Two public pension funds which actively invest in private equity have appointed new senior investment staff. Janine M. Guillot was named Chief Operating Investment Officer (COIO) of California Public Employees' Retirement System (CalPERS), the USD 203 billion public pension fund. She begins April 19th and will report to the system’s CIO on various strategies, including CalPERS’ private equity portfolio, which is valued at USD 25 billion and has unfunded commitments worth USD 22 billion. Ms. Guillot succeeds interim COIO Ken Marzion, who is retiring. In 2010, with regard to private equity, CalPERS intends to re-up with the best performing managers in its portfolio, grow co-investments, increase distressed and opportunistic investments, and improve terms and conditions in partnership agreements.
The second public pension fund of Sweden, AP-Fonden 2, has hired Hans Fahlin as CIO. He replaces Johan Held, who resigned in October 2009 to work in a similar capacity at Swedish insurance company AFA. The company has built a sizeable private equity portfolio over the last decade. Roughly 3% of its SEK 204 billion (EUR 21 billion) investment portfolio consists of private equity.
Baylor University Endowment Fund is looking to recruit a new CIO after losing Kent Muckel to asset manager Perella Weinberg Partners. Duties will include leading the USD 1 billion Texas-based fund’s investment activities, overseeing four investment staff, and reporting to the Baylor Executive Investment Committee. The fund has been a subdued private equity investor for the past half-year due to economic uncertainty and staff turnover. It expects to recruit a replacement by May, when it will also reassess its private equity activities.
More information on institutional investors in private equity, and their key contacts, can be found on Preqin’s Investor Intelligence database.