The
Teachers, one of Canada’s largest limited partners, said it is the lead sponsor of a private investor group in the deal to buy AIG United Guaranty Mortgage Insurance Co. Canada, the second-largest private mortgage-insurance provider in Canada.
“We believe the mortgage insurance industry in Canada to be an attractive market, and that United Guaranty Canada is well positioned to grow its market position,” Erol Uzumeri, senior vice-president of Teachers’ Private Capital group, said in a statement.
“The company has a strong management team, and Teachers is prepared to support the growth of the business,” Uzumeri said. —Andrea Hopkins, Reuters
Schloss named CIO of NYC
Larry Schloss
has agreed to become the next chief investment officer for New York City. He most recently was chairman and CEO of private equity firm Diamond Castle Holdings, and previously ran CSFB Private Equity and DLJ Merchant Banking.
The CIO position is one of several not yet officially filled by new NYC Comptroller John Liu, who took office earlier this month. It is unclear if Rita Sallis—CIO under former NYC Comptroller William Thompson—will remain in any capacity.
Schloss did not return calls for comment, while a Liu spokeswoman declined to comment.
What will be more interesting to watch, however, is how Schloss gets used to the organizational cluster he’s about to inherit.
New York City operates five public pension systems, of which four invest in private equity. Each of those mini-systems has a board of trustees, but no independent investment staff. Instead, they rely on recommendations from the comptroller, which serves in a custodial and chief financial advisor role for each pension system (it also gets one vote on each board). The comptroller’s staffers also work closely with consultant Pacific Corporate Group, even though PCG reports directly to the different pension system trustees. —Dan Primack
New director to spearhead NH alternatives
Lawrence Johansen
has begun his new job as the director of investments for the
Johansen spent more than 30 years in various positions at the
As of June 30, 2009, New Hampshire had a total portfolio of $4.4 billion, with the actual alternative investment allocation of 2.3 percent. The target allocation is 10%, with a range of zero to 15 percent. In 2009 the state committed $20 million to secondary fund Lexington Capital Partners VII and $20 million to Audax Mezzanine Fund III. —Nancy Gordon
San Francisco LP taps Holcher
The
Lane moves to Ohio LP
John Lane
has been named director of investments for the