In Q2 2014 so far, we have seen a number of senior investment professional moves among North America-based institutional investors.
CDP Capital - Private Equity Group recently hired Andreas Beroutsos to serve as Executive Vice President of Private Equity. Beroutsos, previously the Director of Private Equity at McKinsey & Company, will oversee all private equity investments outside of Québec, and will be based in Montréal. CDP Capital - Private Equity Group is one of the largest North America-based LPs investing in private equity funds, with assets under management of C$200bn. Preqin’s Investor Intelligence database shows CDP Capital - Private Equity Group as being within the top 15 North America-based, and the second largest Canada-based investors in terms of current allocation to private equity.
It has also recently been reported that David Turner of Guardian Life Insurance retired on 30 May 2014, after seven years in the insurance company’s private equity arm. He managed the private equity portfolio for Guardian Life Insurance, and Maurice Gordon, current Managing Director and Head of Private Equity, has taken over this responsibility. Guardian Life Insurance is the fourth largest mutual life insurance company in the US, with assets under management of $37.7bn, and has been investing in private equity since 2006.
Florida State Board of Administration (FSBA) has named Wesley Bradle as Senior Portfolio Manager on the private equity team. Bradle has previously served as an investment officer at California Public Employees’ Retirement System (CalPERS), a position which he held for six years. FSBA is responsible for investing capital on behalf of Florida Retirement System (FRS), the fourth largest public retirement system in the US, and currently allocates over $8bn to private equity funds, with total assets under management of $177.9bn.
Elsewhere, San Bernardino County Employees' Retirement Association (SBCERA) has hired Gary Ameilio as Chief Executive Officer. Amelio has previously worked as Chief Executive Officer for the Santa Barbara County Employees Retirement System, and for the San Francisco Employees’ Retirement System as its Executive Director. SBCERA took its first steps into the private equity asset class in 2003, and now maintains a diversified portfolio of investments with assets under management of $7bn.
Preqin’s Investor Intelligence currently tracks 2,901 LPs that are based within both the US and Canada, 54.8% of all institutional investors tracked, which manage an aggregate $33tn in total assets. Also, of all tracked investors looking to make new commitments to private equity funds over the next 12 months, over half (50.5%) are based in the US and Canada. This is unsurprising given the maturity of the private equity industry within the region, and shows that North America-based institutional investors will continue to represent a significant source of capital within the asset class.