Salient to Investors:

New York City’s retirement system is the only one of the 11 biggest US public-worker pensions that refuses to manage any assets internally.

The typical fees for hedge funds and private-equity and real-estate firms is 2 percent of assets plus 20 percent of profits.

Last year, three city pension funds paid more than $1.2 million in fees on a $160 million investment in a real-estate fund – the fund has returned 0.3 percent since 2004.

Miller Samuel and Douglas Elliman Real Estate said the median sales price of a two-bedroom condominium in Manhattan was $1.6 million in Q1, 2013

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