Four of New York City’s five public employee pension funds, catering for teachers, police officers, firefighters and civil servants, are to up their allocations to private equity and other illiquid asset classes, as they look to boost investment returns, according to a report by Bloomberg.
Get the week’s top news delivered directly to your inbox – Sign up for our newsletter
The boards of directors of the funds voted late last year to increase the share of assets they invest in alternative investments, including PE, hedge funds, private real estate, and infrastructure to between 29% and 35%, from 23% to 29%.
The increase, which takes effect immediately, comes about a year after New York State raised the cap on the proportion of pension fund assets that can be put into alternatives.
Source: Private Equity Wire
Can’t stop reading? Read more
Bain Capital eyes $10bn healthcare buyout with exclusive bid for PCI Pharma
Bain Capital eyes $10bn healthcare buyout with exclusive bid for PCI Pharma Bain Capital is in...
Arctos eyes LA Chargers stake as private equity deepens ties with the NFL
Arctos eyes LA Chargers stake as private equity deepens ties with the NFL Arctos Partners is in...
L’Oréal in exclusive talks to acquire Inflexion-backed skincare brand Medik8
L’Oréal in exclusive talks to acquire Inflexion-backed skincare brand Medik8 L’Oréal is reportedly...