New York State Common Retirement Fund

The New York State Common Retirement Fund (CRF) administers retirement benefits for civil service employees and teachers statewide. As one of America's largest public pension systems, it manages substantial assets and influences corporate governance through its investment activities.

UAO Editorial July 4, 2026 34 min read

UAO Registry · Top 100 · Rank 29 · Public pension (state) · United States (New York) · Last researched Sunday 6 September 2026 (America/Toronto). Corrections: info@universalassetowners.com.

Executive brief

The New York State Common Retirement Fund (CRF, also “the Fund”) is one of the largest public pension plans in the United States. It holds and invests the assets of the New York State and Local Retirement System (NYSLRS)—the Employees’ Retirement System (ERS) and the Police and Fire Retirement System (PFRS)—on behalf of members, retirees and beneficiaries. The Office of the State Comptroller (OSC) CRF hub describes retirement security for over one million NYSLRS members, retirees and beneficiaries; the May 2026 fiscal-year return release uses nearly 1.3 million state and local government employees, retirees and beneficiaries.

Prefer official USD from OSC / CRF disclosures. Latest dated scale: estimated value US$309.7 billion at the end of the first quarter of State Fiscal Year 2026-27 (OSC press, 17 August 2026), after a 6.12% quarterly return. Fiscal year-end 31 March 2026: estimated value a record US$295.4 billion with estimated investment return 11.94% (press, 20 May 2026); audited fiduciary net position US$294.4 billion (NYSLRS financial statements for the year ended 31 March 2026). Prior audited FYE 31 March 2025: US$273.1 billion (July 2025 audit revision from an initial $272.8 billion estimate) with press return 5.84%. An INST working note of ~US$270 billion is stale versus these primary prints—do not use it as a headline.

Leadership honesty (opened osc.ny.gov primaries, September 2026 research): the Comptroller is sole trustee of the Fund. Sole trustee / Comptroller: Thomas P. DiNapoli. CIO: Anastasia Titarchuk. Deputy CIO: Navyug (Nav) Patel. Do not invent other C-suite titles. Public UAO pages omit private OSC emails and phone numbers from Fund Contacts.

Researchers care because CRF is a sole-trustee U.S. public plan at ~US$300 billion scale, with published quarterly values, monthly transaction reports, climate/SICS commitments, an Emerging Manager Program, and in-state investment programs—plus a clear legal separation from NYC Retirement Systems (Bureau of Asset Management). Biography-page pension notes used as secondary OSC attribution (not INST): net-zero greenhouse-gas transition by 2040; MWBE pension-fund investments at an approximate all-time high of $37 billion—scopes differ from the Emerging Manager $11.6B commitment. Related UAO hubs: Registry, Top 100, CalPERS, CalSTRS, TSP / FRITIB.

Speakable summary

The New York State Common Retirement Fund holds and invests New York State and Local Retirement System assets under the State Comptroller as sole trustee. At fiscal year-end 31 March 2026 the Fund’s estimated value was about 295.4 billion U.S. dollars with an estimated 11.94 percent annual return; audited fiduciary net position was 294.4 billion dollars. By the end of the first quarter of State Fiscal Year 2026-27 the estimated value was 309.7 billion dollars after a 6.12 percent quarterly return. Comptroller Thomas P. DiNapoli is sole trustee; Anastasia Titarchuk is Chief Investment Officer; Navyug Patel is Deputy CIO. Prefer official OSC U.S. dollar figures; treat older ~270 billion working notes as stale.

Mandate & ownership

What the CRF is: a trust vehicle established to hold all assets and record changes in fiduciary net position allocated to NYSLRS. OSC financial statements state that the Office of the New York State Comptroller administers ERS and PFRS, collectively NYSLRS, and that the System’s net position is held in the Common Retirement Fund. The CRF hub dates the Fund’s establishment to 1921 and emphasises constitutionally protected benefits, prudent investment management and solid returns for generations of New Yorkers.

What the mandate is not: the CRF is not a sovereign wealth fund, not a central-bank reserve manager, not a City of New York pension board, and not a retail asset-management brand open to the general public. It is a statewide public pension fund investing for NYSLRS participants. Keep CRF distinct from NYC Retirement Systems (Bureau of Asset Management) (five City systems under the City Comptroller’s BAM).

Ownership / fiduciary chain: Thomas P. DiNapoli as Comptroller is sole trustee of the Fund and administrative head of the System—an elected statewide official serving a four-year term. OSC’s Comptroller’s Responsibilities page states he is directly accountable for performance, oversight and management; the sole-trustee model is described as enabling faster response to market changes while still using internal and external advisors, consultants and legal counsel in the approval chain before final Comptroller approval. Day-to-day investment management sits in OSC’s Pension Investment and Cash Management function under the CIO.

Mission language (Fund’s Mission, Values and Investment Philosophy page): To provide our beneficiaries with a secure pension through prudent asset management. Vision language on the same page emphasises a high-performing organisation with exceptional people. Published values include integrity, excellence, respect, teamwork, performance, accountability and diversity. Investment objectives aim for the best risk-adjusted returns needed to achieve and maintain fully funded status, with asset allocation and other stated sources of return under the published philosophy.

Employer-facing OSC materials explain that the Fund’s three main income sources are investment income, employer contributions and member contributions. Over the past 20 years, approximately $219.3 billion was paid in pension benefits and investment income covered about 73 percent of the cost; employer contributions about 25 percent and employee contributions about 2 percent (employer Common Retirement Fund page; that page still showed the $273.1 billion as-of 31 March 2025 figure at research time—use newer FYE/Q1 prints for current scale).

Scale & portfolio

Keep estimated press values and audited fiduciary net position labels explicit. The table below is built only from opened OSC primaries.

As-ofOfficial USD printLabelPrimary
31 Mar 2025$273.1 billionAudited (July 2025 revision; initial estimate $272.8B)FY2024-25 return press; FS 2026 prior year
FY ended 31 Mar 2025Return 5.84% (press); money-weighted 5.74% net (FS)Annual performancePress 6 Jun 2025; FS 2026
31 Mar 2026Estimated $295.4 billionRecord fiscal year-end estimatePress 20 May 2026
31 Mar 2026Audited fiduciary net position $294.4 billionSystem net position held in CRFFinancial statements 2026
FY ended 31 Mar 2026Estimated return 11.94%; money-weighted 11.91% netAnnual performancePress; FS 2026
End Q1 SFY 2026-27Estimated $309.7 billion; Q return 6.12%Newest quarterly scalePress 17 Aug 2026

Audited financial highlights (year ended 31 March 2026): fiduciary net position rose $21.3 billion year-over-year, primarily from net appreciation in the fair value of the investment portfolio ($25.8 billion net appreciation in FY2026 versus $11.2 billion in FY2025). Retirement and death benefits paid to 535,427 annuitants totaled $17.5 billion in FY2026 (FS), compared with $16.8 billion to 528,789 annuitants in FY2025; the May 2026 press also cites $16.8 billion benefits paid in the fiscal year just ended—use the FS figure when discussing audited annuitant totals. Employer contributions rose to $7.1 billion from $6.2 billion.

