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New York City Fire Department Pension Fund
The New York City Fire Department Pension Fund provides retirement, disability, and death benefits to full-time uniformed members of the FDNY.
New York City Fire Department Pension Fund
The New York City Fire Department Pension Fund provides retirement, disability, and death benefits to full-time uniformed members of the FDNY. The fund operates as a fiduciary fund of the City of New York, with investment decisions governed by a board of trustees that includes the City Comptroller as statutory custodian, the president of the Uniformed Firefighters Association, and mayoral appointees. Real estate commitments drive a large share of the portfolio, with confirmed positions in vehicles managed by Blackstone, BentallGreenOak, Harrison Street, and Related Companies. The fund has parked capital across global mixed-use funds — Blackstone Real Estate Partners X and Blackstone Real Estate Partners Europe VII — alongside an Asia-focused vehicle and domestic industrial exposure through the Lion Industrial Trust. Hedge fund exposure runs through the D. E. Shaw Composite Fund, and the fund's private-market appetite spans both opportunistic and core real estate strategies across the United States, Europe, and Asia. The fund participates in several climate-focused investor networks, including Climate Action 100+ and the Net Zero Asset Managers Initiative. These memberships signal a broader mandate tilt toward integrating carbon and governance factors across asset classes — a structural posture that mirrors the city's public-facing net-zero commitments. The board's composition ensures that union leadership retains direct influence over investment policy, creating a governance dynamic distinct from more isolated public pension models. The fund functions as a single-employer public retirement system rather than a consolidated state or city retirement pool, meaning its investment strategy is tailored specifically to the liability profile and demographic reality of FDNY members. Actuarial assumptions and benefit calculations remain the separate responsibility of the fund's actuary and medical board, insulating the investment team's asset allocation decisions from direct benefit-payout pressure — a deliberate separation that preserves portfolio discipline during market cycles.
General information
Firm type
Pension Fund
Year founded
—
AUM
~$11 billion (Altss estimate)
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Principals
Brad Lander
Custodian and Trustee (NYC Comptroller)
LeRoy McGinnis
Executive Director
Andrew Ansbro
Trustee (President, Uniformed Firefighters Association)
Rosemary DeBellis
General Counsel
Amar Dyal
Chief Accountant
Sector focus
Frequently asked questions
Who makes investment decisions for the NYC Fire Pension Fund?
Investment decisions are overseen by a board of trustees chaired by the New York City Comptroller, who serves as the fund's statutory custodian. The board includes the president of the Uniformed Firefighters Association, mayoral appointees, and other city officials. Day-to-day investment operations are managed by the fund's Executive Director, LeRoy McGinnis, and an in-house team under the board's direction.
How does the NYC Fire Pension Fund allocate across asset classes?
The fund maintains significant exposure to real estate, both domestic and international, across core, value-add, and opportunistic strategies. Confirmed commitments include vehicles managed by Blackstone, BentallGreenOak, Harrison Street, and Related Companies. The portfolio also includes hedge fund allocations through the D. E. Shaw Composite Fund, plus infrastructure and private-market positions globally.
Does the NYC Fire Pension Fund invest in climate or ESG-related strategies?
Yes. The fund is an investor participant in Climate Action 100+ and has committed to the Net Zero Asset Managers Initiative, signaling integration of climate considerations across its portfolio. These memberships align the fund with broader City of New York climate targets while influencing manager selection and engagement practices.
Is the NYC Fire Pension Fund pooled with other city retirement systems?
No. It operates as a separate single-employer public retirement system exclusively serving uniformed FDNY employees. This structure allows the fund to tailor its asset allocation and investment policy specifically to the demographic profile and liability stream of firefighters, distinct from the larger New York City Employees' Retirement System or Teachers' Retirement System.
How are the fund's board members appointed?
The board includes both ex-officio and elected representatives. The NYC Comptroller serves as statutory custodian and chair, while the president of the Uniformed Firefighters Association sits as a union trustee. The mayor appoints additional members, and the Commissioner of Finance is also a statutory trustee. This composition ensures that both labor and city administration share governance responsibility.
Does the NYC Fire Pension Fund co-invest directly, or does it primarily invest through funds?
The fund primarily deploys capital through externally managed commingled vehicles rather than direct co-investments. Its known positions are in fund structures, including Blackstone's global real estate series, BentallGreenOak's Asia fund, and Harrison Street's core property fund, suggesting a preference for governance-efficient access through established managers.
What is the relationship between the NYC Fire Pension Fund and the FDNY?
The fund is the pension arm for the City of New York Fire Department, covering full-time uniformed firefighters and officers. It operates independently of FDNY operational budgets and firehouse staffing, with the investment portfolio managed by a separate board and staff housed under the City Comptroller's oversight framework.
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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