The estimated value of the New York State Common Retirement Fund (Fund) was $283.9 billion at the end of the first quarter of State Fiscal Year 2025-26, New York State Comptroller Thomas P. DiNapoli announced today. For the three-month period ending June 30, Fund investments returned an estimated 5.46%.
“Financial markets have seen turbulence in the past few months, but returns for the Fund have been positive, even amid concerns over tariffs and a slowing job market,” DiNapoli said. “Thanks to our diverse portfolio and a long-term approach, the Fund is solidly positioned to continue to provide the retirement benefits our state and local government employees have earned.”
The Fund’s audited value was $273.1 billion as of March 31, 2025, the end of the state’s fiscal year.
As of June 30, 2025, the Fund had 41.2% of its assets invested in publicly traded equities. The remaining Fund assets by allocation are invested in cash, bonds, and mortgages (21.9%), private equity (14.4%), real estate and real assets (14.0%) and credit, absolute return strategies and opportunistic alternatives (8.5%).
The Fund’s long-term expected rate of return is 5.9%.
DiNapoli initiated quarterly performance reporting by the Fund in 2009 as part of his on-going efforts to increase accountability and transparency. Quarterly rates of return provide a snapshot of performance over three months and reflect a fraction of the Fund’s annual investment return.
The New York State Common Retirement Fund is one of the largest public pension funds in the United States. The Fund holds and invests the assets of the New York State and Local Retirement System on behalf of more than one million state and local government employees and retirees and their beneficiaries. It has consistently been one of the best managed and best funded plans in the nation.
