NY Retirement Fund Sets New Direction

A former vice president in Salomon Smith Barney’s investment banking division, David Loglisci, has taken charge of New York State Common Retirement Fund’s $6.5 billion private equity portfolio. He replaced Paula Chester as director of private equity investment January 2.

Loglisci has not yet announced changes to the fund’s investment strategy, nor has he made any new commitments on behalf of the fund. Chester had held the position since January 1999 and secured stakes in funds managed by Blackstone Capital Partners, HarbourVest Partners, Kohlberg Kravis Roberts & Co., Madison Dearborn Partners, Menlo Ventures, Meritech Capital, Providence Equity Partners, Sprout Group and Warburg Pincus.

Before taking a position with the $111 billion public pension fund, Loglisci spent four years at Salomon Smith Barney, finishing his career as vice president in its investment banking division. He also served as New York State Senator Martin Connor’s chief of staff from 1992 until 1994. Connor, a Democrat who represents New York City and parts of Long Island, is a four-time party leader in the state senate. A 1998 graduate of Notre Dame University’s law school and its school of business, Loglisci was also an All-American football player during his undergraduate days at Georgetown University.

New York’s Common Fund has more than 130 private equity funds in its portfolio. It holds a mix of buyout, fund-of-funds, special situation and venture capital funds, though it has been shying away from new commitments to venture capital funds since technology stocks began to fall in 1999. Its private equity program posted losses of 11.9% for the fiscal year ending in June.