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NYSTRS appoints new managing director of real estate
The $90.9 billionNew York State Teachers' Retirement System (NYSTRS) has appointed David Gillan managing director of real estate. This was announced by NYSTRS on Jan. 31. Gillan succeeds John Virtanen, who has been named managing director of private equity for the retirement system.
As managing director of real estate, Gillan will oversee NYSTRS’ $15 billion global real estate investment portfolio. This includes direct property investments, global real estate funds and securities, and commercial lending.
As of Dec. 31, 2012, the retirement system’s real estate investments totaled $9.7 billion, comprising 10.8 percent of the NYSTRStotal investment portfolio. The real estate debt portfolio was $5.3 billion, or 5.7 percent of the total portfolio.
Gillan joined NYSTRS in 2001, initiall