DFX Intelligence
Allocator Intelligence
The capital-owner graph behind private markets. Who owns the capital, who decides, how much, under what policy, on whose advice, to which managers, and what changed, with a source and a date behind every row. A target is never an actual, a disclosed holding is never an approval, and an estimate says so.
State retirement system
Nys Teachers' Retirement System
State retirement systemteachersNY
Assets
$154B
Fiduciary net position, Jun 30, 2025 reported
Funded
n/a
not filed
Private markets target
28.0%
policy Jun 30, 2025
Commitments
24
16 dated closings
Allocation policy
ACFR, as of Jun 30, 2025
| Asset class (as printed) | Bucket | Target | Range | Actual | Gap | Basis |
|---|---|---|---|---|---|---|
| Cash Equivalents | Cash | 1.0% | 0% to 4% | 1.4% | +0.4 | reported nystrs.org |
| Domestic Fixed Income | Fixed income | 16.0% | 12% to 20% | 14.8% | -1.2 | reported nystrs.org |
| Global Bonds | Fixed income | 2.0% | 0% to 4% | 2.0% | +0.0 | reported nystrs.org |
| High-Yield Bonds | Fixed income | 1.0% | 0% to 3% | 0.9% | -0.1 | reported nystrs.org |
| Private Debt | Private credit | 2.0% | 1% to 5% | 1.9% | -0.1 | reported nystrs.org |
| Real Estate Debt | Private credit | 6.0% | 2% to 10% | 5.9% | -0.1 | reported nystrs.org |
| Private Equity | Private equity | 9.0% | 4% to 14% | 9.8% | +0.8 | reported nystrs.org |
| Domestic Equity | Public equity | 33.0% | 29% to 37% | 32.8% | -0.2 | reported nystrs.org |
| Global Equity | Public equity | 4.0% | 0% to 8% | 4.5% | +0.5 | reported nystrs.org |
| International Equity | Public equity | 15.0% | 11% to 19% | 15.6% | +0.6 | reported nystrs.org |
| Real Estate Equity | Real estate | 11.0% | 6% to 16% | 10.4% | -0.6 | reported nystrs.org |
Policy periods on the tape: Jun 30, 2025 (ACFR), Jun 30, 2024 (ACFR). Target changes between periods are on the what changed list.
Consultants and advisers
1 firms
- Callan LLC General consultantthrough Jan 28, 2026 Board minutes
People
7 roles
Chief investment officer
Thomas K. Lee
Executive Director & Chief Investment Officer (Jun 30, 2025) nystrs.org
Thomas K. Lee
Executive Director & Chief Investment Officer
- Binoop Unni Deputy Managing Director of Public EquitiesAsset-class head
- David C. Gillan Managing Director of Real EstateAsset-class head
- Gerald J. Yahoudy II Managing Director of Private EquityAsset-class head
- Michael Federici Managing Director of Fixed IncomeAsset-class head
- Maureen A. Ehrenberg Chair, Real Estate Advisory CommitteeCommittee chair
- Robert Levine Chair, Investment Advisory CommitteeCommittee chair
Manager roster
5 managers on the commitment tape
From the plan’s own commitment disclosures
- Manulife Investment Management2 rows, 2 re-ups, $400M, latest Feb 24, 2026
- KKR2 rows, $200M, latest Feb 4, 2026
- Blackrock Financial Management, Inc1 rows, $200M, latest Jan 28, 2026
- Blackstone1 rows, $150M, latest Feb 4, 2026
- Advent Capital Management, LLC1 rows, 1 re-ups, latest Jul 30, 2025
Commitments
24 rows, 16 dated closings
Dated closings (the plan’s own date)
| Date | Fund | Manager | Bucket | Amount | Vintage | Status | Source |
|---|---|---|---|---|---|---|---|
| Apr 7, 2026 | JFL Credit Opp Fund II | JFL | Private credit | $50.0M | Committed (dated)re-up | nystrs.org | |
| Mar 31, 2026 | Cabot Industrial Value Fund VIII | Cabot | Real estate | $150M | Committed (dated)re-up | nystrs.org | |
| Mar 31, 2026 | Aermont Capital RE Fund VI | Aermont Capital | Real estate | n/a | Committed (dated)re-up | nystrs.org | |
