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NY A05471
Bill
Status
2/14/2025
Primary Sponsor
George Alvarez
Click for details
AI Summary
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Mandates state public pension funds invest at least 20% of total assets and 25% of active assets with BIPOC investment managers, with specific breakdowns: 30% of equity assets, 15% of fixed income assets, and 15% of alternative assets
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Requires New York City pension fund trustees to allocate at least 40% of funds under management to BIPOC asset managers, financial institutions, and professional service firms
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Establishes annual reporting requirements to the comptroller on progress toward diversity goals, including detailed breakdowns of assets managed by BIPOC firms and challenges encountered
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Creates the "New York State Investment Transparency Act" requiring venture capital firms to annually report demographic data on founding teams of businesses they fund, including gender, race, ethnicity, disability status, LGBTQIA+ identity, and veteran status
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Sets qualification requirements for BIPOC firms seeking fund allocations, including real estate managers under $2 billion in assets, private equity managers raising first through third institutional funds, and fixed income managers with $2 billion or less in assets under management
Legislative Description
Enacts the "New York state agency BIPOC asset management and financial institution strategy act" to ensure the promotion of equity, diversity, and inclusion within the state pension system and the New York city pension system's investments by mandating a minimum allocation of assets to BIPOC asset managers, BIPOC financial institutions, and BIPOC financial or professional service firms; addresses disparities in investment opportunities and fosters economic growth within BIPOC communities, aligning with best practices in investment management and bolstering the financial well-being of New York City and state and residents thereof (Part A); relates to fair investment practices by investment advisers within the state of New York (Part B).
Last Action
referred to governmental employees
1/7/2026