State of New York increases cap on alternative allocations for pensions
On 23 December 2022, the governor of the State of New York signed legislation to increase pension funds' alternative allocations.
New York State and New York City pension funds may now allocate 35% of their assets to alternative investment classes, including private equity and hedge funds. Previously, this percentage was capped at 25%.
Bill A9668A was introduced in March 2022 and amended the Retirement and Social Security Law.
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