The New York State Common Retirement Fund (NYSCRF) is the third largest pension fund in the USA, and it manages the pensions of the Employees’ Retirement System (ERS) and of the Police and Fire Retirement System (PFRS), representing over a million members, retirees and beneficiaries. It was almost fully funded in 2019, which is quite rare for a USA-based PPF. Most of its alternative investments are done via external managers, except for 390 Madison Ave, a USD 1.2 billion property in Midtown Manhattan.