New York State Teachers shuffles PE, real estate heads
New York State Teachers’ Retirement System (NYSTRS) has appointed John Virtanen as managing director for private equity. He moves over from the system’s property portfolio, which will now be overseen by David Gillan.
Virtanen, who joined NYSTRS in 1977 in the mortgage serving division, will take charge of a $7.2 billion private equity program, which accounts for 8.1% of the $88.9 billion NYSTRS had under management as of last December. It had made approximately $13.7 billion in commitments to the asset class through the end of the 2012 calendar year.
Excluding global funds that invest in Asia, NYSTRS' regional exposure is largely focused on HarbourVest Partners' co-mingled vehicles, including HarbourVest International PEP VI - Asia Pacific Fund and HIPEP Select Asia Fund.
Gillan is now responsible for a $15 billion global real estate portfolio that features direct investments, global property funds and securities, as well as commercial lending. As of December 2012, equity real estate investments totaled $9.7 billion, or 10.8% of NYSTRS' total portfolio. Another $5.3 billion was in the real estate debt portfolio.
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