New York City Retirement Systems increased its private equity allocation, including real estate, to $4 billion from $500 million. Deborah Gallegos, CIO of the city's bureau of asset management, which oversees the $80 billion pension system, said the city currently has $414 million invested in private equity and real estate and plans to invest the additional $3.6 billion by 2010. The funds could commit $700 million to new and add-on commitments in private equity and real estate by the end of this year. Ms. Gallegos did not give additional details, such as why the increase is being made.
Earlier this year, the city hired JPMorgan Fleming Asset Management and Fairview Capital Partners to build a private equity manager-of-managers programs. The city's private equity consultant is Pacific Corporate Group.