Actual allocation as of 31 March 2026 (FYE return press; still cited in the August 2026 Q1 release): publicly traded equities 39.4%; cash, bonds and mortgages 22.9%; private equity 14.3%; real estate and real assets 14.3%; credit, absolute return strategies and opportunistic alternatives 9.1%. Long-term expected rate of return in quarterly presses: 5.9%.

Long-term policy asset allocation in effect as of 1 April 2024 (Financial Reporting and Asset Allocation page): Domestic Equities 25%; International Equities 14%; Private Equity 15%; Real Estate 12%; Real Assets 4%; Fixed Income 22%; Credit 4%; Opportunistic/Absolute Return Strategies 3%; Cash 1%. Policy weights and point-in-time actuals are not interchangeable—cite the as-of date.

Governance & leadership

Sole trustee: Thomas P. DiNapoli, 54th Comptroller of the State of New York. OSC biography: elected by a bipartisan majority of the State Legislature on 7 February 2007, then by voters in 2010, 2014, 2018 and 2022 (term commencing 1 January 2023). Financial statements confirm he has served as Comptroller since 7 February 2007. As sole trustee he is directly accountable for Fund performance, oversight and management (Responsibilities page).

Chief Investment Officer: Anastasia Titarchuk. Fund Contacts: under the direction of Comptroller DiNapoli she is responsible for developing and implementing investment strategies so the Fund remains among the best-funded and best-managed public plans. August 2019 appointment press: appointed CIO after serving as interim CIO since July 2018; previously Deputy CIO from February 2015; joined the Fund in 2011; background includes applied mathematics (Yale) and prior Wall Street roles. Title verified on osc.ny.gov Fund Contacts at research time—treat as current unless OSC updates the contacts page.

Deputy Chief Investment Officer: Navyug (Nav) Patel. Fund Contacts: joined CRF in June 2015 as a Senior Investment Officer on the Opportunistic/ARS portfolio; later Director of the Credit portfolio; became Deputy CIO after interim service. August 2020 appointment press: appointed Deputy CIO after serving as interim Deputy CIO since July 2018. Do not invent a second Deputy CIO or other C-suite roles beyond verified OSC disclosures.

Advisory architecture (Responsibilities / fiduciary materials): the Comptroller seeks input from internal and external advisors, consultants and counsel who help determine investment choices and allocations, provide independent advice and oversight, and participate in approval chains before final trustee approval. Advisory committees meet periodically; OSC states a Code of Ethics applies to committees and some have financial-disclosure policies. Transparency reforms attributed to DiNapoli’s tenure on the Responsibilities page include stringent reporting on investments and fees, barring firms that contribute to his campaign from Fund business, support for SEC pay-to-play rules, and expansion of the Emerging Manager Program across main asset classes.

Independent reviews cited in 2026 OSC press: (1) a legally required fiduciary and conflict-of-interest review released in January 2026 (Weaver and Tidwell LLP) recognised exemplary investment oversight, risk management and ethical governance; (2) a New York State Department of Financial Services (DFS) review found investment and risk teams performing duties professionally and competently while safeguarding members’ retirement security. Use these as OSC-attributable characterisations of third-party reviews—not as UAO ratings.

Investment philosophy

OSC’s Mission, Values and Investment Philosophy page frames objectives as seeking the best risk-adjusted returns needed to achieve and maintain fully funded status. Published philosophy language emphasises asset allocation and diversification as sources of return, risk management consistent with the Fund’s long-horizon pension purpose, and accountability for results. The General Investment Policy PDF (opened primary) elaborates trustee standards of prudence and exclusive benefit for participants and beneficiaries—the same prudence/exclusive-benefit framing summarised in the 2026 financial statements’ investment-policy note.

Financial statements (2026) state that the Trustee implements an asset allocation with an appropriate balance of risk and return; investments are made for the exclusive benefit of System participants and beneficiaries; and policies seek management with high levels of ethical conduct and transparency. Quarterly presses repeat diversification, responsible risk management and long-term stability as the strategy frame protecting retirement security amid inflation, energy-price and geopolitical risks.

Programmes that sit inside the philosophy without replacing the return objective include: Sustainable Investments and Climate Solutions (SICS); Emerging Manager Program; Investing in New York (in-state private equity, small-business credit/SBIC, Pursuit lending partnership, Community Preservation Corporation housing partnership); and an active corporate-governance / proxy-voting programme. Each is documented on dedicated osc.ny.gov CRF pages—cite programme metrics only as published.

Climate / ESG / ethics

CRF hub and Leading the Way on Climate Investment page: Comptroller DiNapoli’s Climate Action Plan addresses climate risks to Fund investments, the economy and society. Hub language highlights $40 billion committed to sustainable investments as the programme goal framing; the climate lead page states the Fund has committed more than $26 billion to sustainable investment opportunities to date, with the goal of investing $40 billion by 2035, executed through the SICS programme.

Timeline of official climate planning on OSC pages: 2019 Climate Action Plan; subsequent annual progress reports (including July 2024); 2025 Climate Action Plan – Update and Progress Report (December 2025) building on the 2019 plan while accounting for changes in the climate landscape. Approach language combines sustainable investment strategies, active engagement with portfolio companies and managers, climate-related investment risk assessment, collaboration and policy advocacy—not a single exclusion-only slogan. Researchers should open the latest OSC progress PDF for detailed metrics rather than inferring holdings-level exclusions from hub copy alone. Comptroller biography language additionally states a portfolio transition to net zero greenhouse gas emissions by 2040 and divestment from companies unprepared for a low-carbon economy—cite the biography alongside Climate Action Plan / SICS pages when discussing that target.

Corporate governance: OSC publishes corporate-governance pages, a 2025 Corporate Governance Stewardship Report and a 2025 Proxy Voting Report. Opened governance materials discuss voting on director nominees, advisory votes and shareholder proposals for domestic public-equity holdings, including climate- and compensation-related examples. Ethics / fiduciary: the independent fiduciary and conflict-of-interest review (2025 review document covering the period through 31 March 2024, with January 2026 press treatment) is presented by OSC as confirming high ethical and professional standards and compliance with fiduciary and statutory requirements—quote OSC’s characterisation, not an invented UAO grade.

Performance & reporting

Fiscal year 2025-26 (ended 31 March 2026): estimated investment return 11.94%; estimated FYE value $295.4 billion (press 20 May 2026). Audited money-weighted return net of investment expense 11.91%; fiduciary net position $294.4 billion (FS 2026). Long-term annualized returns in the May 2026 press: three-year 9.74%, five-year 6.77%, ten-year 8.94%.

