An AFL-CIO attorney lashed out at legislators trying to repeal several aspects of the Dodd-Frank financial reform law yesterday, including the proposal that would require most private equity firms to register as investment advisers with the Securities and Exchange Commission.

Not many titans of private equity decide to turn the tables and manage pension funds. The pay, relatively speaking, is low. And at government-operated pensions, there are lots of workers and politicians watching your every move. But Larry Schloss, who co-founded Diamond Castle and before that led DLJ’s merchant banking division, decided that the opportunity to run the Big Apple’s $118 billion pension fund (which includes $7.5 billion in private equity) was just too good to pass up. Now that the native New Yorker has been chief investment officer for more than a year, Gregory Roth of Buyouts decided to catch up with him for a progress report.

The Libyan Investment Authority, the $70 billion sovereign wealth fund established in 2006, was until recently seen as an important key to bringing Colonel Muammar Gaddafi’s state closer to former adversaries like Britain and the United States.

I’ve been hearing a lot of small talk lately. I don’t mean hopes for warm weather in Boston or the juicy story about the general partner who...