One of the UK’s largest public pension funds, Universities Superannuation Scheme (USS), is looking to expand its internal investment team. Managing GBP 28 billion in assets, USS plans to expand the investment team by up to two-thirds over the next four years (from 71 staff members to as many as 120). The pension fund has a current allocation to private equity of more than GBP 1 billion and is below its target allocation. USS invests in a diverse portfolio of private equity funds around the world and is increasing its co-investment activity. It has very little exposure to funds of funds.
Another investor, Superannuation Arrangements of the University of London (SAUL), has appointed Kevin Wade as head of investments. The position is a newly created role at the GBP 1.4 billion private sector pension fund. SAUL has 10% of total assets allocated to alternative assets. It gains exposure to private equity mainly through funds of funds and is below its target allocation to the asset class.
Across the Atlantic, US investor North Dakota State Investment Board is seeking someone to fill the role of CIO and executive director. LeRoy Gilbertson is handling the positions in the interim following his predecessor’s passing earlier this year. Mr Gilbertson was previously a director at the USD 24 billion Arizona State Retirement System. The USD 3.2 billion North Dakota State Investment Board does not anticipate making any new private equity investments before a new CIO is appointed. The investment board is advised by consultant Callan Associates.
More information on institutional investors in private equity can be found on Preqin's Investor Intelligence database.