DiNapoli: State Pension Fund Valued at $297.8 Billion at End of Third Quarter

The estimated value of the New York State Common Retirement Fund (Fund) was $297.8 billion at the Dec. 31, 2025, end of the third quarter of State Fiscal Year 2025-26, New York State Comptroller Thomas P. DiNapoli announced today. Fund investments returned an estimated 2.44% for the quarter and 12.50% for the first nine months of the fiscal year.

"The state pension fund continued to grow over the third quarter," DiNapoli said. "Drops in the stock market, inflation, slower job growth and broader economic volatility remain risks, however. Fortunately, my team manages the state pension fund prudently, with a diversified portfolio that can weather economic storms and provide retirement security for the pension fund's more than 1.2 million working and retired members and their beneficiaries."

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

As of Dec. 31, 2025, the Fund had 40.0% of its assets invested in publicly traded equities. The remaining Fund assets by allocation are invested in cash, bonds, and mortgages (23.3%), private equity (13.8%), real estate and real assets (14.0%), and credit, absolute return strategies, and opportunistic alternatives (8.9%).

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. A recent independent fiduciary and conflict of interest review recognized the Fund for its exemplary investment oversight, risk management, and ethical governance.