Palantir · SpaceX · Elon Musk · New York · Democrats · U.S. · Fortune Technology
Meet the 2 men putting New York’s $300 billion pension fund in play for the first time in 20 years
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On paper, New York State Comptroller is a sleepy job.
Key facts
- 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)
- 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
- The conclusion: The fund underperformed its own benchmarks by 39%, and paid $11.3 billion in fees to generate that underperformance
- The nonprofit he ran, Enterprise Community Partners, generated 8%–10% annual returns on its affordable housing investments, he claimed
Summary
What Thomas DiNapoli controls is another matter entirely. Fortune 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. The irony is that they may be each other’s biggest obstacle. Warshaw, 45, told Fortune that he’s running because “this is the way my brain works.” A former New York politico, holding positions in the New York governor’s 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.