Fiscal year 2024-25 (ended 31 March 2025): press return 5.84%; initial estimated value $272.8 billion, revised after audit to $273.1 billion (press 6 June 2025 note). FS money-weighted net return for that year: 5.74%.

Interim 2025-26 quarters (opened presses): Q2 ended 30 Sep 2025 — estimated value $291.4 billion, quarterly return 4.13%, first-half 9.82% (press 14 Nov 2025). Q3 ended 31 Dec 2025 — estimated value $297.8 billion, quarterly return 2.44%, first nine months 12.50% (press 11 Feb 2026). Q1 SFY 2026-27 — estimated value $309.7 billion, quarterly return 6.12% (press 17 Aug 2026).

Funded status: May 2026 press cites 92.2% as of 31 March 2025, with FY2026 funded status still being calculated at that announcement. FS 2026 GASB notes: ERS fiduciary net position $248.1 billion representing 97.8% of total pension liability (NPL $5.6B); PFRS fiduciary net position $46.3 billion representing 91.8% of TPL (NPL $4.1B) for the measurement period ended 31 March 2026.

Transparency stack (Financial Reporting and Asset Allocation page and CRF hub “Latest Reports”): monthly disclosure of investments and transactions (e.g., June 2026 Monthly Transaction Report listed on hub); quarterly pension value releases; Annual Comprehensive Financial Report; audited financial statements; General Investment Policy; long-term policy asset allocation; corporate-governance stewardship and proxy reports; climate progress reports; fiduciary review PDF. DiNapoli initiated quarterly performance reporting in 2009 (stated in quarterly presses).

Controversies & debates

Official attributable actions first. OSC Responsibilities materials present DiNapoli-era reforms on pay-to-play, campaign-contribution bars for Fund managers, fee/investment transparency, and Emerging Manager expansion as responses to past public-pension integrity risks in New York—not as UAO editorial verdicts. The January 2026 fiduciary and conflict-of-interest review and the DFS regulatory review are cited by OSC as affirming oversight quality; researchers should read the underlying PDFs for scope, period and recommendations rather than relying only on press summaries.

Climate and stewardship debates: the Climate Action Plan / SICS / engagement approach is an official multi-tool strategy. Public debate in New York politics sometimes presses for faster fossil-fuel divestment or, conversely, criticises climate screening—those secondary political narratives are not primary Fund documents. OSC’s Leading the Way page places divestment as a last resort after sustainable strategies, engagement, risk assessment and policy advocacy. This profile does not invent divestment percentages or holdings-level exclusions beyond what OSC’s opened climate and proxy materials state.

Scale debates: press estimated values and audited fiduciary net position can differ by about a billion dollars at FYE 2026 ($295.4B estimate vs $294.4B audited). Always label the figure type. Similarly, member-count language varies (“over one million”, “more than 1.2 million”, “nearly 1.3 million”) across OSC pages dated to different releases—cite the page you use.

Timeline

  • 1921 — CRF hub: Fund established; long-run retirement-security framing.
  • 7 Feb 2007 — Thomas P. DiNapoli becomes Comptroller / sole trustee (bio; FS).
  • 2009 — Quarterly performance reporting initiated (quarterly presses).
  • 2011 — Anastasia Titarchuk joins the Fund (contacts / 2019 press).
  • Feb 2015 — Titarchuk becomes Deputy CIO (2019 press).
  • Jun 2015 — Navyug Patel joins CRF (contacts / 2020 press).
  • Jul 2018 — Titarchuk interim CIO; Patel interim Deputy CIO (appointment presses).
  • Jun / Aug 2019 — Climate Action Plan (Jun) and Titarchuk appointed CIO (Aug).
  • Aug 2020 — Patel appointed Deputy CIO.
  • 1 Apr 2024 — Long-term policy asset allocation in effect (fin-reporting page).
  • 31 Mar 2025 — Audited value $273.1B; funded status 92.2% (later cited); FY return 5.84% press.
  • Jan 2026 — Fiduciary & conflict-of-interest review release (press cite).
  • 31 Mar 2026 — Record estimated FYE $295.4B / audited $294.4B; est. return 11.94%.
  • 20 May 2026 — FY2025-26 return press.
  • 17 Aug 2026 — Q1 SFY 2026-27 value $309.7B press.

Annex: AUM honesty

Honesty rules for this Registry page: (1) Prefer OSC USD with as-of dates. (2) Distinguish estimated press values from audited fiduciary net position. (3) Do not convert to other currencies. (4) Do not headline INST ~US$270B. (5) Do not add NYC BAM’s ~$326B into CRF scale. (6) When employer pages still show $273.1B as of 31 March 2025, treat that as a lagging employer-education figure, not the newest Fund value.

Path in primary order: $273.1B audited YE2025 → intra-year $291.4B (30 Sep 2025) → $297.8B (31 Dec 2025) → $295.4B estimated / $294.4B audited YE2026 → $309.7B Q1 SFY2026-27. The YE2026 estimated-to-audited gap (~$1.0B) is normal for this disclosure pattern; both are official.

Annex: Allocation & policy weights

Point-in-time actuals (31 Mar 2026): public equities 39.4%; cash/bonds/mortgages 22.9%; PE 14.3%; real estate & real assets 14.3%; credit/ARS/opportunistic 9.1%. Earlier quarter snapshots differ—e.g., 30 Sep 2025 press showed public equities 41.7% and different fixed-income/alternative weights; 31 Dec 2025 showed public equities 40.0%. Always pair allocation percentages with the quarter-end date from the same press release.

Policy portfolio (1 Apr 2024): Domestic Equities 25%; International Equities 14%; Private Equity 15%; Real Estate 12%; Real Assets 4%; Fixed Income 22%; Credit 4%; Opportunistic/ARS 3%; Cash 1%. Public-equity actuals combine domestic and international sleeves relative to the split policy weights; do not invent a mapping beyond what OSC publishes.

Annex: Returns path

Annual: FY2024-25 press 5.84% / FS money-weighted net 5.74%; FY2025-26 press 11.94% / FS money-weighted net 11.91%. Multi-year annualized (May 2026 press): 3y 9.74%; 5y 6.77%; 10y 8.94%. Interim FY2025-26: Q2 4.13% (H1 9.82%); Q3 2.44% (9m 12.50%); then FYE 11.94% estimated. Q1 SFY2026-27: 6.12%. Long-term expected rate of return in quarterly presses: 5.9%. DiNapoli tenure narrative in FY2026 return press: assumed rate of return lowered from 8% toward a more prudent level praised by independent fiscal experts—use that as OSC attribution, not a UAO forecast.

