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GLOBAL - Big Apple pensions ripe for private equity

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New York City, which boasts a pension pot of $96.4bn, is reportedly naming a private equity veteran to look after its investment, triggering conjecture that the city may put more money to work in the asset class which spent most of last year plagued by liquidity-constrained US institutional investors.

The move follows the swearing in of Democrat John Liu as NYC Comptroller, who had said his policy will be to avoid "aggressive esoteric financial instruments".

Lawrence Schloss is chairman and chief executive of Diamond Castle Holdings, a private equity firm he co-founded in 2004. Prior to that he ran CSFB's private equity unit following its takeover of Donaldson, Lufken & Jenrette, where he served as chairman since 1995, having joined in 1978.

According to its website, NYC's pension pot had invested 8% in private equity and real estate at the end of Q3 2009.

According to Diamond Castle's website, Schloss' last decade at DLJ saw him involved in the investment committees of each of the DLJ Merchant Banking Partners equity funds, as well as the mezzanine funds, real estate funds, secondary funds and funds of funds. Diamond Castle focuses on leveraged buyouts and growth capital investments in four sectors: energy and power, financial services, media and communications, and healthcare.

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