New York State Common Retirement Fund

The New York State Comptroller serves as sole trustee, a structure unique among large U.S. public pensions. Thomas P. DiNapoli has held the office since 2007 and personally directs the Fund's investment strategy, proxy voting, and manager selection. Day-to-day portfolio management is delegated to Chief Investment Officer Anastasia Titarchuk and a professional investment staff.

Most large U.S. public pension funds are governed by boards of trustees representing union members, retirees, political appointees, and sometimes state treasurers. The New York State Common Retirement Fund consolidates all fiduciary authority in the independently elected State Comptroller, creating a single point of accountability — and vulnerability — for investment decisions.

The Emerging Manager Program directs commitments to smaller, newer, and diverse-owned investment firms across private equity, real estate, public equities, and fixed income. It operates through partnerships with established firms like HarbourVest Partners, which help source and vet managers. The program aims to broaden the Fund's pipeline while generating risk-adjusted returns.

Through its Sustainable Investments and Climate Solutions Program, the Fund deploys capital toward climate mitigation, adaptation, and clean-energy infrastructure. It also runs an active shareholder engagement strategy: in 2023, the Fund expanded its climate-related proxy review to 28 portfolio companies. Andrew Siwo leads the dedicated in-house sustainable-investing team.

The Fund uses both direct investments and external manager commitments. In private equity and real assets, it commits to third-party funds, co-invests alongside those managers, and occasionally acquires assets directly. Public equity and fixed income are predominantly managed via a mix of internal teams and active external mandates.

The Fund actively pursues co-investment opportunities alongside its primary private-equity and real-asset managers as a way to reduce fee drag and increase deployment capacity. Co-investments span buyout, growth, and real estate, typically in transactions where an existing GP relationship provides underwriting alignment.

As a public entity, the Fund publishes monthly and annual performance reports, detailed investment holdings, and periodic governance disclosures through the Office of the State Comptroller. All investment policies, proxy-voting records, and ESG-related reports are publicly accessible, reflecting the Comptroller's statutory duty to provide pension information to New York taxpayers and beneficiaries.