New York City Retirement Systems boosted by $500 million the assets available for its private equity emerging managers’ program, city Comptroller Scott Stringer announced Tuesday.
The addition would bring to $6 billion the amount committed or invested in private equity managed by emerging managers.
“We are always on the lookout for ways to expand the pool of investment managers who have the talent to grow our pension funds,” said Mr. Stringer, the custodian and investment adviser to the five pension funds within the $163.4 billion city pension system, in a news release. “Diversity is part of our fiduciary duty.”
Eric Sumberg, a spokesman for Mr. Stringer, said the pension system hadn’t selected any new firms for this expansion yet, adding that there is no specific timetable for making commitments. “We are in the market now,” Mr. Sumberg said.
Excluding Tuesday’s announcement, the pension system’s overall emerging managers’ program has committed or invested more than $14 billion.