{"id":1964,"date":"2026-06-22T16:10:55","date_gmt":"2026-06-22T16:10:55","guid":{"rendered":"https:\/\/crosscountrymovingteams.com\/?p=1964"},"modified":"2026-06-22T16:10:55","modified_gmt":"2026-06-22T16:10:55","slug":"meet-the-2-men-putting-new-yorks-300-billion-pension-fund-in-play-for-the-first-time-in-20-years","status":"publish","type":"post","link":"https:\/\/crosscountrymovingteams.com\/?p=1964","title":{"rendered":"Meet the 2 men putting New York\u2019s $300 billion pension fund in play for the first time in 20 years"},"content":{"rendered":"
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What Thomas DiNapoli actually controls is another matter entirely. As sole trustee of the New York State Common Retirement Fund \u2014 the third-largest pension fund in the United States \u2014 he manages nearly $300 billion without a board, without a co-signer, and without, until very recently, a single Democratic opponent.\u00a0For the first time since DiNapoli was handed the job in a backroom Albany deal in 2007, two challengers are making a case that the office has been asleep at the switch \u2014 and that New Yorkers are paying for it.<\/p>\n

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Fortune<\/em> talked to both of them, Drew Warshaw and Raj Goyle, and the two longtime acquaintances, if not friends, had a clear message: the time for a change is now. <\/p>\n

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The irony is that they may be each other\u2019s biggest obstacle. Both are running against the same 20-year incumbent. Both make nearly identical arguments about fees, fiduciary failure, and a $300 billion fund that has been pointed in the wrong direction. And both are drawing from the same pool of progressive Democrats who, for the first time in two decades, are paying attention to this race \u2014 with days left to decide.<\/p>\n

The numbers nobody ran<\/h2>\n

Warshaw, 45, told Fortune<\/em> that he\u2019s running because \u201cthis is the way my brain works.\u201d A former New York politico, holding positions in the New York Governor\u2019s Office and the Port Authority, along with a career in business in renewable energy, Warshaw said his business school training was the motivating factor behind this campaign.<\/p>\n

\u201cNo one in 20 years ever asked and answered this question: how has the third-largest investor in the United States of America performed? How\u2019s he done? Like, no one measured it, no one quantified it.\u201d After pulling the annual report of the pension fund, he got to the page that started listing all the investment managers and the fees associated with them. Then Warshaw decided to calculate all 664 names: the total fee bill for a single year was roughly $1 billion (technically, $1.1 billion for 2024 and $862 million for 2025).<\/p>\n

\u201cOn the first day of Columbia Business School,\u201d Warshaw said, \u201cthey tell you: it\u2019s really hard to beat the market. It\u2019s even harder to do it net of fees. It\u2019s impossible to do it net of fees over a long period of time.\u201d<\/p>\n

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DiNapoli\u2019s office confirmed that its fund uses outside managers, \u201cthough not nearly as many as [Warshaw] fabricated,\u201d and confirmed that the fund has paid out about $1 billion in fees, which it called \u201ca low percentage and entirely in line among pension funds our size, another fact held up by independent reviews.\u201d the Comptroller\u2019s office noted that the state Dept. of Financial Services ranked New York\u2019s investment expenses 33rd among 74 large public pension funds surveyed. \u201cThe number of managers we use has grown over time because the amount of money managed has doubled. And in today\u2019s unpredictable financial markets, you must diversify and not put your eggs all in one basket \u2013 absolutely key to our success.\u201d<\/p>\n

Warshaw commissioned Stanford economist Ryan Cummings to run a 19-year backtest \u2014 using DiNapoli\u2019s own stated benchmarks for each asset class, to make the comparison as conservative as possible. The conclusion: the fund underperformed its own benchmarks by 39%, and paid $11.3 billion in fees to generate that underperformance.\u00a0Because New York law requires the pension to be fully funded every year regardless of investment returns, the gap was made up through property taxes and income taxes. The total cost to New York taxpayers, by Warshaw\u2019s estimate, was $59.1 billion.<\/p>\n

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This study is not peer-reviewed and a spokesperson for DiNapoli told Fortune<\/em> that it\u2019s a \u201cphony number based on embarrassingly bad math.\u201d In fact, the Comptroller\u2019s office argues, the fund\u2019s investments returned 8.94% over the past decade and two separate, independent reviews \u2014\u00a0by the Texas-based tax consultancy and by the \u2014 have given it high marks for performance, asset allocation, competitive fees and ethical management.<\/p>\n

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DiNapoli\u2019s office further referred Fortune<\/em> to the Comptroller\u2019s opinion column published on Syracuse.com, in which he argued that Warshaw\u2019s analysis was \u201cbuilt on basic errors in math and an alarming lack of understanding of how investing and diversification works.\u201d Warshaw noted that this response only extends a decade back, not to DiNapoli\u2019s full tenure.<\/p>\n

