John Virtanen, managing director of private equity for the New York State Teachers’ Retirement System, Albany, retired after 38 years at the $108.9 billion pension fund.
Mr. Virtanen held the private equity post since February 2013. His retirement, which took effect last month, was announced at the July 29 board meeting.
Further information was not immediately available. “An announcement regarding the … position is expected later this week,” John Cardillo, a spokesman for the pension system, wrote in an e-mail Monday.
Private equity accounts for 7.3% of pension system assets, or about $7.95 billion.
Separately, Mr. Cardillo wrote the pension system achieved a 4.5% return on investment for the nine months ended March 31. Audited fiscal-year results will be announced later in the year.
At its quarterly meeting, the governing board approved one-year contract renewals for six investment managers. The managers and their accounts are: Cohen & Steers Capital Management, $165.6 million in preferred securities of real estate investments trusts and real estate operating companies; Baillie Gifford Overseas, $595.8 million in active ACWI ex-U.S. international equity; William Blair, $608.5 million in international all-cap growth equity; T. Rowe Price Group, $564 million in enhanced passive domestic equity; Progress Investment Management Co., $738.5 million in a domestic all-cap equity manager-of-managers account; and Leading Edge Investment Advisors, $413.2 million in a domestic equity manager-of-managers mandate.
