New York State Comptroller Thomas P. DiNapoli today announced $800 million in recent investments through the New York State Common Retirement Fund’s (Fund) Sustainable Investments and Climate Solutions program.
“Climate change is one of the greatest risks facing investors, but the worldwide effort to address it has spurred innovation and change,” DiNapoli said. “New York state’s pension fund will continue our leadership on the issue of climate change and take advantage of the opportunities created by the global transition to a lower carbon, sustainable economy to strengthen the Fund.”
As part of his Climate Action Plan, DiNapoli has committed $20 billion to its Sustainable Investments and Climate Solutions program. To date, the Fund has allocated $8.5 billion of that overall commitment. The latest $800 million comprises three separate investments.
In January, the Fund committed $300 million to Avenue Capital Sustainable Solutions Fund, which will focus on small and mid-cap companies in sustainable sectors including renewable energy, recycling and waste management. The Avenue commitment is in the Fund’s opportunistic portfolio.
In February, the Fund committed $250 million to Calvert Core Bond Strategy, and the same figure to Nuveen Core Impact Bond Strategy. Both allocations are in the Fund’s fixed income portfolio.
The Calvert investment will focus on green bonds and affordable housing.
The Nuveen investment is a bond strategy that invests across a variety of areas including renewable energy, climate change, natural resource conservation, affordable housing and economic development.
Monthly Transaction Disclosures
For more information regarding recent investments, see the Fund’s monthly disclosure reports.
About the New York State Common Retirement Fund
The New York State Common Retirement Fund is the third largest public pension fund in the United States with $210.5 billion in assets under management as of March 31, 2019. The Fund holds and invests the assets of the New York State and Local Retirement System on behalf of more than one million state and local government employees and retirees and their beneficiaries. The Fund has consistently been ranked as one of the best managed and best funded plans in the nation. The Fund's fiscal year ends March 31.
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