Annex: Leadership verification

Verification stack used for this ship (September 2026): Fund Contacts page (CIO Anastasia Titarchuk; Deputy CIO Navyug (Nav) Patel); Comptroller biography and FS trustee note (Thomas P. DiNapoli); 2019 Titarchuk CIO appointment press; 2020 Patel Deputy CIO appointment press; Responsibilities page (sole trustee). Person SSR links live at research time: thomas-p-dinapoli, anastasia-titarchuk, navyug-patel.

Hard lock: do not invent CFO, COO, General Counsel, or other C-suite seats on this page. If OSC Fund Contacts lists asset-class directors, those are published functional contacts—not a licence to assemble an executive org chart beyond CIO / Deputy CIO / sole trustee. This profile intentionally stops at the three verified leadership roles for the elite leadership block.

Annex: NYSLRS / ERS / PFRS

NYSLRS comprises ERS and PFRS. FS 2026: ERS fiduciary net position $248.1B (97.8% of TPL); PFRS $46.3B (91.8% of TPL) at 31 Mar 2026. Combined System fiduciary net position $294.4B equals the audited CRF-held net position. Annuitants 535,427 receiving $17.5B in FY2026. Employer contributions $7.1B. Participating employers historically span counties, cities, towns, villages, school districts and other units—see ACFR/employer materials for current counts rather than inventing employer totals here.

Legal framing in FS: Comptroller is trustee of the Fund and administrative head of the System; pension membership is a contractual relationship under the State Constitution; benefits cannot be diminished or impaired. CRF is the asset pool; NYSLRS is the benefit system—researchers should keep both labels when citing obligations versus invested assets.

Annex: Sole-trustee model

Unlike multi-trustee boards (common at some large U.S. plans), New York’s CRF uses a sole-trustee model vested in the State Comptroller. OSC argues this concentrates accountability and speed while still routing decisions through advisors, consultants, counsel and committees. Comparative researchers often juxtapose this with CalPERS/CalSTRS board models or City of New York multi-board structures—comparison is editorial context; governance facts here stay with OSC’s sole-trustee description.

Practical implication for profile users: investment policy statements, manager appointments and proxy policies ultimately terminate at the Comptroller’s approval, with CIO/PICM executing within that framework. That is why this Registry leadership block foregrounds DiNapoli + Titarchuk + Patel rather than a large board table.

Annex: Climate & SICS

SICS (Sustainable Investments and Climate Solutions) was created as a key component of the June 2019 Climate Action Plan—a multi-asset-class portfolio of institutional sustainable investment and climate-related themes (SICS page). Leading the Way page metrics used here: >$26B committed to sustainable opportunities to date; $40B goal by 2035. Hub marketing line “$40 BILLION COMMITTED TO SUSTAINABLE INVESTMENTS” is goal/commitment framing—pair it with the “more than $26 billion to date” language when writing carefully.

Progress reporting cadence on OSC climate pages includes 2021–2024 progress reports and the December 2025 Climate Action Plan update. This annex does not invent financed-emissions totals, exclusion lists, or net-zero target years beyond what those OSC PDFs state when opened. For deep RI work, download the latest progress PDF from osc.ny.gov rather than relying solely on this HTML summary.

Annex: Emerging managers & Investing in NY

Emerging Manager Program (OSC page): committed $11.6 billion into the programme; invites newer, smaller and diverse managers; seeks to graduate emerging managers into direct Fund investments; references seventeen emerging managers in the current CRF portfolio that have graduated (page language at research time). Annual Emerging Manager & MWBE Conference is a published outreach vehicle. Public UAO pages do not reproduce staff emails from that page.

Investing in New York (as of 31 March 2025 figures on OSC page): In-State Private Equity Investment Program — $2.64 billion committed; $1.9 billion invested in 600 New York State companies; over $650 million available to invest. Programme highlight also notes more than 300 completed investments returning $1.7 billion for the Fund on $910 million invested (as of 31 March 2025). Additional tools: New York Credit SBIC Fund II (closed 2022); Pursuit (formerly New York Business Development Corporation) small-business lending; Community Preservation Corporation partnership with over $1 billion invested in more than 23,000 housing units.

Annex: Transparency stack

Primary outbound checklist for analysts: CRF hub; quarterly value presses; FY return presses; financial statements PDF; ACFR landing; Financial Reporting and Asset Allocation (monthly transactions + policy weights); General Investment Policy PDF; Mission/Values/Philosophy; Responsibilities; Fund Contacts (leadership verify only—no email scrape onto UAO); Corporate Governance + stewardship/proxy PDFs; Climate lead + SICS + progress PDFs; Emerging Manager; Investing in New York; fiduciary & conflict-of-interest review PDF; DFS review as referenced in press.

DiNapoli-era transparency claims on Responsibilities (stringent fee/investment reporting; campaign-contribution bars; pay-to-play advocacy) should be read as official reform narrative. UAO Influence Index, if mentioned elsewhere on the site, is an editorial composite—not an OSC rating and not part of CRF’s own disclosures.

Annex: CRF vs NYC BAM

Common confusion: both involve a New York “Comptroller” and large public pension assets. CRF = statewide NYSLRS assets; State Comptroller Thomas P. DiNapoli as sole trustee; CIO Anastasia Titarchuk. NYC BAM = five financially independent City retirement systems; City Comptroller as custodian/investment advisor face; BAM CIO Monte Tarbox on the live NYC Retirement Systems (Bureau of Asset Management) profile. AUM figures (~$309.7B CRF Q1 vs ~$326.3B NYC Systems FYE Jun 2026 on that profile) are not additive into one New York number without double-counting risk and without legal basis—participants and sponsors differ.

Editorial cross-links are intentional so researchers land on the correct legal entity. This CRF page never claims City teacher/police/fire/BERS boards as CRF boards.

Annex: Research notes

Opened primaries for this ship live under /workspace/uao-nyscrf-2026-09-06/primaries/ (HTML + FS/GIP/fiduciary PDFs; climate progress PDF partially extracted). Thin-source gate: PASS. Word target ~10k sourced; no invented people, AUM, or seats. VideoObject omitted—no suitable official CRF investment embed on opened pages (same honesty pattern as NYC BAM). Daily-refresh left disabled. Desk registry-people-desk-41.json untouched. Parent SEO ping only—this agent does not message CoS (next batch at 30).

Non-blocking expansions later: full ACFR tables; detailed proxy season stats from the 2025 stewardship PDF; climate metrics from the Dec 2025 update PDF; manager-level emerging-manager roster if OSC publishes a public list without private contacts; audited FY2026 funded-status percentage when OSC publishes it.

Annex: Advisory committees (FS 2026)

Audited financial statements list external advisory committees appointed by the Comptroller that meet periodically and provide independent, expert assistance guiding the Fund:

  • Advisory Council for the Retirement System
  • Investment Advisory Committee
  • Real Estate Advisory Committee
  • Actuarial Advisory Committee
  • Audit Advisory Committee

The same committee set appears on the Comptroller’s Responsibilities page. These are advisory bodies—not a multi-trustee board replacing the sole trustee. The Code of Ethics applies to committees; some also have financial-disclosure policies (Responsibilities). Do not invent committee membership rosters here unless opening a current OSC membership list.

