New York City Retirement System – Interview


for city employees at $75bn (£61.7bn). This is followed by the $46bn (£38bn) fund for the police, the fire fund at $17bn (£14bn) and then the smallest is for the board of education at $8bn (£6.5bn). These funds are invested with a diverse set of asset managers. The investment percentage break down is typically around 44% in public equities, 25% in fixed income, nearly 10% in pri- vate equity, 9% in alternative credit and 7% in private real estate. The rest is in infrastructure, hedge funds and cash.


Inflation is going to be


more persistent.


Yet each plan is nuanced, with slightly dif- ferent asset allocations. For example, only two of the five plans invest in hedge funds and two in convertible bonds. They also serve different tweaks in terms of private market exposure.


Overseeing five pension plans sounds like a lot of responsibility?


I’m supported by 130 investment profes- sionals within the Bureau of Asset Man- agement. I’m well supported by a great team.


Issue 120 | February 2023 | portfolio institutional | 15


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