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New Mexico SIC’s Greg Kulka retires after 15 years leading private equity

  • David Lee named acting PE director
  • New Mexico SIC seeks permanent replacement
  • PE director to coordinate strategy, portfolio management

Longtime New Mexico State Investment Council private equity chief Greg Kulka has retired after 15 years at the sovereign wealth fund, spokesman Charles Wollmann told Buyouts.

Kulka retired at the end of 2016 after having overseen New Mexico’s PE portfolio since 2001. David Lee, who joined the $20.2 billion fund in 1998 as an equity portfolio manager, stepped in as acting director for New Mexico’s private equity portfolio.

Kulka shepherded New Mexico’s $1.6 billion PE portfolio through an especially difficult period that included both the global financial crisis as well as a pay-to-play scandal involving placement agent Marc Correra and former State Investment Officer Gary Bland.

The sovereign wealth fund collected more than $32 million in settlements from investment managers and individuals who “subverted the state’s investment process for their own benefit,” according to New Mexico documents.

New Mexico is seeking a permanent replacement for Kulka. A job description posted to New Mexico’s website outlines the director of private equity’s responsibilities, which include coordinating with the deputy state investment officer and PE  consultant on strategy, portfolio construction, manager and fund selection and portfolio monitoring.

New Mexico SIC held 7.9 percent of its assets in private equity as of Nov. 30, according to state documents. The portfolio netted a 10-year annualized return of 8.54 percent as of that date.

Action Item: To see New Mexico’s job description, visit

Photo illustration of New Mexico map courtesy of ©iStock/risamay