The New York City Fire Department Pension Fund provides retirement, disability, and death benefits to firefighters and fire officers of the City of New York. With approximately $18 billion in total assets, the fund is one of five major public pension systems managed under the umbrella of the NYC Comptroller’s Bureau of Asset Management.
Investment Strategy
The FDNY Pension Fund maintains a diversified portfolio across equities, fixed income, alternatives, and cash. The fund’s strategic asset allocation is set by its Board of Trustees based on actuarial analysis and long-term return requirements. Alternative investments include private equity, real estate, infrastructure, and hedge fund strategies.
The fund participates in the broader NYC pension system’s alternative investment program, which benefits from the combined scale of all five funds. Private equity commitments cover buyout, venture, growth, and distressed strategies. Real estate spans core through opportunistic risk profiles. Infrastructure investments focus on essential-service assets with stable revenue characteristics.
Like the other NYC pension funds, the FDNY fund incorporates ESG factors into its investment process and supports the system’s emerging and diverse manager program, which seeks to increase allocations to firms led by women and people of color.
How to Approach
Fund managers should engage with the NYC Comptroller’s Bureau of Asset Management to be considered for the FDNY Pension Fund and the broader NYC pension system. The Bureau manages a rigorous due diligence process and considers both established managers and emerging funds. GPs should prepare a concise fund summary, audited track record, and details on team composition and alignment of interests.
Frequently Asked Questions
What is the FDNY Pension Fund's alternatives allocation?
The FDNY Pension Fund allocates approximately 19% of its total assets to alternative investments including private equity, real estate, infrastructure, and hedge funds. Investments are managed alongside the other four NYC pension funds through the Comptroller's Bureau of Asset Management.
Does the FDNY Pension Fund invest separately from other NYC pension funds?
While each of the five NYC pension funds has its own Board of Trustees and asset allocation policy, investment management is coordinated through the NYC Comptroller's Bureau of Asset Management. Alternative investment commitments are often made across multiple NYC funds simultaneously, which increases aggregate commitment sizes.
How can fund managers get in front of the FDNY Pension Fund?
GPs should contact the NYC Comptroller's Bureau of Asset Management, which evaluates and selects managers for all five NYC pension systems. The Bureau reviews managers based on performance, operational quality, team depth, and alignment with the system's responsible investing and emerging manager initiatives.
