The New York City Public Employees’ Retirement System has named Barry Miller head of private equity, responsible for supervising the system’s $12 billion commitment to the asset class.
The position had been vacant since 2005, a spokesperson for the $113 billion New York City pension told PEI. Deputy comptroller and chief investment officer Lawrence Schloss had overseen private equity activity at the pension since January 2010, prior to which director of private markets Elizabeth Caldas held the position. Caldas now reports to Miller.
Miller previously was a co-founder and managing partner at Nottingham Capital Management from September 2009 to December 2010. Schloss also joined the pension fund from a private equity firm, having previously founded Diamond Castle Holdings.
Last month, New York City Comptroller John Liu announced the pension would provide greater public access to information about its investments, including private equity holdings. Starting 1 July, the system will provide webcasts of pension board meetings and online access to pension fund information, including board meetings and agendas, portfolio holdings by money managers, detailed quarterly and annual reports, according to the statement.
“Taxpayers and pensioners deserve to know how the money is being invested and spent,” Liu said in a statement. “We have always aspired to run the best performing funds – it's time we broaden our aspirations to also run the most transparent funds. In fact, greater transparency ultimately will lead to stronger performance.”