New York State Pension Fund Makes $800 Million Bet on ESG Credit
- Retirement plan aims to put $20 billion in sustainability
- Focus on debt sets fund apart from many responsible investors
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The New York State Common Retirement Fund put $800 million in sustainable fixed-income strategies this year, including sustainable private credit and green bonds, a rare big bet on debt in the equity-dominated market for responsible investing.
The $210.5 billion public pension fund said it invested $300 million in Avenue Capital’s new Sustainable Solutions Fund, which is betting on private credit with environmental benefits. It also invested $250 million in the Nuveen Core Impact Bond Strategy and another $250 million in the Calvert Social Investment Fund, which is focusing on green bonds and affordable housing.