New York State Pension Fund Makes $800 Million Bet on ESG Credit – Bloomberg

The New York State Common Retirement Fund put $800 million in sustainable fixed-income strategies this year, including sustainable private credit and green bonds, a rare big bet on debt in the equity-dominated market for responsible investing. The $210.5 billion public pension fund said it invested $300 million in Avenue Capital’s new Sustainable Solutions Fund, which…

Political Representation and Governance: Evidence from the Investment Decisions of Public Pension Funds – ANDONOV – 2018 – The Journal of Finance – Wiley Online Library

Representation on pension fund boards by state officials—often determined by statute decades past—is negatively related to the performance of private equity investments made by the pension fund, despite state officials’ relatively strong financial education and experience. Their underperformance appears to be partly driven by poor investment decisions consistent with political expediency, and is also positively…