Australia's Future Fund has awarded a new mandate to London-based alternative investment firm, Winton Capital Management.

The $74.6 billion Future Fund, set up to help future Australian Governments pay the cost of public sector superannuation liabilities, awarded the mandate some time in the March quarter.

Winton spokesman Robin Eggar said the actively managed alternatives firm invests in managed futures.

"We go long or short on 100-plus futures exchanges around the world," he said.

Eggar said the portfolio had historically been allocated 34 per cent to commodities -including energies, metals, crops and livestock- 21 per cent to currencies, 20 per cent to equity indexes and 25 per cent to fixed income by risk.

"Winton is delighted and honoured to receive this mandate from the Future Fund," he said.

Winton uses scientific research and statistical analysis to develop systematic trading programs for the international asset markets.

It pursues a diversified trading strategy which does not rely on favourable conditions in any particular market or on general appreciation of asset values.

Winton's mandate was one of five new mandates given by the world's 13th largest sovereign wealth fund in the March quarter.

It is not known how much the mandate was for.

According to Rainmaker research, four mandates went to alternative investment providers Astenbeck Capital Management, Blenheim Capital Management, Louis Dreyfus Investment Group and Winton Capital Management.

Future Fund had $11.87 billion allocated to alternative assets in the March quarter, it said in its portfolio update, or 16.3 per cent, excluding Telstra.

The private equity mandate went to US-based venture capital firm Bessemer Venture Partners which invests heavily in India.

Future Fund had $2.49 billion in private equity investments excluding Telstra shares in the March quarter, it said in its portfolio update.