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Goyle implicitly agreed with Warshaw but dismissed his efforts as obvious. \u201cYou don\u2019t need footnotes and a white paper to document the fact that we should not be giving non-transparent locked up money to managers who don\u2019t perform, period,\u201d the 51-year-old told Fortune<\/em>. Goyle said the \u201ccorrosive nature of fees\u201d is well known.<\/p>\n

The fix that Warshaw urges, and Goyle agree with, is to move the fund toward low-cost index investing, modeled on the model already in practice with Nevada\u2019s state pension, which converted years ago and has quietly outperformed its actively managed peers ever since.<\/p>\n

The DiNapoli paradox<\/h2>\n

DiNapoli often defends his tenure by noting the pension is one of the best-funded in the country. He\u2019s right \u2014 and his challengers say that\u2019s exactly the problem. In New York, full funding isn\u2019t a sign of investment skill; it\u2019s the law. When returns fall short, the state raises taxes to fill the gap.<\/p>\n

\u201cThe pension fund is fully funded, but it\u2019s the law,\u201d Warshaw said, \u201cand he [DiNapoli] brags and he says, \u2018Oh, it\u2019s one of the best-funded pension funds in the nation. And he\u2019s right, it is. But he leaves out the part that it has to be.\u201d<\/p>\n

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The sole trusteeship structure makes this accountability gap uniquely acute.\u00a0Unlike California\u2019s CalPERS or CalSTRS \u2014 which report to full boards \u2014 DiNapoli answers to no one. He is, as Warshaw puts it, both the fund manager and the board. \u201cHe reports to himself.\u201d Only Connecticut shares this structure among the 50 states.<\/p>\n

Fees, favors, and a pattern that rhymes with history<\/h2>\n

Goyle\u2019s critique goes beyond investment returns into the question of how the office has been used \u2014 and who has benefited from it.<\/p>\n

DiNapoli has received approximately $500,000 in contributions from law firms that subsequently received state contracts from his office.\u00a0The arrangement drew scrutiny in a Times Union <\/em>investigation, and to Goyle, the echo is unmistakable: pay-to-play contracting is precisely the corruption that sent DiNapoli\u2019s predecessor Alan Hevesi to prison and created the vacancy that DiNapoli was appointed to fill in the first place. <\/p>\n

Warshaw was careful to distinguish his critique from the populist Wall Street attacks that defined an earlier era of New York politics. \u201cEliot Spitzer called Wall Street corrupt,\u201d he said. \u201cI\u2019m calling them unnecessary. That\u2019s a far more existential critique.\u201d DiNapoli\u2019s $12 billion in fees, by that logic, isn\u2019t a scandal \u2014 it\u2019s a mistake.<\/p>\n

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Then there is the question of what the fund actually owns.<\/p>\n

After the Sandy Hook massacre, DiNapoli announced with fanfare that he would freeze investments in gun manufacturers.\u00a0He later sold the fund\u2019s stakes in Smith & Wesson and Sturm Ruger. But a City & State<\/em> investigation found that the fund simultaneously increased its position in Olin Corp., maker of Winchester rifles and ammunition \u2014 a company not on the restricted list because firearms are only part of its business.\u00a0The fund also continued to hold tobacco stocks, private prison operators, and fossil fuel companies, most justified under the passive investment exemption: the restricted list, DiNapoli\u2019s office has maintained, does not apply to index funds.<\/p>\n

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This is a tell, in Goyle\u2019s opinion, who takes particular issue with New York State taxpayers investing in Palantir and SpaceX, two stocks that raise significant ethics issues. \u201cI\u2019m the son of immigrants,\u201d said Goyle, whose parents moved from India to Rochester in Central New York in the early 1970s, according to his campaign website. \u201cI\u2019ve lived the immigrant experience, and he [Warshaw] grew up in a very different background and experience than I did.\u201d <\/p>\n

Goyle noted Palantir\u2019s connections to ICE and criticized DiNapoli \u201cfalsely\u201d claiming that he can\u2019t divest from Palantir because of a stake in a passive index fund, when the fund is actively managed by the Comptroller\u2019s office. As of March 31, filings show, the New York State Common Retirement Fund had cut its stake in Palantir by 0.16%, meaning New York taxpayers had $339 million invested in the company.<\/p>\n

Read more Wall Street is more focused on what Iranian officials are saying than Trump\u2019s war-threat tweets<\/a><\/p>\n

