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The pool is primarily composed of multifamily mortgages, but includes a range of properties, and one third of the pool structured with future funding.
With Treasury yields out to the 10-year trading well above 4% and longer maturities sitting above 5%, investors are getting better compensated for holding bonds.
Goldman's former chief credit strategist Lotfi Karoui departed last year after 18 years with the bank. He was also the head of credit, mortgages and structured products research.
The asset manager is in the midst of transforming itself from a dominant player in stocks, bonds and public markets, into one of the largest firms in private credit and infrastructure markets.
The guidance to reject BlackRock, the city's largest money manager overseeing $42.3 billion of index funds for the pensions, follows a review of the firm's efforts to press companies to decarbonize.
