New York State Pension Fund Fails to Meet 7% Return Target

(Bloomberg) -- The New York State Common Retirement Fund missed its 7% target. It closed the fiscal year ended March 31 with an estimated value of $210.2 billion -- a return of just 5.23%.

Private equity led the gains with a 9.9% return. Without the returns provided by private equity, the overall fund would have returned about two-thirds of a percentage point less.

“It was a tumultuous year in the markets that fortunately came with more ups than downs, including a swift recovery from December’s significant correction,” New York State Comptroller Thomas P. DiNapoli said in a printed statement.

To contact the reporter on this story: Alex Tanzi in Washington at atanzi@bloomberg.net

To contact the editors responsible for this story: Kristy Scheuble at kmckeaney@bloomberg.net, Vincent Del Giudice

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