The New York City Retirement Systems is preparing for a significant portfolio sale involving four of its five pension systems, confirming reports from Buyouts and Secondaries Investor. The transaction is estimated between $1 billion and $2.5 billion, with Evercore advising. The pension funds manage $285 billion in assets, led by the Teachers’ Retirement System with $109 billion. Notably, the Board of Education Retirement System is not participating in this sale. The NYC Retirement Systems aims to enhance its secondaries program, targeting 10-20% of its private equity portfolio, and has shifted focus towards GP-led transactions.