A new code of conduct for public pension funds promoted by New York’s attorney-general, Andrew Cuomo, addresses a delicate subject – campaign contributions to municipal officials with influence over pension plans.

Carlyle on Thursday became the first private equity firm to agree to the code, which would ban the use of outside agents to solicit public pension funds and prevent asset managers from doing business with public pension funds for two years after making political donations to officials who could influence those funds‘ decisions.