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Excerpt:
In the 2022-23 fiscal year, the Fund recorded growth in its investments with MWBE managers. Despite increased market volatility from the banking disruptions to small financial institutions and the regional banking system and the rise in interest rates, the Fund has continued its steady deployment of capital to MWBE investment managers. As detailed in the tables below, total investments and commitments of Fund capital to MWBE partners for 2022-23 was $31.5 billion.
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While Fund management is very pleased with these results, our team is committed to retaining our long-term focus on steady, incremental growth, partnering with successful MWBE managers. The 2022-23 results illustrate another important measure of the success of the Fund’s MWBE Strategy. Of the approximate $141 billion of the Fund’s assets that are actively and externally managed, 22.3 percent is managed by MWBEs.
Author(s): Comptroller Thomas P. DiNapoli
Publication Date: May 2023
Publication Site: Office of the New York State Comptroller