New Mexico SWF Loses Private Equity Head

Portfolio strategist David Lee has been named acting director following the retirement of Greg Kulka.

The New Mexico State Investment Council’s long-time private equity chief has retired, the fund confirmed Friday.

Greg Kulka had been at the $20.8 billion sovereign wealth fund for 15 years. He was responsible for the fund’s private equity investments, which make up roughly 9% of the total portfolio.

David Lee, a portfolio strategist at the fund, will replace Kulka in “an acting capacity that may later become permanent,” said Charles Wollmann, spokesman for the investment council.

He will report to CIO Vince Smith.

“Greg has retired and we wish him well,” Wollmann said. “David is going to be overseeing that portfolio for us for the foreseeable future.”

Currently, there are no external searches planned for a permanent private equity director or replacement for Lee’s former role.

Related: Class of 2014: New Mexico State Investment Council