New York State Teachers' Retirement System

Executive Director and Chief Investment Officer Thomas K. Lee leads daily operations and investment strategy for the system. The Board of Trustees, currently led by President David P. Keefe, retains governance oversight with board vice president Nicholas Smirensky chairing the investment committee. This splits execution authority from fiduciary oversight under the board.

The system builds direct exposure through a team led by Managing Director of Real Estate David C. Gillan. Confirmed holdings include 525 Market Street in San Francisco, a student housing complex in Tempe, Arizona, a Baltimore industrial portfolio, and a US timberland portfolio. NYSTRS benchmarks performance through its membership in the National Council of Real Estate Investment Fiduciaries and the Pension Real Estate Association.

Yes. The private equity program uses a multi-manager approach targeting buyout, growth equity, venture capital, co-investments, secondaries, and distressed debt. NYSTRS commits capital through both fund investments and direct co-investments alongside external managers, an approach that aims to reduce blended fee loads across the private equity portfolio.

NYSTRS has announced a fossil fuel divestment initiative. Specific timeline and asset-level details have not been publicly itemized, but the stated direction aligns with the board's governance posture through organizations like the Council of Institutional Investors, which focuses on corporate stewardship.

NYSTRS covers public school teachers throughout New York State but explicitly excludes the five boroughs of New York City. New York City educators fall under a separate system, the Teachers' Retirement System of the City of New York. The two systems are legally distinct with separate boards, assets, and benefit structures.