NYC Comptroller Lander and Pension Trustees Close Record Private Equity Secondary Sale
Multi-billion-dollar transaction streamlines portfolio for long-term growth
New York, NY — New York City Comptroller Brad Lander and trustees of the five public pension systems announced the successful completion of a landmark $5 billion private equity secondary sale across the City’s systems today. This transaction, initiated in December 2024 and finalized this month, represents one of the nation’s largest ever pension-led secondary sales.
Importantly, the sale was not liquidity driven, but rather a strategic realignment of the New York City pension systems’ private equity portfolio to position it for strong long-term performance across a core group of asset managers. The sale reflects the New York City pension systems’ proactive approach to portfolio management and value creation. To ensure maximum value and transparency, the Comptroller’s Office conducted a broad and competitive auction process, attracting interest from over 80 potential bidders.
“In an uncertain market, this secondary sale is a win for New York City’s public servants and retirees,” said Comptroller Brad Lander. “By streamlining our portfolios, we’re ensuring the long-term health of these pension systems while maintaining our commitment to delivering retirement security for over 750,000 teachers, firefighters, sanitation workers, police officers, and other public employees.”
The completed sale included approximately 75 private equity managers, over 125 distinct funds, and 450 individual commitments. Evercore served as advisor on the transaction, while Morgan Lewis served as legal counsel.
About the New York City Retirement Systems
The New York City retirement systems comprise the City’s five public pension funds (the New York City Teachers’ Retirement System, Employees’ Retirement System, Police Pension Fund, Fire Pension Fund, and Board of Education Retirement System), and are collectively the third largest public pension system in the nation, valued at approximately $279.14 billion in assets under management as of March 31, 2025.
In addition to Comptroller Lander, trustees of the New York City retirement systems are as follows:
Teachers’ Retirement System of the City of New York (TRS): Mayor Eric Adams’ Appointee Bryan Berge, Director, Mayor’s Office of Pension and Investments; Chancellor’s Representative, Greg Faulkner, New York City Public Schools Panel for Educational Policy; and Thomas Brown (Chair), Victoria Lee, and Christina McGrath, all of the United Federation of Teachers.
New York City Employees’ Retirement System (NYCERS): Mayor Eric Adams’ Appointee Bryan Berge, Director, Mayor’s Office of Pension and Investments; New York City Public Advocate Jumaane Williams; Borough Presidents: Mark Levine (Manhattan), Antonio Reynoso (Brooklyn), Donovan Richards Jr. (Queens), Vito Fossella (Staten Island), and Vanessa L. Gibson (Bronx); Henry Garrido, Executive Director, District Council 37, AFSCME; John Chiarello, President, Transport Workers Union Local 100; and Gregory Floyd, President, International Brotherhood of Teamsters, Local 237.
New York City Police Pension Fund (Police): Mayor Eric Adams’ Representative Bryan Berge, Director, Mayor’s Office of Pension and Investments; New York City Finance Commissioner Preston Niblack; New York City Police Commissioner Jessica Tisch (Chair); Chris Monahan, Captains Endowment Association; Louis Turco, Lieutenants Benevolent Association; Vincent Vallelong, Sergeants Benevolent Association; Scott Munro, Detectives Endowment Association; and Patrick Hendry, Daniel Terrelli, Albert Alcierno and Arthur Egner all of the NYC Police Benevolent Association.
New York City Fire Pension Fund (Fire): Mayor Eric Adams’ Representative Bryan Berge, Director, Mayor’s Office of Pension and Investments; New York City Fire Commissioner Robert S. Tucker (Chair); New York City Finance Commissioner Preston Niblack; Andrew Ansbro, President, Robert Eustace, Vice President, Chris Viola, Treasurer, and Eric Bischoff, Staten Island Representative and Chair, Uniformed Firefighters Association of Greater New York; Sean Michael, Chiefs’ Rep., Joe Camastro, Lieutenants’ Rep. and Liam Guilfoyle, (Chair), Uniformed Fire Officers Association; and Peter Devita, Marine Engineers Association.
Board of Education Retirement System of the City of New York (BERS): New York City Public Schools Chancellor Melissa Aviles-Ramos, Represented by Karine Apollon; Mayoral appointees Marjorie Dienstag, Amy Fair, Gregory Faulkner, Anita Garcia, Anthony Giordano, Dr. Angela Green, Alice Ho, Jessamyn Lee, Sharon Odwin, Alan Ong, Phoebe Sade-Arnold, Maisha Sapp, Manny Tavarez; CEC appointees Adriana Alecia, Naveed Hasan, Jessamyn Lee, Thomas C. Sheppard, Venus Sze-Tsang; Borough President Appointees Camille Casaretti (Brooklyn); Rima Izquierdo (Bronx); Marielle Ali (Manhattan); Shirley Aubin (Queens); Aaron Bogad (Staten Island); and employee members John Maderich of the IUOE Local 891 and Donald Nesbit of District Council 37, Local 372.
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