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Goyle claimed that he\u2019s also been \u201cleading the charge on SpaceX,\u201d which is a \u201cgreat example of how DiNapoli is wasting his power right now.\u201d The Comptroller should be sounding the alarm bell on \u201cclear market manipulation\u201d that\u2019s eroding key investor protections, Goyle said, arguing that Elon Musk essentially bullied the Nasdaq into relaxing decades-long protections, shortening SpaceX\u2019s index inclusion window from the typical 90-day seasoning period to just 15 days and limiting the float of available shares. <\/p>\n

With SpaceX\u2019s inclusion in the Nasdaq 100, Goyle explained, many millions of people will be forced to buy SpaceX shares, even as the small float allows \u201cinsiders\u201d to \u201cmanipulate the stock.\u201d Goyle said these are all \u201cdangerous steps that the Nasdaq has taken,\u201d and DiNapoli has been silent.<\/p>\n

Fortune<\/em> noted that a similar dynamic occurred when Tesla was accepted into the S&P 500, and the surge in investors buying the stock first made Musk into the world\u2019s richest man. That dynamic is playing out again. \u201cAbsolutely,\u201d said Goyle, adding that the \u201cmyth-making machine\u201d around Musk is simply \u201castounding.\u201d This matters for the Comptroller\u2019s race, he said: \u201cthe market has now proven itself, in my view, unable to put guardrails and to follow best practices of fiduciary duty. And so this is the time for the public sector to step in and protect the average investor.\u201d<\/p>\n

When asked about the counter that Palantir and SpaceX are highly valued growth stocks that can make a lot of money for New Yorkers, Goyle insisted that it\u2019s not all about that: \u201cpublic pension funds mean that we have public values involved.\u201d<\/p>\n

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DiNapoli co-authored a letter to Musk on May 13, along with New York City Comptroller Mark Levine and CalPERS CEO Marcie Frost, \u201cto express our serious concerns with the reported novel and extreme governance structure and provisions\u201d involved with SpaceX\u2019s IPO. They requested a meeting with Musk and his advisers to discuss the \u201cpath to a structure consistent with the Company\u2019s stature, its national-security role, and the fiduciary obligations of the long-term capital that will fund it.\u201d<\/p>\n

Two very different \u2014\u00a0and very close \u2014\u00a0insurgents<\/h2>\n

Warshaw\u2019s path to this race runs through the places where New York\u2019s biggest problems actually live. He served as deputy to Eliot Spitzer\u2019s chief of staff in Albany, was chief of staff at the Port Authority during the rebuilding of the World Trade Center, spent nearly a decade in renewable energy finance, and most recently served as co-CEO of Enterprise Community Partners, the largest affordable housing nonprofit in the country.\u00a0He claimed he was never the run-for-office type before \u2014 more the operator behind the operator. What changed was watching the housing crisis worsen every year he spent trying to fix it from inside a nonprofit, while a single official sat on $300 billion two hours up the Thruway.<\/p>\n

Savings, in Warshaw\u2019s vision, would be put to work. He proposes redirecting a portion of the pension\u2019s assets into the largest dedicated affordable housing investment fund in the country \u2014 a proposal he argues is not just morally defensible but financially obvious. The nonprofit he ran, Enterprise Community Partners, generated 8%-10% annual returns on its affordable housing investments, he claimed. The pension fund\u2019s target return is 5.9% \u2014\u00a0though DiNapoli\u2019s office notes the fund posted 11.94% in its most recent fiscal year, its strongest performance in years. \u201cDon\u2019t let the nonprofit fool you,\u201d Warshaw said. \u201cWe put $2 billion to work every year. The math isn\u2019t complicated.\u201d<\/p>\n

\u201cThe cavalry is not coming,\u201d Warshaw said. \u201cThe cavalry is us.\u201d<\/p>\n

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Goyle\u2019s biography runs in a different direction entirely. Although he was born in upstate New York, he grew up in Wichita and became the first Indian American elected to the Kansas state legislature in 2006, fighting off a Koch-backed candidate to do so. \u201cI\u2019ve been fighting the Koch brothers ever since I was in fourth grade,\u201d he told Fortune<\/em>. \u201cI\u2019m running because I strongly believe we need better Democrats, Democrats who fight and who don\u2019t fold.\u201d<\/p>\n

Goyle said he was one of Zohran Mamdani\u2019s early supporters when he ran for assembly in 2020, and that the New York mayor has \u201cresonated\u201d because he \u201cput his finger on the daily struggles of New Yorkers,\u201d something that has \u201cvery little to do with ideology or a label from the political class.\u201d The most exciting thing about Mamdani, he added, is that he has gotten people to \u201cbelieve again\u201d that the government can actually do things that make people\u2019s lives better.<\/p>\n

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Goyle spent years at the ACLU as an immigration rights lawyer before pivoting to the private sector.\u00a0In 2014, he co-founded Bodhala, a legal tech company whose entire product was exposing hidden billing waste in corporate legal spending \u2014 the same corrosive fee extraction he now says DiNapoli has allowed to fester in the pension fund for two decades. Bodhala grew into a national leader in legal business intelligence before being acquired by enterprise software firm Onit in 2021.<\/p>\n

