Schloss will leave NYCERS on 18 October and begin his new role on 11 November. He will become a partner at Angelo Gordon and a member of the firm’s executive committee. Schloss has held the position of CIO at New York City since January 2010 and also acted as deputy comptroller.
“During Larry’s tenure as Chief Investment Officer, the City’s pension funds grew by $45 billion, to $145 billion, the largest increase recorded by any NYC CIO ever,” New York City comptroller John Liu said in the statement.
Seema Hingorani, head of NYCERS’ equities, will serve as interim CIO until 1 January. New York City’s next comptroller will name a new CIO, a spokesperson from the system told Private Equity International.
Schloss managed NYCERS’ private equity portfolio following the departure of Barry Miller, who left to join secondary firm Landmark Partners earlier this year. Miller stepped into the lead private equity role at NYCERS in 2011. The job had been vacant since 2005.
Angelo Gordon manages about $24 billion of credit, private equity and real estate assets. The firm’s portfolio companies include Japanese theme and sushi restaurant operator Benihana and Crunch health club chain. Chief executive officer John Angelo and CIO Michael Gordon founded the firm in 1988, according to its website.