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Alternative Market Briefing

New York launches new program for emerging hedge fund managers

Monday, April 28, 2014

Bailey McCann, Opalesque New York for New Managers:

The New York City Retirement System (NYCERS) is launching a new emerging managers program targeted at alternative investments and Minority and Women-Owned Businesses Enterprises (MWBEs). The city's five pension funds - the largest municipal system in the world is adding $1bn to its emerging manger program, bringing the total invested in emerging managers to more than $14bn including nearly $10 billion committed to MWBEs.

"It bas been a struggle to get emerging managers in the door, but we want to bring more in," said City Comptroller Scott Stringer, during an event held for emerging managers and the media in New York City.

The $1bn will be spread among emerging managers in hedge funds, real estate and opportunistic fixed income. Networking events will be held over the coming year focused on getting emerging managers in front of investment officials.

"We're not setting aside $1bn with our eyes closed, you have to bring your A game, or we are going to send you back to the drawing board," Stringer said. NYCERs has been steadily adding to its alternatives allocation, bringing it up from 11% to 21%. Allocation to alternatives are limited by law to be no more than 25% of the total portfolio.

An emerging manager is defined as a hedge fund with $2bn or less in AUM. Investment officials are working through a plan to maintai......................

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