When Fortune<\/em> noted that the anti-government waste argument is a common right-wing talking point, particularly beloved of Elon Musk, Goyle insisted there was no contradiction. \u201cI hate inefficiency anywhere I find it,\u201d he said. \u201cAnd I believe this is what really troubles many people about politics generally, about the corporate sector. People don\u2019t trust Wall Street [and] they shouldn\u2019t, and when I\u2019m comptroller, I will certainly very much energize the waste fraud and abuse audits to make sure that there isn\u2019t a dollar that we\u2019re spending that\u2019s inefficient.\u201d<\/p>\n

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The friendship that got complicated<\/h2>\n

The two challengers have a history \u2014 and it has gotten awkward on the trail. Goyle said he has met DiNapoli during the campaign but doesn\u2019t know him well, but he knows Warshaw \u201cvery well personally.\u201d When Fortune<\/em> asked if they were friends, he said \u201cYes, we were,\u201d but declined to say whether that still holds. Warshaw said they first met in Washington, DC, about 20 years ago, when they both worked at the progressive think tank the Center for American Progress, before Goyle moved back to Kansas and Warshaw moved back to New York.<\/p>\n

Warshaw criticized Goyle\u2019s progressive bona fides to Fortune<\/em>, pointing out the conservative positions that Goyle took in office in Kansas, earning a strong rating from the NRA, for instance. Warshaw called it \u201cbonkers.\u201d Goyle fired back that Warshaw was aware of all of Goyle\u2019s positions\u00a0and supported his campaign, a claim Warshaw contests.\u00a0<\/p>\n

Goyle offered a pointed observation about what sets the two apart: \u201cDrew started his career climbing the pole of Albany,\u201d he said, claiming that he was the only person in the race who didn\u2019t come from the culture of New York\u2019s capital.<\/p>\n

The race has grown openly competitive on the progressive endorsement circuit. Goyle\u2019s campaign posted \u2014 then deleted \u2014 a video claiming the support of trans activist Evanna Vasquez, who had actually signed a letter backing Warshaw. When reached by City & State<\/em>, Vasquez said clearly: \u201cNo, no, no \u2014 I am supporting Drew.\u201d Goyle\u2019s campaign apologized for the \u201cmiscommunication.\u201d\u00a0At the Spectrum News debate, Warshaw pulled an \u201cICE Out\u201d T-shirt from beneath his dress shirt \u2014 a direct play on Goyle\u2019s signature issue.<\/p>\n

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When asked whether he and Warshaw would still be friends after the primary, Goyle paused. \u201cWe\u2019ll see,\u201d he said. It was the most unguarded moment in an otherwise disciplined conversation.<\/p>\n

An unlikely reckoning<\/h2>\n

DiNapoli was not elected to this job. He was appointed in January 2007 by then-Assembly Speaker Sheldon Silver \u2014 himself later convicted of corruption \u2014 after his predecessor Alan Hevesi resigned and went to prison.\u00a0He has won five elections since, each time without a primary opponent. <\/p>\n

\u201cIf you and I didn\u2019t do our job for 20 years, we\u2019d be fired,\u201d Warshaw said. \u201cThis is the greatest story never told,\u201d he continued, likening it to Robert Caro\u2019s classic about New York politics and the midcentury statesman Robert Moses: \u201cIt reminds me of The Power Broker<\/em>, but this guy\u2019s incompetent instead.\u201d<\/p>\n

Whether or not either challenger wins, the argument they have injected into the race \u2014 that $6.9 trillion in public pension assets nationwide are quietly financing the very Wall Street complex that is pricing working Americans out of the economy \u2014 is unlikely to disappear.<\/p>\n

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\u201cThe great irony and the tragic circle here is that it\u2019s working Americans who are actually funding their own destruction,\u201d Warshaw said, \u201cthrough no-name administrators \u2026 who are moving all this money to a middleman who we no longer need to expose ourselves to the growth of the economy.\u201d<\/p>\n

Read more Exclusive: Upscale AI wants to be the next Cisco\u2014and it just raised another $190 million<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Two insurgent Democrats say the most powerful financial office in New York has been mismanaging your money \u2014\u00a0and not to vote for the other guy.<\/p>\n","protected":false},"author":1,"featured_media":1963,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"class_list":["post-1964","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-elections"],"yoast_head":"\nMeet the 2 men putting New York\u2019s $300 billion pension fund in play for the first time in 20 years - Cross Country Moving Team<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/crosscountrymovingteams.com\/?p=1964\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Meet the 2 men putting New York\u2019s $300 billion pension fund in play for the first time in 20 years - 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