The city’s pension funds will dedicate $500 million for a Private Equity Emerging Manager program to help small and diverse fund managers, according to City Comptroller Scott Stringer.
The money invested with emerging managers—firms that typically manage less than $2 billion in assets or have track records shorter than three years—has risen to $14 billion of the five funds’ $160-billion portfolio. Of that, $11 billion is with minority- and women-owned businesses.
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