Home > News > Asset Allocation > NYC Pensions Invests $60M for 25% Stake in Affordable Housing Joint Venture
Asset Allocation

NYC Pensions Invests $60M for 25% Stake in Affordable Housing Joint Venture

Community Stabilization Partners was created after the 2023 collapse of Signature Bank to help support rent-stabilized apartments.

By Michael Katz




New York City’s pension funds have made a $60 million investment in Community Stabilization Partners, a joint venture backed by nonprofit finance company the Community Preservation Corporation, affordable housing nonprofit Neighborhood Restore, and Related Fund Management, the investment management arm of real estate firm Related Companies.

The investment gives the New York City Employees’ Retirement System a 25% stake in CSP, which was created after the collapse of Signature Bank in March 2023. At that time, the Federal Deposit Insurance Company temporarily took over the bank’s commercial real estate loan portfolio, which it divided into pools. The companies backing CSP applied in late 2023 to partner with the FDIC to service the rent-stabilized portion of Signature Bank’s multifamily commercial real estate portfolio.

CSP purchased a 5% equity stake in Signature Bank’s rent-stabilized loan portfolio, with the FDIC holding the remaining 95% as receiver. The portfolio includes approximately 1,140 buildings and 35,000 units, more than 80% of which are rent-regulated, representing approximately 3% of New York City’s entire rent-regulated housing stock.

According to CSP, Signature Bank was the second-largest lender to the New York City rent-regulated multifamily market, and the bank’s collapse put owners and tenants “in a precarious position.” CSP says it is focused on preserving the affordability and physical quality and financial stability of the properties.

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“The 35,000 rental units in the Signature portfolio could have faced grave risks as a result of the bank’s collapse – preserving them is an enormous team effort, and we are proud to be part of it,” New York City Comptroller Brad Lander said in a statement.

The investment was made under NYCERS’ Economically Targeted Investment program, which is managed by the comptroller’s Bureau of Asset Management.

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Home > News > Asset Allocation > CPP Investments Returns 8% in Fiscal 2024
Asset Allocation

CPP Investments Returns 8% in Fiscal 2024

Net assets rose to $462.66 billion in the period ending March 31.  
By Matt Toledo



The Canada Pension Plan Investment Board announced on Wednesday that had achieved an 8% return in its fiscal year 2024, a period that ended March 31. 

Net assets of the fund increased to CAD 632.3 billion ($462.66 billion) an increase from CAD 570 billion the previous fiscal year.  

Strong performance in public equities, infrastructure, energy and credit boosted the fund’s returns, while weak performance in emerging markets and real estate negatively impacted returns.  

“The CPP Fund’s growth this year continued the trend of reaching heights several years ahead of initial actuarial projections,” said John Graham, president and CEO in a statement. “Solid performance by all of the investment departments and key corporate functions helps demonstrate how our strategy is on track.” 

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CPPIB, which manages the assets of the Canada Pension Plan, has 22 million contributors and beneficiaries, more than half of the population of Canada. The fund has returned 7.7% and 9.2% over the past five and 10 years annualized.  

Returns by Asset Class and Geography  

The CPP Investments portfolio has a 28% allocation to public equities and a 31% allocation to private equity. Government bonds make up 12%, credit, real estate and infrastructure compose 13%, 8% and 8% of the portfolio respectively. 

Public equities returned 13.8% in fiscal 2024, and private equity returned 10.4%. Credit and infrastructure returned 10.8% and 2.6% respectively. The only asset classes with negative returns were government bonds, which returned negative 0.4%, and real estate, which returned negative 5%.  

In fiscal 2024, the fund cut its holdings in infrastructure and real estate by one percentage point each and increased its allocation to public equities by four percentage points, also reducing private equity by two percentage points, compared with fiscal year 2023. 

From fiscal 2023 to 2024, the fund increased its investments in the United States to 42% of the portfolio from 36%. CPPIB also decreased its allocation to investments in Canada to 12% from 14% of the portfolio. Exposure to Europe increased 1% and exposure to Asia Pacific decreased to 21% from 26%.  

Investments across all geographies had positive returns in fiscal 2024. U.S. investments returned 9.4%. CPP Investments noted in its fiscal 24 annual report that its U.S. investments were responsible for 59% of the fund’s 7.7% 5-year annualized returns.  

Investments in the Asia Pacific region returned 0.1%, something that CPPIB attributed to currency losses and underperformance from Chinese investments. The fund also returned 5.9% in fiscal 2024 from its Canadian investments, which are primarily in government bonds and infrastructure investments. 

The Latin America region returned 11.5%, primarily driven by Brazilian equities. CPPIB’s European investments returned 5.8%, with positive returns in public and private equity but weaker returns from the utilities sector and infrastructure, an impact from the war in Ukraine.  

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