US - The $41.9bn New York City Employees' Retirement System is seeking proposals from private equity firms that focus on promoting economic activity in the city.
The New York City comptroller's office, on behalf of the fund, is searching for firms to participate in it's economically targeted investments (ETI) program. The aim of the ETI program is to make investments which enhance the quality of life and promote economic activity in the five boroughs of New York City, such as low to moderate-income housing.
For interested firms, the fund states that investments must be structured in a private equity limited partnership fund format. Other criteria includes sponsorship by a general partner management group with substantial experience relevant to the investment strategy of the proposed fund and a strong track record.
Additionally, the fund will reject any proposals that do not invest in the city or have the potential to eliminate public sector jobs. All proposals will be vetted by the fund's alternative investment consultant, the Pacific Corporate Group.
The ETI program's investments, in addition to supporting the renovation, new construction or financing of affordable housing, are used to create childcare facilities and senior citizen centres in low- and moderate-income areas and thousands of construction jobs.
During the 2000 financial year, the ETI program committed $69m to specific housing developments. The aggregate total for all of the programs since inception rose to more than $735m as of December 31, 2000.
By Geoffrey Ho
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