Private Equity Expert to Run NYC’s Pension Funds

(January 6, 2010) — Larry Schloss, who chairs private equity investment firm Diamond Castle Holdings, has been selected by New York City’s new comptroller John Liu to run the city’s $86 billion pension funds, according to Reuters.

Schloss’ appointment may be an indication that the New York City’s pension system may begin to view private equity investments – which have been battered in the past two years over losses, illiquidity, and a lack of exit strategies – in a more favorable light.

Schloss previously ran Credit Suisse First Boston’s private equity group, a $32 billion alternative asset investment business. He took that job after the bank took over Donaldson, Lufkin & Jenrette. Fifty-four year old Schloss received a B.A. from Tulane University and an M.B.A. from The Wharton School of the University of Pennsylvania.