As head of real estate at one of the largest public state pensions in the US, Marjorie Tsang oversees investment and asset management for the $155 billion (€97.5 billion) New York State Common Retirement Fund's $5 billion real estate portfolio, which returned 31.7 percent for the fund during the last fiscal year, according to the pension. Tsang joined the office of the New York State Comptroller 15 years ago as assistant counsel for real estate investments. She was appointed to her current position in 1999. During her time at the pension, Tsang reduced real estate manager fees, resulting in higher net returns and millions of dollars in savings for the pension. She also developed standards for fee payments based on performance. Tsang's real estate acumen and global savvy undoubtedly contributed to the pension's high returns for the asset class. According to one global fund of funds manager, as director of real estate for the New York pension, Tsang has been at the forefront of not only international investing and joint ventures, she has also led some of the more rigorous due diligence and legal negotiations with GPs. The pension's real estate joint ventures have included its partnership with Apollo Real Estate Advisors to develop and re-habilitate properties throughout New York State; partnering with Taconic Investment Partners to acquire strategic office properties in New York City and its joint venture with Pro-Logis Trust to acquire industrial and warehouse distribution properties in Southern California, among many others. Covering both the 35,700-member Police and Fire Retirement System and the 626,900-member Employees' Retirement System, the pension currently has 4.4 percent allocated to real estate with a target allocation of six percent.