| Mar 19, 2026 | JFL Equity Investors VII | JFL | Private equity | $200M | Committed (dated)re-up | nystrs.org | |
| Mar 19, 2026 | JFL Equity Inv VII | JFL | Private equity | $200M | Committed (dated)re-up | nystrs.org | |
| Feb 24, 2026 | Manulife Comvest Credit Opp Fund II | Manulife Investment Management | Private credit | $200M | Committed (dated)re-up | nystrs.org | |
| Feb 24, 2026 | Manulife Comvest Specialty Lending Fund I | Manulife Investment Management | Private credit | $200M | Committed (dated)re-up | nystrs.org | |
| Feb 4, 2026 | Blackstone Infrastructure Partners | Blackstone | Infrastructure | $150M | Committed (dated)new manager | nystrs.org | |
| Feb 4, 2026 | KKR Global Infrastructure Investors V | KKR | Infrastructure | $100M | Committed (dated)new manager | nystrs.org | |
| Feb 4, 2026 | KKR Global Infrastructure Inv V | KKR | Infrastructure | $100M | Committed (dated)new manager | nystrs.org | |
| Jan 21, 2026 | Raith Real Estate IV | Raith Real Estate IV | Real estate | $75.0M | Committed (dated)new manager | nystrs.org | |
| Jan 15, 2026 | Kettlerdirect | Kettler | Real estate | $11.6M | Committed (dated) | nystrs.org | |
| Dec 8, 2025 | Pallasdirect | Pallas | Private credit | $67.8M | Committed (dated) | nystrs.org | |
| Nov 20, 2025 | Trio Pointedirect | Trio Pointe | Private credit | $34.0M | Committed (dated) | nystrs.org | |
| Nov 18, 2025 | SL Green Opportunity Debt Fund | SL Green | Private credit | $125M | Committed (dated)new manager | nystrs.org | |
| Nov 5, 2025 | Abacus Multifamily Partners VII | Abacus | Real estate | $200M | Committed (dated)re-up | nystrs.org |
Disclosed holdings (from the plan’s performance or holdings report, as of the report date)
| Date | Fund | Manager | Bucket | Amount | Vintage | Status | Source |
|---|---|---|---|---|---|---|---|
| as of Jan 28, 2026 | BlackRock Financial Management, Inc. separate accountseparate account | Blackrock Financial Management, Inc | Fixed income | $200M | Approved | nystrs.org | |
| as of Jan 28, 2026 | Pallasdirect | unresolved | Real estate | $67.8M | Approved | nystrs.org | |
| as of Jan 28, 2026 | Trio Pointedirect | unresolved | Real estate | $34.0M | Approved | nystrs.org | |
| as of Jul 30, 2025 | global value-add digital infrastructure fund | unresolved | Infrastructure | $100M | Approved | nystrs.org | |
| as of Jul 30, 2025 | Smith & Rio – Direct Mortgagedirect | unresolved | Private credit | $55.0M | Approved | nystrs.org | |
| as of Jul 30, 2025 | Smith & Riodirect | Smith & Rio | Fixed income | $55.0M | Approved | nystrs.org | |
| as of Jul 30, 2025 | co-investment sidecar (associated with global value-add digital infrastructure fund)co investment | unresolved | Infrastructure | $50.0M | Approved | nystrs.org | |
| as of Jul 30, 2025 | Advent Capital Management, LLC separate accountseparate account | Advent Capital Management, LLC | Fixed income | n/a | Approvedre-up | nystrs.org |
Size and funding
58 readings
Fiduciary net position
$146B (2024-06) · $137B (2023-06) · $132B (2022-06)
Commitment history
22 decisions the board record started
One line per vehicle, folded across the board’s own minutes and the plan’s later reports: when the item was proposed or recommended, when the board approved it, when the closing was dated, and when the position first showed up in a report. A line is closed only when a closing date exists; held means the plan reports the position without one on this graph.