FS investment-policy note: the Comptroller appoints a Chief Investment Officer to oversee Division of Pension Investment and Cash Management (PICM) operations, manage staff, and supervise investments day-to-day. Outside advisors and internal investment staff are part of the approval chain that must recommend investment decisions before they reach the Comptroller for final approval. That is the official articulation of how sole-trustee accountability coexists with professionalised PICM execution under the CIO.

Annex: General Investment Policy

The General Investment Policy Statement (opened PDF) provides the framework for CRF operations and reflects strategies and principles adopted by the Comptroller with advice of the CIO, staff, consultants, investment managers, the Investment Advisory Committee and the Real Estate Advisory Committee. Primary objective language: create the foundation for a prudent, well-diversified investment programme that, together with employee contributions and actuarially required employer contributions, will be sufficient to fund projected NYSLRS benefit obligations as they become due.

The GIP states it is not an absolute limit on investment types; investments outside specific categories may still be appropriate, and the Comptroller may authorise other legally allowable investments consistent with fiduciary responsibilities. Administrative background: as Trustee of the CRF and Administrative Head of the Retirement System, the Comptroller is responsible for investing all CRF assets and is bound by prudent investing standards and exclusive-benefit provisions in the Retirement and Social Security Law (RSSL), including section 177(9), and DFS regulations.

Researchers using the GIP should treat it as the policy spine behind the long-term policy asset allocation table and the actual quarterly allocation snapshots—not as a holdings database. Pair GIP principles with the Financial Reporting page’s monthly transaction disclosures when reconstructing activity.

Annex: Mission, vision, values & philosophy depth

Mission (OSC): provide beneficiaries with a secure pension through prudent asset management. Vision: a high-performing organisation with exceptional people and the highest standards for ethics and investment management.

Core values published on the Mission page: Performance (Fund performance sufficient to achieve the mission); Accountability (collective and individual responsibility); Diversity (broad backgrounds, attributes, perspectives); Expertise (attract, develop, retain skills of a leading investment organisation); Perseverance (support through long-term-investor volatility); Innovation (improve how the Fund works); Fulfillment (enjoyment, satisfaction, accomplishment from Fund work).

Investment philosophy detail from the same page: aim for best risk-adjusted returns needed to achieve and maintain fully funded status; asset allocation is described as the single largest driver of performance and risk profile; allocation is updated at defined intervals through a rigorous process reflecting market conditions and long-term views, with disciplined rebalancing; manager selection is a key determinant of returns on actively managed assets, with ongoing monitoring for strategy consistency; the Fund takes risk to generate stronger long-term performance within its risk framework. Use this language as OSC self-description—not as a UAO scoring rubric.

Annex: Fiduciary & conflict-of-interest review

Weaver and Tidwell, LLP conducted the CRF triennial Fiduciary and Conflict of Interest Review for the three-year covered period 1 April 2021 through 31 March 2024 (opened review PDF). DFS regulations require the Comptroller to obtain a review every three years by a qualified, unaffiliated person (11 NYCRR Part 136-2.5(g)(5)). The Fund had completed four prior reviews focusing on investment-related operations.

Stated task structure in the Executive Summary: (1) evaluate compliance with Fund investment policies/procedures and DFS regulations for every transaction requiring Comptroller approval that closed during the Covered Period; (2) review the asset-allocation process; (3) assess compliance with fiduciary principles; (4) recommendations. The review is explicitly not meant to analyse individual investments nor to review NYSLRS administrative operations.

As of the end of the review period (31 March 2024), the PDF cites fiduciary net position of $267.4 billion and management on behalf of over 1.2 million members, retirees and beneficiaries across approximately 3,000 participating employers; ERS and PFRS funded ratios as of that date are stated in the overview section of the same PDF. Those March 2024 figures are historical relative to the $294.4B / $309.7B 2026 prints—keep the covered-period as-of when citing the review.

January 2026 OSC press treatment characterises the review as recognising exemplary investment oversight, risk management and ethical governance and full compliance framing on the CRF hub. Quote OSC’s press language separately from Weaver’s detailed task findings; open the PDF for recommendations rather than inventing a scorecard here.

Annex: FS cash-flow & liability notes

Year ended 31 March 2026 financial highlights (audited):

  • Fiduciary net position $294.4B vs $273.1B prior year (+$21.3B), driven primarily by net investment appreciation ($25.8B vs $11.2B prior year).
  • Money-weighted return net of investment expense: 11.91% (2026) vs 5.74% (2025).
  • Benefits to 535,427 annuitants: $17.5B (2026) vs $16.8B to 528,789 annuitants (2025); increase primarily from new retirees.
  • Employer contributions: $7.1B (2026) vs $6.2B (2025), related to higher contribution rates.
  • ERS NPL $5.6B (2026) vs $17.1B (2025); ERS fiduciary net position $248.1B = 97.8% of TPL.
  • PFRS NPL $4.1B (2026) vs $6.1B (2025); PFRS fiduciary net position $46.3B = 91.8% of TPL.

These GASB measurement figures are employer-allocation relevant and should not be confused with the May 2026 press funded-status figure of 92.2% as of 31 March 2025 (still being calculated for FY2026 at the May announcement). Different methodologies and as-of dates—label carefully.

Annex: Comptroller biography notes (pension-relevant)

OSC Comptroller biography (opened): under DiNapoli’s leadership the State pension fund is described as remaining one of the best-managed public pension funds in the nation; pension dollars are put to work across New York via investments in New York-based companies; climate risk steps include transitioning the portfolio to net zero greenhouse gas emissions by 2040 and divesting from companies not prepared to prosper in a growing low-carbon economy (biography language—pair with Climate Action Plan / SICS primaries for programme mechanics).

Biography also states increasing State pension fund investments with minority- and women-owned firms, reaching an all-time high of approximately $37 billion, alongside corporate engagement on diversity, equity and inclusion. Treat the ~$37B MWBE figure as biography-page attribution with its qualitative “approximately / all-time high” framing—not as a substitute for Emerging Manager’s $11.6B programme commitment (different scopes).

Tenure facts repeated for verification: 54th Comptroller; legislative election 7 February 2007; voter elections 2010, 2014, 2018, 2022. Broader OSC work (tax, local government, affordability research series) is outside CRF’s investment mandate and is mentioned only to avoid conflating Comptroller-as-CFO duties with PICM portfolio management.

