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New York City Employees' Retirement System THE CITY OF NEW YORK TELEPHONE: (212) 669-8318 OFFICE OF THE COMPTROLLER FAX NUMBER: (212) 815-8503 BUREAU OF ASSET MANAGEMENT WWW.COMPTROLLER.NYC.GOV 1 CENTRE STREET ROOM 736 EMAIL: [email protected] NEW YORK, N.Y. 10007-2341 Scott C. Evans ───────────── Chief Investment Officer SCOTT M. STRINGER COMPTROLLER MEMORANDUM TO: Trustees New York City Police Pension Fund FROM: Scott C. Evans DATE: February 24, 2015 RE: New York City Police Pension Fund Investment Meeting – March 3, 2015 Enclosed is a copy of the public agenda for the March 3, 2015 Investment Meeting. The meeting will be held at the Police Pension Fund, 233 Broadway – 25th Floor; beginning at 10:00am. Please remember to bring your Quarterly Performance Overview book with you to the meeting, it will be mailed to you. If you have questions about any agenda item, please give me a call at 212-669-8318. I:\Investment Strategy\Agendas\AGENDAS -POLICE\03 - March 3, 2015\Memo (Public).doc 1 THE CITY OF NEW YORK OFFICE OF THE COMPTROLLER 1 CENTRE STREET NEW YORK, N.Y. 10007-2341 ───────────── Scott M. Stringer COMPTROLLER NEW YORK CITY POLICE PENSION FUND INVESTMENT MEETING MARCH 3, 2015 2 NEW YORK CITY POLICE PENSION FUND INVESTMENT MEETING MARCH 3, 2015 PUBLIC AGENDA Page I. Performance Reviews: (30 Minutes) • Quarterly Review/Annual Review – December 31, 2014 (To be distributed) 6 • ETI Quarterly Report – December 31, 2014 • Private Equity Quarterly Report – September 30, 2014 12 • Real Assets Quarterly Report – September 30, 2014 43 II. January Monthly Performance Review: (30 Minutes) (Material to be sent under separate cover) --- APPENDICES: • Basket Clause 74 • Liquidity Analysis 76 3 PUBLIC AGENDA 4 I. Performance Reviews: 5 Quarterly Review/Annual Review (To be distributed) 6 ~ETI Quarterly Report~ Police Economically Targeted Investments Quarterly Report 7 Public/Private Apartment Rehabilitation Program (PPAR) Lenders* BOA CCD CFSB CPC JPMS LIIF NCBCI NHS Wells Fargo All Lender Totals Dollars Units Dollars Units Dollars Units Dollars Units Dollars Units Dollars Units Dollars Units Dollars Units Dollars Units Dollars Units Contractual Commitments $25.00 MM n/a $10.00 MM n/a $4.00 MM n/a $160.00 MM n/a $40.00 MM n/a $15.00 MM n/a $4.00 MM n/a $2.00 MM n/a $5.00 MM n/a $265.00 n/a Current Market Value $7.55 MM $4.90 MM $1.32 MM $106.26 MM $3.75 MM $3.20 MM $0.96 MM $0.64 MM $0.00 MM $128.58 MM Commitments 4Q 14 (included in total) Bronx $0 0 $182,500 67 $0 0 $106,875 3 $0 0 $0 0 $0 0 $0 0 $0 0 $289,375 70 Brooklyn 536,000 58 0 0 0 0 1,822,081 260 0 0 0 0 0 0 0 0 0 0 2,358,081 318 Manhattan 0 0 0 0 0 0 5,193,000 399 0 0 0 0 0 0 0 0 0 0 5,193,000 399 Queens 480,000 54 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 480,000 54 Staten Island 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 90,000 67 90,000 67 Outside of NYC 476,000 39 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 476,000 39 Total $1,492,000 151 $182,500 67 $0 0 $7,121,956 662 $0 0 $0 0 $0 0 $0 0 $90,000 67 $8,886,456 947 Delivered 4Q 14 (included in total) Bronx $0 0 $0 0 $0 0 $2,712,135 288 $2,125,479 108 $360,000 43 $0 0 $0 0 $0 0 $5,197,614 439 Brooklyn 0 0 585,000 128 0 0 175,725 10 0 0 0 0 0 0 0 0 0 0 760,725 138 Manhattan 0 0 0 0 0 0 4,631,063 422 0 0 0 0 0 0 0 0 0 0 4,631,063 422 Queens 689,120 65 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 689,120 65 Staten Island 