| Vehicle | Manager | Amount | State | Proposed | Approved | Closed | First reported | Other LPs |
|---|---|---|---|---|---|---|---|---|
| SL Green Opportunity Debt Fund | n/a | $125M | closed | - | Jan 28, 2026 | Nov 18, 2025 | - | - |
| Abacus Multifamily Partners VII | n/a | $200M | closed | - | Jan 28, 2026 | Nov 5, 2025 | - | - |
| BlackRock Financial Management, Inc. separate account | Blackrock Financial Management, Inc | $200M | approved | - | Jan 28, 2026 | - | - | - |
| Advent Capital Management, LLC separate account | Advent Capital Management, LLC | n/a | approved | - | Jul 30, 2025 | - | - | - |
| JFL Credit Opp Fund II | n/a | $50.0M | closed | - | - | Apr 7, 2026 | - | - |
| Cabot Industrial Value Fund VIII | n/a | $150M | closed | - | - | Mar 31, 2026 | - | - |
| Aermont Capital RE Fund VI | n/a | n/a | closed | - | - | Mar 31, 2026 | - | - |
| JFL Equity Investors VII, L.P. | n/a | $200M | closed | - | - | Mar 19, 2026 | - | 1 |
| JFL Equity Inv VII | n/a | $200M | closed | - | - | Mar 19, 2026 | - | - |
| Manulife Comvest Credit Opp Fund II | Manulife Investment Management | $200M | closed | - | - | Feb 24, 2026 | - | - |
| Manulife Comvest Specialty Lending Fund I | Manulife Investment Management | $200M | closed | - | - | Feb 24, 2026 | - | - |
| Blackstone Infrastructure Partners | Blackstone | $150M | closed | - | - | Feb 4, 2026 | - | - |
| KKR Global Infrastructure Inv V | KKR | $100M | closed | - | - | Feb 4, 2026 | - | - |
| KKR Global Infrastructure Investors V | KKR | $100M | closed | - | - | Feb 4, 2026 | - | - |
| Raith Real Estate IV | n/a | $75.0M | closed | - | - | Jan 21, 2026 | - | - |
| Kettler | n/a | $11.6M | closed | - | - | Jan 15, 2026 | - | - |
| Pallas | n/a | $67.8M | closed | - | - | Dec 8, 2025 | - | - |
| Trio Pointe | n/a | $34.0M | closed | - | - | Nov 20, 2025 | - | - |
| global value-add digital infrastructure fund | n/a | $100M | approved | - | - | - | - | - |
| co-investment sidecar (associated with global value-add digital infrastructure fund) | n/a | $50.0M | approved | - | - | - | - | - |
| Smith & Rio | n/a | $55.0M | approved | - | - | - | - | - |
| Smith & Rio – Direct Mortgage | n/a | $55.0M | approved | - | - | - | - | - |
What changed
40 events
- Apr 7, 2026Commitment closedNys Teachers' Retirement System commits $50M to JFL Credit Opp Fund II, closed 2026-04-07
- Mar 31, 2026Commitment closedNys Teachers' Retirement System commits $150M to Cabot Industrial Value Fund VIII, closed 2026-03-31
- Mar 31, 2026Commitment closedNys Teachers' Retirement System commits an undisclosed amount to Aermont Capital RE Fund VI, closed 2026-03-31
- Mar 19, 2026Commitment closedNys Teachers' Retirement System commits $200M to JFL Equity Investors VII, closed 2026-03-19
- Mar 19, 2026Commitment closedNys Teachers' Retirement System commits $200M to JFL Equity Inv VII, closed 2026-03-19
- Feb 24, 2026Re-upNys Teachers' Retirement System re-ups with Manulife Investment Management: $200M to Manulife Comvest Credit Opp Fund II (the minutes' own words)with Nys Teachers' Retirement Systemnystrs.org
- Feb 24, 2026Commitment closedNys Teachers' Retirement System commits $200M to Manulife Comvest Credit Opp Fund II (Manulife Investment Management), closed 2026-02-24with Manulife Investment Managementnystrs.org
- Feb 24, 2026Re-upNys Teachers' Retirement System re-ups with Manulife Investment Management: $200M to Manulife Comvest Specialty Lending Fund I (the minutes' own words)with Nys Teachers' Retirement Systemnystrs.org
- Feb 24, 2026Commitment closedNys Teachers' Retirement System commits $200M to Manulife Comvest Specialty Lending Fund I (Manulife Investment Management), closed 2026-02-24with Manulife Investment Managementnystrs.org
- Feb 4, 2026New managerNys Teachers' Retirement System backs Blackstone for the first time: $150M to Blackstone Infrastructure Partners (the minutes' own words)with Nys Teachers' Retirement Systemnystrs.org
- Feb 4, 2026Commitment closedNys Teachers' Retirement System commits $150M to Blackstone Infrastructure Partners, closed 2026-02-04with Blackstonenystrs.org
- Feb 4, 2026New managerNys Teachers' Retirement System backs KKR for the first time: $100M to KKR Global Infrastructure Investors V (the minutes' own words)with Nys Teachers' Retirement Systemnystrs.org
- Feb 4, 2026Commitment closedNys Teachers' Retirement System commits $100M to KKR Global Infrastructure Investors V, closed 2026-02-04with KKRnystrs.org
