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New York City Board of Education Retirement System
Founded in 1921, the New York City Board of Education Retirement System provides retirement benefits to employees of the city's Department of Education and...
New York City Board of Education Retirement System
Founded in 1921, the New York City Board of Education Retirement System provides retirement benefits to employees of the city's Department of Education and other covered employers, including the School Construction Authority and the Transit Authority. Executive Director Sanford Rich and Deputy Executive Director Daniel D. Miller lead the investment office. The system is one of five primary pension funds within the New York City Retirement Systems network, closely affiliated with the Teachers' Retirement System, which manages BERS's variable-return fund assets. BERS operates a balanced, multi-manager portfolio that spans buyout, growth, venture, distressed debt, secondaries, and natural resources strategies. The system allocates capital through a mix of direct co-investments, fund commitments, and hybrid vehicles. Known real asset positions include Blackstone's global real estate portfolio, Mesirow Financial Real Estate Value Funds V and VI, and residential investments via the Community Preservation Corporation and related funds. Geographically, the portfolio concentrates on North America but maintains global infrastructure exposure. The fixed-return fund and member loans provide a stable-return anchor alongside the variable-return fund managed by TRS. Total assets are estimated at $9.8 billion (Altss estimate). BERS participates in a broad set of industry bodies, including the Council of Institutional Investors, the National Council on Teacher Retirement, and the Paris Aligned Asset Owners initiative, which commits the system to a net-zero portfolio by 2040. The system won the 2023 Public Pension Communicator of the Year award from the National Conference on Public Employee Retirement Systems, signaling an internal focus on member engagement. Unlike many similarly sized public pension plans that lean heavily on consultant-driven fund-of-funds wraps, BERS differentiates through a direct co-investment program and a dedicated distressed-debt allocation across its private markets bucket — a posture that requires in-house sourcing capabilities and a higher operational tempo than its peer set typically sustains.
General information
Firm type
Pension Fund
Year founded
1921
AUM
$9.8B (Altss estimate)
Location
Region
North America
Country
United States
City
Brooklyn
Corporate office
Brooklyn, NY, United States
Principals
Sanford Rich
Executive Director
Daniel D. Miller
Deputy Executive Director
Karine Apollon
Chair of the Board of Trustees
Mark Levine
New York City Comptroller
Sector focus
Frequently asked questions
Who runs investment decisions at BERS?
Executive Director Sanford Rich leads the investment office, supported by Deputy Executive Director Daniel D. Miller. The Board of Trustees, chaired by Karine Apollon and with the NYC Comptroller as fiduciary, has ultimate oversight. Investment staff execute across a multi-manager program spanning private equity, real estate, infrastructure, and private credit.
Does BERS make direct investments or only commit to funds?
BERS invests through a hybrid model that includes fund commitments, direct co-investments, and separate account relationships. Known fund commitments include Mesirow Financial Real Estate Value Funds V and VI. The system also holds direct interests through vehicles like the Community Preservation Corporation and global infrastructure portfolios.
How is BERS related to the Teachers' Retirement System of New York City?
BERS and TRS are separate but closely linked entities within the New York City Retirement Systems. TRS manages the variable-return fund assets for BERS, creating a structural dependency between the two systems. BERS members are primarily Department of Education employees and other covered staff, overlapping with TRS's membership base.
What is BERS's posture on climate and ESG?
BERS is a member of the Paris Aligned Asset Owners initiative, committing to a net-zero portfolio by 2040. The system was a founding member of the UN Principles for Responsible Investment as part of the broader NYC Retirement Systems. It also participates in the National Association of Securities Professionals and the Council of Institutional Investors, signaling active engagement on governance and diversity issues.
Which investment strategies does BERS explicitly allocate to?
BERS's disclosed strategy set includes buyout, growth, venture, distressed debt, mezzanine, secondaries, natural resources, and special situations. The system also runs a fixed-return fund and a member-loan program alongside the variable-return portfolio, creating a bifurcated structure between stable assets and total-return private markets.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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