The New Jersey State Investment Council, which oversees $77.7 billion in assets, is divesting $360 million in stock investments related to 11 companies that conduct business in Iran, spokesman Tom Vincz said today.
The divestiture was made in accordance with a state law that took effect in January. The divestiture mostly involves energy companies, such as Russias large conglomerates Lukoil and Gazprom. The announcement was made late last week, Mr. Vincz said.
The legislation requires the divestiture to be completed within three years. The Legislature had previously required the divestiture of investments tied to Sudan, which stand at $2.2 billion.