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Outside of NYC 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total $689,120 65 $585,000 128 $0 0 $7,518,922 720 $2,125,479 108 $360,000 43 $0 0 $0 0 $0 0 $11,278,521 1,064 Total Commitments Bronx $1,400,000 60 $856,200 153 $0 0 $7,623,502 649 $11,277,699 847 $598,000 74 $0 0 $0 0 $0 0 $21,755,401 1,783 Brooklyn 2,021,521 112 0 0 0 0 13,112,972 1,127 2,618,120 268 2,350,993 212 0 0 0 0 0 0 20,103,605 1,719 Manhattan 1,792,000 100 0 0 0 0 15,219,087 1,149 1,796,020 232 3,478,918 338 155,773 8 0 0 0 0 22,441,797 1,827 Queens 3,326,624 163 0 0 0 0 5,971,050 406 360,000 96 0 0 0 0 0 0 0 0 9,657,674 665 Staten Island 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 90,000 67 90,000 67 Outside of NYC 476,000 39 0 0 0 0 4,871,475 207 1,541,356 122 0 0 0 0 0 0 0 0 6,888,831 368 Total $9,016,145 474 $856,200 153 $0 0 $46,798,085 3,538 $17,593,195 1,565 $6,427,911 624 $155,773 8 $0 0 $90,000 67 $80,937,309 6,429 Historical Investments Bronx $5,435,177 1,216 $1,098,250 366 $0 0 $78,884,603 6,324 $3,699,479 352 $360,000 43 $0 0 $0 0 $0 0 $89,477,509 8,301 Brooklyn 763,676 88 1,355,604 252 0 0 81,398,866 4,351 0 0 1,390,000 245 0 0 330,213 7 0 0 85,238,359 4,943 Manhattan 475,691 48 1,525,075 283 1,531,217 197 72,814,887 4,480 54,000 47 1,472,462 122 920,742 123 252,445 15 0 0 79,046,519 5,315 Queens 1,169,120 130 380,000 54 0 0 21,191,301 1,258 0 0 0 0 0 0 0 0 0 0 22,740,421 1,442 Staten Island 0 0 0 0 0 0 2,862,500 111 0 0 0 0 0 0 0 0 0 0 2,862,500 111 Outside of NYC 0 0 0 0 0 0 3,540,825 217 0 0 0 0 0 0 0 0 0 0 3,540,825 217 Total $7,843,663 1,482 $4,358,929 955 $1,531,217 197 $260,692,982 16,741 $3,753,479 399 $3,222,462 410 $920,742 123 $582,658 22 $0 0 $282,906,132 20,329 *Lenders : Bank of Citibank Community Carver Federal The Community JP Morgan Low Income NCB Capital Impact Neighborhood Wells Fargo America Development Savings Bank Preservation Corporation Chase Investment Fund Housing Service The City of New York - Office of the Comptroller Collateral Benefits as of 12/31/2014 Police Economically Targeted Investments Quarterly Report 8 Public/Private Apartment Rehabilitation Program (PPAR) Historical Investments Since Inception AII PPAR Lenders Brooklyn $85,238,359 30% Manhattan 4,943 Units $79,046,519 28% 5,315 Units Bronx $89,477,509 32% Queens 8,301 Units $22,740,421 Outside of NYC Staten Island 8% $3,540,825 $2,862,500 1,442 Units 1% 1% 217 Units 111 Units Current Commitments AII PPAR Lenders Brooklyn $20,103,605 Manhattan 25% $22,441,797 1,719 Units 28% 1,827 Units Bronx $21,755,401 Queens 27% $9,657,674 1,783 Units 12% 665 Units Outside of NYC Staten Island $6,888,831 $90,000 9% 0% 368 Units 67 Units The City of New York - Office of the Comptroller Collateral Benefits as of 12/31/2014 Police Economically Targeted Investments Quarterly Report 9 AFL-CIO Housing Investment Trust (HIT) Market Value $120.44 million* NYC Community Investment Initiative (NYCCII ) NYCCII Phase II 2006-2013 HIT Multifamily Investments Multifamily Investments Detail Manhattan Investments Housing Units $174,075,200 Borough 4Q Investments Since Inception 4Q Housing Units Since Inception 38% Queens Bronx $0 $52,827,900 0 802 926 Units $17,760,000 Brooklyn 0 103,890,446 0 5,616 4% Manhattan 0 174,075,200 0 926 1,260 Units Queens 0 17,760,000 0 1,260 Staten Island 0 6,414,554 0 693 Outside NYC 0 100,000,000 0 137 Total $0 $454,968,100 0 9,434 Grand Total NYCCII Phase II $454,968,100 9,434 