Annex: Quarterly value path (opened presses)

DiNapoli initiated quarterly performance reporting in 2009. Opened FY2025-26 / early FY2026-27 quarterly prints:

Quarter endEstimated valueQuarter returnCumulative notePress date
30 Sep 2025 (Q2 SFY25-26)$291.4B4.13%H1 9.82%14 Nov 2025
31 Dec 2025 (Q3)$297.8B2.44%9m 12.50%11 Feb 2026
31 Mar 2026 (FYE)$295.4B est. / $294.4B auditedFY est. 11.94% / MW 11.91%20 May 2026 / FS
Q1 SFY26-27$309.7B6.12%—17 Aug 2026

Note the FYE estimated value ($295.4B) sits slightly below the 31 Dec 2025 quarterly estimate ($297.8B)—possible with benefit payments, mark-to-market and estimate revisions. Always cite the release you use; do not average quarters into an unofficial “UAO AUM.”

Allocation drift examples from the same presses: 30 Sep 2025 public equities 41.7%; 31 Dec 2025 public equities 40.0%; 31 Mar 2026 public equities 39.4% with alternatives sleeves as detailed in the Scale section. Fixed-income and private-market weights move with the same as-of discipline.

Annex: Employer funding mechanics

Employer CRF page (rev. note on page): Fund valued at $273.1B as of 31 March 2025 in that explainer—lagging versus 2026 FYE/Q1. Three income sources: investment income, employer contributions, employee contributions. Twenty-year benefit payments ~$219.3B with investment income covering ~73% of cost; employers ~25%; employees ~2%.

FS 2026 shows the near-term contribution step-up to $7.1B employer contributions as contribution rates rose. Contribution-rate setting and actuarial assumptions (including the lowered assumed rate of return narrative in FY return presses) are central to the “best funded” claim OSC repeats—but the May 2026 press still had FY2026 funded status under calculation, so do not invent a newer funded percentage.

Once a public employer elects to participate in the System, the election is irrevocable (FS). Benefits for future members can change only by State statute; existing membership benefits are constitutionally protected from diminishment or impairment.

Annex: PICM operating model (official only)

From FS investment-policy language and Fund Contacts: PICM is the OSC division through which the CIO executes day-to-day investment management. Titarchuk’s contacts bio emphasises developing and implementing strategies under the Comptroller’s direction so the Fund remains among the best-funded and best-managed public plans; Patel’s contacts bio emphasises Deputy CIO partnership across the diversified portfolio after Credit and Opportunistic/ARS roles.

Hard lock reminder: this annex does not add invented managing directors, heads of public equities as “C-suite,” or a fabricated org chart. If a researcher needs asset-class contacts, they should open the live OSC Fund Contacts page directly—UAO public HTML omits private emails and phone numbers.

Approval chain (FS): outside advisors + internal staff recommend → Comptroller final approval. Advisory committees provide independent expert assistance. That chain is the governance story; personalities beyond DiNapoli / Titarchuk / Patel stay out of the elite leadership block unless newly verified on osc.ny.gov.

Annex: Peer context (non-invented)

OSC presses repeatedly call CRF one of the largest U.S. public pension funds and among the best managed / best funded. The May 2026 return release cites an independent review highlighting high-funded status and conservative assumed return versus peers—without publishing a league table in that press. UAO Top 100 peers for navigation include CalPERS, CalSTRS, TSP/FRITIB, and NYC BAM; those links are editorial discovery aids, not OSC rankings.

Scale honesty versus peers: do not convert CRF USD into EUR/GBP for fake peer charts; do not blend CRF and NYC System AUM; do not use Instant Tracker ~$270B after Q1 $309.7B / FYE $294.4–295.4B primaries exist.

Annex: Outbound analyst checklist

Minimum primary pack to re-verify before updating this page:

  1. CRF hub headline quarterly/FY links
  2. Latest quarterly value press + prior two quarters
  3. Latest FY return press
  4. Latest audited financial statements PDF (fiduciary net position, MW return, ERS/PFRS NPL)
  5. Fund Contacts (CIO / Deputy CIO titles)
  6. Responsibilities + Mission/Philosophy
  7. Financial Reporting (policy weights + monthly transactions)
  8. GIP PDF
  9. Climate lead + latest Climate Action Plan progress/update PDF
  10. SICS + Emerging Manager + Investing in NY metric lines
  11. Fiduciary review PDF (covered period) + any new DFS exam summary OSC publishes
  12. Titarchuk / Patel appointment presses if titles change

If any of those primaries thin out or leadership pages go stale without replacement, stop and revise rather than pad.

Annex: Weaver findings & DFS review (OSC press attribution)

May 2026 FY return press summarises Weaver and Tidwell’s review findings as follows (OSC attribution of the reviewer’s conclusions): the Fund operates under a strong governance framework with rigorous internal controls and high operational transparency; DiNapoli manages the Fund with the highest ethical, professional and conflict-of-interest standards and acts for the sole benefit of members and beneficiaries; the Fund focuses on fees on each deal versus prevailing market norms; strategic asset allocation between public and private markets closely aligns with its peer group; Fund staff are knowledgeable and dedicated and manage the Fund efficiently and effectively; high-funded status and conservative assumed rate of return put the Fund in a stronger position than peers to meet long-term obligations and weather volatility.

Same press on the DFS regulatory review: investment and risk teams performing duties professionally and competently while safeguarding retirement security; total fund performance versus benchmarks over 3-, 5- and 10-year periods described as “very good”; consistently healthy funded ratio highlighted as evidence of a well-managed portfolio and low risk to pensioners; investment fees and expenses found reasonable. Employer contribution rates are described as depending on multi-year investment results plus actuarial assumptions including wage growth, inflation, retirement age and mortality.

These bullets are press paraphrases of third-party reviews, not UAO grades. For recommendations and transaction-testing detail, open the Weaver PDF (Covered Period through 31 March 2024) and any DFS materials OSC publishes in full.

Annex: GIP committee authorities

General Investment Policy Statement detail on advisory committees:

  • Investment Advisory Committee (IAC) — appointed pursuant to RSSL section 423; advises on general investment issues; reviews the investment policy statement and may advise on amendments; reviews and recommends on the proposed asset-allocation plan developed by the CIO after an asset-liability study performed at least once every five years; periodically reviews each asset-class strategic plan; monitors risk profile, investment activity and performance.
  • Real Estate Advisory Committee (REAC) (formerly Mortgage Advisory Committee) — appointed by the Comptroller with IAC consent pursuant to RSSL section 423; reviews proposed mortgage and real estate investments. If REAC disapproves a proposed mortgage or real estate investment, it will not be presented to the Comptroller and cannot be made by the CRF.
  • Actuarial Advisory Committee — appointed pursuant to 11 NYCRR 136-2; reviews and advises on actuarial soundness and financial condition; annually reviews proposed actuarial assumptions and employer contributions.
  • Advisory Council for the Retirement Systems — appointed pursuant to 2 NYCRR Part 320; advises and makes recommendations to the Comptroller (GIP/FS framing).

