Institutional Investors

New York City Employees’ Retirement System moves forward with direct portfolio


The New York City Employees’ Retirement System has set aside 5% for an allocation to direct hedge fund managers by cashing out of high-yield strategies to allocate to a variety of credit strategies.

The focus is on ‘funds of one’ structures for a $6 billion hedge fund programme, according to Adi Divgi, who currently manages the opportunistic fixed-income programme at the $120 million New York City Retirement Systems.

The programme invests in alternative credit managers to enhance returns across the City’s various pension funds. ‘Funds of one’ allow the pension funds to have an