The $180.7 billion New York State Common Retirement Fund (CRF) has entered into a $2 billion strategic partnership with Goldman Sachs Asset Management (GSAM) to invest in a in a diverse range of global equity strategies.
The fund is headed by New York State Comptroller Thomas DiNapoli said that the strategic partnership is considered to have strong potential to boost returns in the Fund’s equity portfolio.
Under the partnership, GSAM will also provide advice across the pension’s remaining $98 billion equity portfolio.
Additionally, the pension fund will also receive improved analytics and reporting on its portfolio as well as enhanced valuation and due diligence on current and potential active managers.
The partnership comes as part of Goldman’s effort to expand its investment management business and is beneficial for the current and future public employee retirees of the state.
Also, the staff of the Goldman Sach’s Alternative Investments & Manager Selection (AIMS) group will add to the CRF global equity team, which is responsible in managing the pension Fund’s nearly $100 billion equity portfolio.
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DiNapoli said: "This innovative partnership gives the New York State Common Retirement Fund full access to world class global equity investment opportunities and the nimbleness to take advantage of them on a timely basis.
Vicki Fuller, CIO of the Fund, said: "We have customized this strategic partnership to our specific requirements to diversify our holdings given our notable jump in value in recent years. Working closely and creatively with GSAM’s team and their resources will extend the reach of the Fund’s global investment team."