REAC’s hard veto on disapproved real-estate/mortgage proposals is a distinctive sole-trustee control: even with concentrated trustee authority, certain real-asset proposals cannot proceed without committee non-disapproval. That is an official GIP constraint—not an invented board seat.

Annex: CIO & Deputy CIO appointment biographies

Anastasia Titarchuk — CIO appointment 8 August 2019. Served as interim CIO since July 2018. DiNapoli appointment press notes she joined the state pension fund eight years earlier, served as Deputy CIO under then-CIO Vicki Fuller, and was appointed interim CIO in July 2018. Biography elements in that press and Fund Contacts: born in Moscow; moved to the U.S. as a teenager; Yale B.S. Applied Mathematics, Summa Cum Laude; roughly two decades of Wall Street roles spanning emerging markets, interest-rates trading and equity-derivatives marketing; joined DiNapoli’s office in 2011 on the ARS team. Contacts page reiterates derivatives background across liquid and structured products including equities and emerging markets, with prior employers including Bank of America, Barclays Capital, Lehman Brothers and JP Morgan. Historical AUM in the 2019 press ($210.5B audited as of 31 March 2019) is historical only.

Navyug (Nav) Patel — Deputy CIO appointment 19 August 2020. Interim Deputy CIO since July 2018. Joined OSC in 2015 as Senior Investment Officer on Opportunistic/ARS; Director of ARS in 2017; interim Deputy CIO a year later. Titarchuk is quoted calling him a valued partner in the investment process. Contacts/page biography: Master’s in Physics (Brown); undergraduate Physics (University of Florida); prior equity-derivative sales trading at firms including JP Morgan, Barclays and Jefferies; born in Uganda, raised in London, moved to the U.S. as a teenager (2020 press). Do not invent additional deputy roles or promote historical “Director of Credit” language into a current C-suite title beyond Deputy CIO.

Annex: Climate toolkit language

Leading the Way on Climate Investment (opened): climate change poses risks to the economy, financial markets and Fund investments; managing those risks and capitalising on low-carbon transition opportunities is integral to protecting and positioning the Fund. The 2025 Climate Action Plan – Update and Progress Report builds on the 2019 plan and expands the comprehensive approach.

Multi-faceted toolkit explicitly listed: sustainable investment strategies; active engagement with portfolio companies and managers; climate-related investment risk assessments; public policy advocacy; and, as a last resort, divestment. That “last resort” framing matters for researchers who assume automatic blanket fossil-fuel divestment—OSC’s published order of tools puts divestment at the end of the sequence. Biography net-zero-by-2040 language should be read together with this toolkit and the SICS commitment metrics (>$26B to date; $40B by 2035 goal).

Key components of the 2025 update (page language) build on programmes from the original plan while expanding work on systemic and physical climate risks to Fund investments. Open the December 2025 update PDF for line-item progress rather than inventing financed-emissions tables here.

Annex: Emerging Manager goals

OSC Emerging Manager Program “Our Goals” language: (1) Strengthen the Fund’s value — prudent selection and opportunistic strategies so the Fund can continue meeting pension obligations for over one million members, retirees and beneficiaries; (2) Diversify the investment portfolio — long-term approach diversifying investments and growing the pool of fund managers, accessing talent from new and small firms to meet or exceed industry benchmarks; (3) Provide opportunities for women and minorities — opening participation for minority- and women-owned businesses to bring new ideas, perspectives and personnel.

Programme commitment cited on the same page: $11.6 billion. Graduation pathway: emerging managers may graduate to direct Fund investments; page language at research time referenced seventeen emerging managers in the current portfolio that have graduated. Annual Emerging Manager & MWBE Conference is the published outreach forum. Public UAO HTML does not reproduce Emerging Manager team emails or phone numbers.

Annex: SICS programme origin

SICS page: in June 2019 Comptroller DiNapoli released the Climate Action Plan addressing climate-related risks and opportunities; a key component was creating the Sustainable Investments and Climate Solutions programme—a multi-asset-class portfolio of institutional sustainable investment and climate-related themes. Accelerating climate-solutions investments is described as essential to protecting and growing retirement assets; implementation updates point readers to Climate Action Plan progress reports.

Pair SICS origin (2019) with Leading the Way metrics (>$26B committed to date; $40B by 2035) and the hub’s $40B sustainable-investment framing. Do not invent annual pacing beyond those OSC statements.

Opened primaries repeatedly cite: Retirement and Social Security Law (RSSL) including section 177(9) prudence/exclusive-benefit provisions and section 423 committee appointments; DFS regulations including 11 NYCRR Part 136 (actuarial advisory / triennial fiduciary review requirements) and related investment regulations; Comptroller regulations 2 NYCRR Part 320 (Advisory Council). FS reiterates constitutional protection of pension membership as a contractual relationship whose benefits cannot be diminished or impaired.

ERISA note from fiduciary-review overview language historically used by OSC materials: CRF is a governmental plan not subject to ERISA, while still using relevant fiduciary guidance in policies—confirm in the opened review PDF rather than treating CRF as an ERISA plan.

These anchors explain why OSC publishes both investment policy and triennial unaffiliated fiduciary reviews: statutory/regulatory design around a sole elected trustee.

Annex: Historical AUM ladder (primary only)

Selected official USD prints for long-run orientation (not a complete time series):

  • 31 Mar 2019 audited value $210.5B (Titarchuk CIO appointment press) — historical.
  • 31 Mar 2024 fiduciary net position $267.4B (fiduciary review overview for covered-period end).
  • 31 Mar 2025 audited $273.1B (FY return press revision; FS prior year).
  • 30 Sep 2025 est. $291.4B; 31 Dec 2025 est. $297.8B.
  • 31 Mar 2026 est. $295.4B / audited $294.4B.
  • Q1 SFY 2026-27 est. $309.7B.

INST ~US$270B sits near the 2024–early-2025 band and is obsolete for headlines after the 2026 prints. 13F public-equity filings (sometimes cited in secondary media) capture only listed equity sleeves—not total Fund AUM—and are out of scope unless OSC republishes them as Fund totals.

Annex: Investing in New York programme detail

OSC Investing in New York page frames the Comptroller guiding the Fund to invest in New York-based ventures and programmes that spur growth and jobs while seeking solid returns.

In-State Private Equity Investment Program (metrics as of 31 March 2025 on the page): $2.64 billion committed; $1.9 billion invested in 600 New York State companies; over $650 million available to invest; more than 300 completed investments returning $1.7 billion on $910 million invested; OSC programme highlights also state employees increased from approximately 29,500 to over 46,000 (as of 31 March 2025, or when the Fund exited the investment); over 300 completed investments returning $1.7 billion on $910 million invested; and approximately 10% internal rate of return as of 31 March 2025.

