New York City Comptroller Scott Stringer and New York City Pension Fund Trustees on Tuesday announced a $500 million expansion of the pension funds' private equity emerging manager program.
According to Stringer, that brings the total amount invested or committed with emerging managers to more than $14 billion, including more than $11 billion invested or committed to minority and women-owned businesses enterprises, or MWBEs.
"This key expansion will help us to build on the program's early successes, and further expand opportunities for minority- and women-owned investment firms," said Stringer. "We are always on the lookout for ways to expand the pool of investment managers who have the talent to grow our pension funds."
Last year, Stringer announced that the funds had approved a $1 billion commitment to emerging managers across several asset classes. In May, the comptroller and the funds launched an initiative to incorporate diversity as a formal criteria in the selection of investment firms for the city's $160 billion funds and proposed a formal graduation policy for emerging managers in public markets so funds that no longer fit the exact definition of the asset class remain eligible for additional, targeted investment.
The New York City Pension Funds consist of the New York City Employees' Retirement System, Teachers' Retirement System, New York City Police Pension Fund, New York City Fire Department Pension Fund and the Board of Education Retirement System.
