New York City Comptroller Scott M. Stringer, fiduciary for the $193.7 billion New York City Retirement Systems, announced Monday a $600 million expansion of the pension system's in-house emerging managers program in private equity.
This brings the total assets committed through the program to more than $1.5 billion. It also raises the total assets committed to small and emerging investment managers across all asset classes to $8.8 billion.
The private equity emerging managers program is an initiative by NYCRS established to increase opportunities for smaller managers, including minority- and women-owned managers.
"Our emerging manager program enables us to invest with the best of the best, period. It shouldn't matter who you know or what your background is, if you can deliver for New York City retirees, you deserve a shot — and that's what this program gives you," Mr. Stringer said in a news release.
Mr. Stringer added: "With direct investments to outstanding minority- and women-owned firms and other emerging funds, we're diversifying our portfolio with a better balance of managers and strategies."
The private equity emerging managers program builds on NYCRS' graduation policy established in 2015 for private equity emerging managers, which provides a pathway for small managers to attain a larger role in managing funds for the city.