Miller resigns as private equity head in NYC

Barry Miller will take on a new role with Landmark Partners in early June after more than two years running the NYC system’s massive private equity portfolio.

Barry Miller, head of private equity at the New York City Retirement System, is stepping down and joining secondary firm Landmark Partners. 

Miller, who will start at Landmark as a partner in early June, has worked at New York City’s pension system since 2011. Miller filled a role at the system that had been vacant since 2005. He has worked under chief investment officer in the city’s Comptroller’s office, Larry Schloss. 

A spokesperson for the city Comptroller’s office confirmed Miller’s resignation, but did not have information immediately available on who would step into the role. Schloss had been overseeing the private equity portfolio from 2010 to Miller’s hiring. Miller could not be reached for comment.

Barry Miller

Landmark Partners chairman and managing partner Francisco Borges confirmed that Miller would be joining and would be based out of New York City. Landmark, which is based in Connecticut, doesn't have a permanent presence in New York, though firm executives are in the city frequently, Borges said. Miller's extensive secondaries experience as well as his “strong set of GP and LP relationships … complements our existing team”, Borges said Tuesday.

Prior to New York City, Miller co-founded secondary firm Nottingham Capital Management, and before that he was a partner at secondary firm Pomona Capital. Earlier, Miller worked as a senior investment manager at AXA Private Equity for six years.

Miller and Schloss made significant changes to the private equity portfolio. During Miller’s tenure, the system, which consists of five pension funds, sold off almost $1 billion worth of its private equity portfolio as a way to pare down the number of managers in the system. Prior to the sale, the city’s system had 172 funds run by 108 general partners, representing roughly $13.7 billion in commitments. After the sale, the system had 161 funds with 99 GPs, representing roughly $12.7 billion in commitments. 

Miller’s team moved forward with investing about $2.5 billion a year in private equity funds, with an emphasis on top quartile managers, top emerging managers and building exposure to European funds, Schloss and Miller told Private Equity International during an interview in 2011.