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New York ups cap on pension scheme hedge fund and PE assets

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New York State and New York City pensions funds can now increase the allocations they make to alternative investments asset classes including hedge and private equity funds following the signing of a new bill by Governor Kathy Hochul, according to a report by Bloomerg.

The bill raises the cap on alternative assets — which also include private real estate and direct loans to companies — as well as foreign stocks, from 25% to 35%. The report cites state officials as confirming that the increase applies to the $233 billion New York State Common Retirement Fund as well as five New York City pensions with more than $230 billion in combined assets assets.

It’s the fist time since 2006 that the so-called “basket clause”, a provision in state law that sets the cap, has been adjusted.

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