- Its first time forming such a partnership, NY state's $180.7B pension fund is giving Goldman Sachs Asset Management (GS +1%) $2B to invest in stocks globally. In addition, Goldman will provide advice on the pension's remaining $98B stock holdings.
- "Identifying new opportunities is key to the continued growth of the fund’s long-term value,” says Comptroller Thomas DiNapoli. It will give the pension “full access to world-class global equity investment opportunities and the nimbleness to take advantage of them on a timely basis.”
- The fund is joining other public funds who allocate major chunks of capital over a long period of time to investment managers in return for cheaper fees.
- The deal is a "landmark assignment," say Tim O'Neill and Eric Lane, the co-heads of the investment management division at Goldman.