New York State Teachers names new real estate, private equity leaders
By Robert Steyer | February 1, 2013 3:34 pm
David C. Gillan was promoted to managing director of real estate at the $88.1 billion New York State Teachers' Retirement System, Albany, spokeswoman Heidi Brennan confirmed.
Mr. Gillan succeeds John W. Virtanen, who was named managing director of private equity for the pension system, Ms. Brennan said in an e-mail.
In his new role, Mr. Gillan is in charge of the NYSTRS' $15 billion global real estate investment portfolio, which includes commercial lending, direct property investments and global real estate funds and securities, according to a news release issued by the pension system Thursday.
Mr. Gillan joined the pension system in 2001. He had been manager of the real estate department since 2007.
Ms. Brennan said in the e-mail that no decision has been made on replacing Mr. Gillan.
Mr. Virtanen joined the pension system in 1977 and was named managing director of real estate in 2005. In his new job, Mr. Virtanen supervises the $7.2 billion private equity program, according to the pension system news release.
The private equity job had been vacant since December 2011, when Dhvani Shah left to become chief investment officer of the $27.5 billion Illinois Municipal Retirement Fund, Oak Brook, Ms. Brennan wrote.
Since then, the six-member private equity team had reported directly to Thomas K. Lee, the pension system's executive director and CIO, Ms. Brennan added.
The pension system also announced that Joseph J. Indelicato Jr. was appointed general counsel, succeeding Wayne Schneider who recently retired after more than 20 years.