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NYS Comptroller


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September 10, 2014, Contact: Press Office (518) 474-4015

DiNapoli Announces $2B Strategic Partnership With Goldman Sachs Asset Management For Global Equity Investments

New York State Comptroller Thomas P. DiNapoli today announced that the New York State Common Retirement Fund (CRF or the Fund) has created a $2 billion strategic partnership with Goldman Sachs Asset Management (GSAM) to invest in a diverse group of global equity strategies viewed as having strong potential to enhance the Fund’s return. The partnership is the first of its kind for the Fund.

“This innovative partnership gives the New York State Common Retirement Fund full access to world class global equity investment opportunities and the nimbleness to take advantage of them on a timely basis,” DiNapoli said. “Identifying new opportunities is key to the continued growth of the Fund’s long-term value. This partnership is designed to help strengthen the Fund as it provides benefits to New York’s current and future public employee retirees.”

The partnership between the $180.7 billion Fund and GSAM will initially focus on dynamic manager selection opportunities in global equities to enhance returns in the Fund’s equity portfolio. GSAM will also provide strategic advice across the entire equity portfolio. Additionally, the partnership will provide the Fund with improved analytics and reporting on its portfolio and enhanced evaluation and due diligence on current and potential active managers. GSAM’s team of 300 professionals in its Alternative Investments & Manager Selection (AIMS) Group will augment the CRF Global Equity Team, which manages the Fund’s nearly $100 billion equity portfolio.

“We have customized this strategic partnership to our specific requirements to diversify our holdings given our notable jump in value in recent years,” said Vicki Fuller, Chief Investment Officer of the Fund. “Working closely and creatively with GSAM’s team and their resources will extend the reach of the Fund’s global investment team.”

“The Strategic Partnership with CRF is a landmark assignment for GSAM and we appreciate the confidence CRF has placed in us,” said Timothy J. O’Neill and Eric S. Lane, global co-heads of the Investment Management Division at Goldman Sachs. “We are excited to provide customized access to our broad open-architecture platform, due diligence expertise, and portfolio construction capabilities.”

About the New York State Common Retirement Fund
The $180.7 billion New York State Common Retirement Fund is the third largest public pension fund in the United States. 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 a diversified portfolio of public and private equities, fixed income, real estate and alternative instruments.



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