NYCCII Phase I 2002 - 2005 Dollars Units Member Loans Total All NYC PF's Multifamily Investments $249,123,500 12,337 n/a n/a HIT Home Investments 348,300,563 n/a 131 446 Staten Island Total NYCCII Phase I $597,424,063 12,337 131 446 $6,414,554 1% 693 Units NYCCII Phases I & II Brooklyn $103,890,446 Dollars Units Member Loans Total All NYC PF's 23% 5,616 Units Multifamily Investments $704,091,600 21,771 n/a n/a Outside NYC Bronx HIT Home Investments 2,899,899,500 n/a 131 446 $100,000,000 $52,827,900 Grand Total NYCCII Phases I & II $3,603,991,100 21,771 131 446 22% 12% 137 Units 802 Units *Interest is reinvested The City of New York - Office of the Comptroller Collateral Benefits as of 12/31/2014 Police Economically Targeted Investments Quarterly Report 10 AFL-CIO Housing Investment Trust (HIT) NYC Workforce Housing Initiative Investments Through 12/31/2014 Workforce Investments Detail Investments Housing Units Borough 4Q Investments Since Inception 4Q Housing Units Since Inception Bronx $0 $5,000,000 0 776 Brooklyn 0 8,051,087 0 422 Manhattan 0 214,252,488 0 4,627 Queens 8,265,000 58,293,425 619 3,226 Staten Island 0 0 0 0 Total $8,265,000 $285,597,000 619 9,051 HIT Workforce Housing Initiative Manhattan $214,252,488 75% 4,627 Units Queens $58,293,425 20% 3,226 Units Brooklyn Bronx Staten Island $8,051,087 $5,000,000 $0 3% 2% 0% 422 Units 776 Units 0 Units The City of New York - Office of the Comptroller Collateral Benefits as of 12/31/2014 Police Economically Targeted Investments Quarterly Report 11 ACCESS CAPITAL STRATEGIES (Since Inception 2/1/07) $61 million Allocated (20.33% of total account) Access Multifamily Investments Since Inception Police Market Value $63.98 million Manhattan $12,955,248 Multifamily Investments Detail $ Invested Units Brooklyn 43% 4Q Total 4Q Total $4,482,944 5,738 Units Bronx $706,387 $9,073,067 79 16,960 15% Brooklyn 0 $4,482,944 0 8,633 8,633 Units Manhattan 0 $12,955,248 0 5,738 Queens 0 $3,384,945 0 873 Staten Island 0 $0 0 0 Total Police Multifamily Investments 706,387 $29,896,204 79 32,204 Multifamily Total All Systems 3,474,605 $147,054,619 79 32,204 Single Family Investments Detail $ Invested Units Queens 4Q Total 4Q Total $3,384,945 Bronx 0 $6,974,846 0 200 11% Brooklyn 0 $19,817,337 0 500 873 Units Manhattan 0 $1,736,021 0 39 Queens 0 $28,704,153 0 655 Bronx Staten Island Staten Island 0 $16,017,876 0 371 $9,073,067 $0 Total Police Single Family Investments 0 $73,250,233 0 1,765 30% 0% 16,960 Units 0 Units Single Family Total All Systems 0 $360,306,112 0 1,765 Access Single Family Investment Since Inception Police Bronx Other Investments Detail $ Invested Units Staten Island $6,974,846 4Q Total 4Q Total $16,017,876 10% Bronx 0 $137,228 0 1 22% 200 Units Brooklyn 0 $1,095,869 0 8 371 Units Manhattan 0 $494,610 0 5 Queens 0 $110,480 0 3 Staten Island 0 $0 0 0 Brooklyn Total Police Other Investments 0 $1,838,186 0 17 $19,817,337 27% 500 Units Other Investments Total All Systems 0 $9,041,740 0 17 Grand Total Police 706,387 $104,984,622 Grand Total All Systems 3,474,605 $516,402,471 Queens Manhattan $28,704,153 $1,736,021 39% 2% 655 Units 39 Units The City of New York - Office of the Comptroller Collateral Benefits as of 12/31/2014 12 ~Private Equity Quarterly Report~ 13 Private Equity Monitoring Report For the period ended September 30, 2014 Report Prepared For: New York City Police Pension Fund, Subchapter 2 14 Table of Contents I.
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