The start of 2014 has seen a number of senior investment professionals move among various North America-based institutional investors. These LPs range from large Canada-based public pension plans to US-based foundations. One such LP with a recent management change is the University of Illinois Foundation, which has recently appointed Edward “Ned” Creedon as Director of Private Investments. Mr. Creedon was previously employed by Maine Public Employees’ Retirement System as Deputy CIO and Head of Alternative Investments.
CPP Investment Board, the fourth largest LP in North America, based on its current allocation to private equity of $30.2bn, recently hired a new Chief Investment Strategist. Ed Cass will replace Don Raymond who will step down in March 2014. Prior to joining CPP Investment Board in 2008, Mr. Cass was Managing Director and Co-CIO for Fortress Investment Group’s Drawbridge Relative Value Fund. He also held senior positions at Deutsche Bank Canada and TD Securities. Cass will be responsible for fund level investment strategies in addition to being the chairman for the Investment Planning Committee.
Harvard Management Company, the largest endowment plan in North America, announced that Lane MacDonald has stepped down as Head of Private Equity. He will become President of Crosby Company of New Hampshire, the family office for the owners of Fidelity Investments. He joined the $32.7bn endowment plan in 2008 as Senior Vice President of Private Equity, where he was then named Managing Director of Public Markets in 2012. In the interim, John Shue will act as Private Equity Director.
Elsewhere, Regents of the University of California named Jagdeep Singh Bachher as CIO, effective 1 April 2014. He previously worked at Alberta Investment Management Corporation (AIMCo) as Executive Vice President. In his new role, Mr. Bachher will be responsible for managing the $82bn in total assets for the university’s pension, endowment, short-term and total return investment pools. His predecessor, Marie Berggren, retired in July 2013 after 11 years of service.
Preqin’s Investor Intelligence online service currently tracks over 2,891 active investors in private equity funds based in North America, with 2,736 located in the US. Both US and Canada-based investors (excluding fund of funds managers) are, on average, below their target allocations to private equity of 11.5% and 10.1%, with an average current allocation of 10.9% and 8.3%, respectively. 2014 is therefore likely to see continued growth in the private equity asset class through new fund commitments from North America-based LPs.