DiNapoli: State Pension Fund Valued at $291.4 Billion at End of Second Quarter

The estimated value of the New York State Common Retirement Fund (Fund) was $291.4 billion at the end of the second quarter of State Fiscal Year 2025-26, New York State Comptroller Thomas P. DiNapoli announced today. Fund investments returned an estimated 4.13% for the quarter and 9.82% for the first six months of the fiscal year.

"Despite ongoing domestic and global volatility, financial markets have performed well over the past quarter, benefitting the state pension fund," DiNapoli said. "Yet concerns over a slowing labor market, inflation and uncertain federal policy warn of turbulence ahead. Our diversification strategy, long-term perspective and effective management strongly positions the Fund to ensure that state and local government employees will receive the retirement benefits they have earned, even amid any market fluctuations."

The Fund's audited value was $273.1 billion as of March 31, 2025, the end of the state's fiscal year.

As of Sept. 30, 2025, the Fund had 41.7% of its assets invested in publicly traded equities. The remaining Fund assets by allocation are invested in cash, bonds, and mortgages (21.5%), private equity (14.1%), real estate and real assets (14.1%) and credit, absolute return strategies and opportunistic alternatives (8.6%).

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 ongoing efforts to increase accountability and transparency.