Larry Schloss was named chief investment officer of the five New York City pension funds, overseeing about $100 billion, confirmed spokeswoman Sharon Lee.
He will take over the post on Jan. 19.
Mr. Schloss is chairman, chief executive and co-founder of private equity firm Diamond Castle, which has $1.85 billion under management, according to the firm's website.
Prior to helping found the firm in 2004, he was global head of CSFB Private Equity, a $32 billion alternative asset management business.
Mr. Schloss replaces Rita Sallis as CIO of the New York City Employees' Retirement System; Teachers' Retirement System; Police Pension Fund; Fire Department Pension Fund; and Board of Education Retirement System.
Ms. Sallis worked for former city comptroller William Thompson, who unsuccessfully ran against incumbent Mayor Michael Bloomberg in November.
John C. Liu was elected comptroller and appointed Mr. Schloss.
“It’s a great opportunity,” Mr. Schloss said in a telephone interview. “It’s one of the best jobs in New York City.”
Mr. Schloss would not comment on the city’s pension funds’ health or future investment strategy. “I’m not in yet,” he said. “I’ve got to learn who’s who and what’s what.”
He said Diamond Castle’s four remaining partners will discuss with investors what the company will do following his departure. He didn’t comment on when Diamond Castle might choose a successor.
Other officials at Diamond Castle could not be reached.