- Feb 4, 2026Commitment closedNys Teachers' Retirement System commits $100M to KKR Global Infrastructure Inv V, closed 2026-02-04with KKRnystrs.org
- Feb 4, 2026New managerNys Teachers' Retirement System backs KKR for the first time: $100M to KKR Global Infrastructure Inv V (the minutes' own words)with Nys Teachers' Retirement Systemnystrs.org
- Jan 28, 2026Commitment recommendedNew York State Teachers' Retirement System (NYSTRS) is recommended $200M to BlackRock Financial Management, Inc. separate accountwith Blackrock Financial Management, Incnystrs.org
- Jan 28, 2026Consultant changedNew York State Teachers' Retirement System (NYSTRS) selects Callan LLC as general consultantwith Callan LLCnystrs.org
- Jan 28, 2026Policy updatedNew York State Teachers' Retirement System (NYSTRS) adopts a policy change: High Yield Bonds
- Jan 28, 2026Policy updatedNew York State Teachers' Retirement System (NYSTRS) adopts a policy change: RESOLVED, That the change to the Investment Policy Manual to add a reference to the QAC, as presented to the Retirement
- Jan 28, 2026Commitment approvedNew York State Teachers' Retirement System (NYSTRS) approves $200M to Abacus Multifamily Partners VII
- Jan 28, 2026Commitment approvedNew York State Teachers' Retirement System (NYSTRS) approves $125M to SL Green Opportunity Debt Fund
- Jan 28, 2026Commitment approvedNew York State Teachers' Retirement System (NYSTRS) approves $34M to Trio Pointe
- Jan 28, 2026Commitment approvedNew York State Teachers' Retirement System (NYSTRS) approves $68M to Pallas
- Jan 28, 2026Commitment approvedNew York State Teachers' Retirement System (NYSTRS) approves $200M to BlackRock Financial Management, Inc. separate account
- Jan 21, 2026Commitment closedNys Teachers' Retirement System commits $75M to Raith Real Estate IV, closed 2026-01-21
- Jan 15, 2026Commitment closedNys Teachers' Retirement System commits $12M to Kettler, closed 2026-01-15
- Dec 8, 2025Commitment closedNys Teachers' Retirement System commits $68M to Pallas, closed 2025-12-08
- Nov 20, 2025Commitment closedNys Teachers' Retirement System commits $34M to Trio Pointe, closed 2025-11-20
- Nov 18, 2025Commitment closedNys Teachers' Retirement System commits $125M to SL Green Opportunity Debt Fund, closed 2025-11-18
- Nov 5, 2025Commitment closedNys Teachers' Retirement System commits $200M to Abacus Multifamily Partners VII, closed 2025-11-05
- Jul 30, 2025Commitment approvedNew York State Teachers' Retirement System (NYSTRS) reports as committed $55M to Smith & Rio
- Jul 30, 2025Commitment approvedNew York State Teachers' Retirement System (NYSTRS) approves an undisclosed amount to Advent Capital Management, LLC separate accountwith Advent Capital Management, LLCnystrs.org
- Jul 30, 2025Commitment approvedNew York State Teachers' Retirement System (NYSTRS) approves $50M to co-investment sidecar (associated with global value-add digital infrastructure fund)
- Jul 30, 2025Policy updatedNew York State Teachers' Retirement System (NYSTRS) adopts a policy change: Asset Allocation
- Jul 30, 2025Commitment approvedNew York State Teachers' Retirement System (NYSTRS) approves $55M to Smith & Rio – Direct Mortgage
- Jul 30, 2025Commitment approvedNew York State Teachers' Retirement System (NYSTRS) approves $100M to global value-add digital infrastructure fund
- Jun 30, 2024Assets changedNys Teachers' Retirement System total assets $134.8B -> $143.4B (+6.4%, 2023-06-30 to 2024-06-30)
- Jun 30, 2024Assets changedNys Teachers' Retirement System fiduciary net position $137.2B -> $145.8B (+6.3%, 2023-06-30 to 2024-06-30)
- Jun 30, 2023Assets changedNys Teachers' Retirement System total assets $129.9B -> $134.8B (+3.8%, 2022-06-30 to 2023-06-30)
- Jun 30, 2023Assets changedNys Teachers' Retirement System fiduciary net position $132.0B -> $137.2B (+4.0%, 2022-06-30 to 2023-06-30)
Board record: approvals, recommendations, searches, terminations and re-up prospects for this system.
Provenance
Identifiers: Census PID6 227300
Cross-graph: no entry on another DFX graph
First observed Sep 15, 2026, last observed Sep 16, 2026. Classification confirmed. Every row above carries its source; a reported figure is the subject’s own, a derived one is arithmetic on reported figures, an estimated one is a model or a survey imputation and is never summed into a headline.