The New York State Police and Fire Retirement System (PFRS) provides retirement benefits to police officers and firefighters employed by local governments and the state of New York. PFRS is part of the New York State Common Retirement Fund, which is managed by the New York State Comptroller and holds approximately $268 billion in total assets.
Investment Strategy
PFRS assets are invested through the Common Retirement Fund alongside the New York State and Local Employees’ Retirement System. The combined portfolio is diversified across public equities, fixed income, private equity, real estate, infrastructure, private credit, and other alternatives.
The alternatives program is one of the largest in the world. Private equity investments cover the full strategy spectrum globally. Real estate includes direct property investments and fund commitments. Infrastructure and private credit provide stable income and diversification. The Common Fund has been a leader in responsible investing and ESG integration.
How to Approach
GPs should engage with the NYS Comptroller’s investment team in Albany. The Common Fund is one of the most significant institutional investors globally and can make very large commitments. The team evaluates managers on performance, strategy, team quality, ESG practices, and diversity. GPs should present a differentiated strategy with strong performance data.
Frequently Asked Questions
How are NY PFRS assets invested?
NY PFRS assets are invested through the New York State Common Retirement Fund, managed by the State Comptroller. The Common Fund manages approximately $268 billion total, with about 18% allocated to alternatives.
What is the relationship between PFRS and the Common Retirement Fund?
PFRS is one of two systems within the Common Retirement Fund, alongside NYSLRS. Both systems share the same pooled investment portfolio managed by the NYS Comptroller's investment team.
How should GPs engage with NY PFRS?
GPs should contact the NYS Comptroller's investment team in Albany. Since PFRS shares the same investment pool as NYSLRS, engaging with the Comptroller's team covers both systems. The team evaluates managers based on performance, strategy, ESG practices, and diversity.
