By David G. Barry
The New York State Insurance Fund (NYSIF) is poised
to dip its toes into alternative assets.
According to a job
posting on Trusted Insight, the fund is seeking “a seasoned investment
professional to spearhead its initial foray into alternative assets.”
NYSIF, which has $20 billion of assets under management,
said it expects the focus to include private equity, real estate and private
credit. NYSIF listed the opening for a private markets portfolio manager on
July 20 and said it is accepting applications through August 20. The salary is
listed at between $250,000 and $300,000.
In its ad, the NYSIF said the portfolio manager will assist
with the design and implementation of a strategy for private-market assets,
real assets, and other alternative asset classes for the fund. The person
selected will also identify and analyze investment opportunities, actively
monitor all alternative asset holdings, and assist with asset allocation,
especially as it relates to sub-asset classes.
Perhaps gearing up for this move, the NYSIF earlier this
year sent a letter to the Securities and Exchange Commission supporting the
SEC’s proposal to strengthen private funds regulation – a proposal which would
provide investors greater transparency into fees, expenses and fund
performance.
A spokesperson for NYSIF did not immediately return an
inquiry on how much the fund is seeking to invest in alternatives. NYSIF
consists of two separate funds: the Workers’ Compensation Fund and the
Disability Benefits Fund. The Workers Compensation Fund insures employers
against occupational injury and disease suffered by employees, while the
Disability Benefits Fund insures against disabling off-the-job sickness or
injury sustained by employees.
Gregory Francis has been chief investment officer of
the fund since 2015. A bio on the NYSIF site said Francis has “spearheaded the
development and execution of a multi-asset class program consisting of
internally and externally managed assets.”
NYSIF was created in 1914 to guarantee the availability of
workers’ compensation and disability insurance with the lowest possible cost to
New York employers while maintaining a solvent fund. NYSIF competes with other
carriers and serves as a guaranteed source of coverage for employers who cannot
secure coverage elsewhere.
