NY State Common Retirement Fund
PensionNew York · as of 2024
AUM
$260B
Held in U.S. securities
$152B
59% of AUM
Return target
5.9% (assumed actuarial return)
Asset allocation policy
Target weights set by the board in the plan's Investment Policy Statement. Each class has a rebalancing range — drift outside the range triggers a rebalance; performance is measured against the listed benchmarks.
| Asset class | Target | Range | Benchmark | $ value |
|---|---|---|---|---|
| U.S. equity | 32% | 25–39% | Russell 3000 | $83B |
| Fixed income | 23% | 17–29% | Bloomberg U.S. Aggregate | $60B |
| International equity | 15% | 10–20% | MSCI ACWI ex-U.S. IMI | $39B |
| Private equity | 9% | 5–13% | Russell 3000 + 3% spread | $23B |
| Real estate | 9% | 5–13% | NCREIF ODCE | $23B |
| Opportunistic & cash | 7% | 0–12% | — | $18B |
| Real assets | 3% | 0–6% | CPI + 4% | $8B |
| Absolute return | 2% | 0–5% | HFRI Fund of Funds Composite | $5B |
Holdings overview
Heavy internal management of U.S. large-cap equity via index replication. International and emerging-market equity outsourced to passive and active managers. Private markets program runs ~$25B across PE, RE, and real assets.
Board mandates
- Sole trustee model — investment authority vested in the State Comptroller, advised by an Investment Advisory Committee.
- Net Zero by 2040 (Climate Action Plan, 2022); divestment from oil-sands, fracking, and shale firms screened by climate transition risk.
- Restricted-list policies covering Sudan, Iran, and Russia exposures.
- Internal management for most U.S. public equity and fixed income.
Source: www.osc.ny.gov/retirement