Australia's Future Fund has awarded a new mandate to US-based venture capital firm Bessemer Venture Partners.

The world's 13th largest sovereign wealth fund with $74.6 billion worth of assets under management issued the mandate to Bessemer some time in the March quarter of this year.

Rob Chandra, a California-based partner at Bessemer, said he was delighted to have the Future Fund join as investor in its latest fund.

"Our focus is to generate superior risk adjusted returns by investing equity in and building high growth innovative companies across the globe," he said.

"Our current expectation is to invest this fund in a manner similar to our last fund which suggests an approximate 25% allocation to India."

Chandra said the fund has the flexibility to invest across many sectors and regions of the world wherever they spot the most innovative companies.

"Our fund will invest in technology, health care, infrastructure, consumer products and financial services," he told Financial Standard.

Chandra said the company usually buys equity shares and does not trade in currency.

The Future Fund could not disclose any information about the mandate and could only point to the company's publicly listed website.

The fund manages public money to assist future governments in meeting the cost of public sector superannuation liabilities.

In its March quarter portfolio update, the Future Fund said that it had allocated $2.49 billion, or 3.4 per cent of the fund's value (excluding Telstra shares) to private equity investments.

In the same quarter it allocated $8.48 billion or 11.6 per cent to Australian equities, $19.9 billion or 27.3 per cent to global equities, and $14.2 billion or 19.5 per cent to debt securities. All percentages exclude Telstra shares.

Bessemer was unable to disclose the size of the mandate, but because of the size of the Future Fund it is believed to be worth hundreds of millions of dollars.