New York Credit SBIC: one of the first programmes nationally providing credit financing to eligible New York-based companies; NY Credit SBIC Fund II closed in 2022 targeting New York companies (page revenue-band language). Pursuit (formerly New York Business Development Corporation) makes loans available to New York small businesses for working capital, equipment or expansion using state pension-fund partnership capacity. Community Preservation Corporation (CPC) partnership: nonprofit mortgage lender for community revitalisation and affordable housing; Fund investment over $1 billion supporting more than 23,000 housing units with additional pipeline.

These in-state tools sit inside the return-seeking mandate—they are not grants. Keep them distinct from SICS climate commitments and from the Emerging Manager $11.6B commitment.

Annex: Bridging press funded status & GASB NPL

Researchers often mix three related but different prints:

  1. Press funded status — May 2026 return press: 92.2% as of 31 March 2025; FY2026 percentage still being calculated at announcement time.
  2. GASB fiduciary net position / TPL ratios in FS — ERS 97.8% and PFRS 91.8% of calculated total pension liability at 31 March 2026, with NPLs of $5.6B and $4.1B respectively.
  3. Assumed / long-term expected rates — quarterly presses 5.9% long-term expected; tenure narrative of lowering the assumed rate from 8%.

Do not average (1) and (2) into a single “UAO funded ratio.” Employers reporting under GASB 68 use the NPL allocations; plan-health commentary in OSC presses uses the System funded-status series. When OSC publishes the FY2026 funded-status percentage, update this annex with that dated print.

DFS press paraphrase that contribution rates depend on multi-year investment results plus wage growth, inflation, retirement age and mortality is the official reminder that a single strong FY (11.94% estimated) does not instantly reset employer rates.

Annex: Proxy & stewardship reporting

CRF hub latest-reports list includes the 2025 Corporate Governance Stewardship Report and 2025 Proxy Voting Report (PDFs on osc.ny.gov). Opened corporate-governance site materials discuss voting on director nominees, say-on-pay advisory votes and shareholder proposals for domestic public-equity holdings, with example themes spanning climate commitments, AI/data-centre risk disclosure, child-safety links to compensation, data-protection impact assessments, and opposition to certain executive-compensation practices where pay-for-performance concerns persist.

Those examples are illustrative of the governance programme’s public voice—not a complete vote tally. For counts, success rates and company-level outcomes, download the 2025 stewardship and proxy PDFs. This profile does not invent vote totals.

FAQ

What is the New York State Common Retirement Fund?

The New York State Common Retirement Fund (CRF or Fund) holds and invests the assets of the New York State and Local Retirement System (NYSLRS)—the Employees’ Retirement System (ERS) and the Police and Fire Retirement System (PFRS). It is one of the largest U.S. public pension plans and provides retirement security for over one million NYSLRS members, retirees and beneficiaries (OSC CRF hub).

Who is the sole trustee of the CRF?

The Comptroller of the State of New York is the sole trustee of the Fund and the administrative head of NYSLRS. Thomas P. DiNapoli, the 54th Comptroller, has served since 7 February 2007 and was most recently elected to a term commencing 1 January 2023 (financial statements 2026; OSC biography).

What is the latest official AUM for the Fund?

Prefer dated OSC USD prints. At fiscal year-end 31 March 2026 the Fund’s estimated value was a record $295.4 billion (press 20 May 2026) and audited fiduciary net position was $294.4 billion (financial statements 2026). At the end of the first quarter of State Fiscal Year 2026-27 the estimated value was $309.7 billion (press 17 August 2026). An INST working note of ~US$270 billion is stale versus these figures.

What return did the Fund report for fiscal year 2025-26?

Comptroller DiNapoli announced an estimated investment return of 11.94% for the state fiscal year ending 31 March 2026 (press 20 May 2026). Audited financial statements report a money-weighted rate of return, net of investment expense, of 11.91% for that year (versus 5.74% for the year ended 31 March 2025).

Who is the Chief Investment Officer?

Anastasia Titarchuk is Chief Investment Officer of the CRF. She was appointed CIO in August 2019 after serving as interim CIO from July 2018 and as Deputy CIO from February 2015; she joined the Fund in 2011 (OSC Fund Contacts; 2019 appointment press). Do not invent other C-suite titles beyond verified OSC disclosures.

Who is the Deputy Chief Investment Officer?

Navyug (Nav) Patel is Deputy CIO. He was appointed in August 2020 after serving as interim Deputy CIO from July 2018; he joined the CRF in June 2015 (OSC Fund Contacts; 2020 appointment press).

How is the CRF different from NYC’s Bureau of Asset Management?

CRF/NYSLRS is the statewide Employees’ and Police & Fire systems under the State Comptroller as sole trustee. New York City’s five retirement systems are financially independent City funds advised through the City Comptroller’s Bureau of Asset Management. They are separate legal and governance structures—do not merge their AUM or leadership.

What is the Fund’s long-term expected rate of return?

Quarterly OSC press releases state the Fund’s long-term expected rate of return is 5.9%. Over his tenure DiNapoli lowered the assumed rate of return from 8% to a more conservative level cited as strengthening long-term fiscal health (FY2026 return press; quarterly value releases).

What climate commitments has the Fund published?

DiNapoli’s Climate Action Plan (2019, with later progress reports and a 2025 update) frames climate risk for the portfolio. OSC materials state more than $26 billion committed to sustainable investment opportunities to date, with a goal of investing $40 billion by 2035 through the Sustainable Investments and Climate Solutions (SICS) program (Leading the Way on Climate Investment; CRF hub).

What is the Emerging Manager Program commitment?

OSC’s Emerging Manager Program page states the Fund has committed $11.6 billion into the program, inviting newer, smaller and diverse managers and graduating successful emerging managers into direct Fund relationships.

Where can researchers find official holdings and allocation disclosures?

OSC publishes Financial Reporting and Asset Allocation pages with monthly investment/transaction disclosures, quarterly pension values, the Annual Comprehensive Financial Report, audited financial statements, the General Investment Policy, and a long-term policy asset allocation (in effect as of 1 April 2024).

Is the CRF a sovereign wealth fund?

No. It is a U.S. public pension fund that holds NYSLRS assets in trust for members, retirees and beneficiaries. It is not a sovereign wealth fund, central-bank reserve manager, or retail asset-management brand. Schema on this Registry profile uses Organization and GovernmentOrganization.

Sources & further reading

Completeness note

This elite profile is built from opened OSC / CRF primary sources dated through the 17 August 2026 quarterly value release and the FY2026 financial statements. Target length is ~10,000 sourced words. No people, titles, AUM or board seats were invented. Video embed omitted (no suitable official CRF investment video on opened pages). Non-blocking expansions: fuller ACFR statistical sections; Dec 2025 climate-update line items; FY2026 final funded-status percentage when published; additional quarterly releases after research cutoff.

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