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Senior Investment Professional Moves at US-Based Institutional Investors - May 2013

by Philippe Alteirac

  • 14 May 2013
  • PE

Over the past month, there have been a number of senior investment professional moves among US institutional investors. Tennessee Consolidated Retirement System (TCRS), for example, announced that its private equity director, Lamar Villere is leaving to join his family’s money management firm, Villere & Co. Mr. Villere had been directing TCRS’s private equity investments since 2009 and will be stepping down from his position in June. Although a replacement has yet to be established, private equity analyst Daniel Crews has been made the interim director at the pension fund.

It has also recently been reported that Harvard Management Company (HMC) will be looking to hire a new CIO, following the departure of former CIO Peter Dolan. Mr Dolan’s position has been temporarily filled by John Shue, senior vice president of private equity, on an interim basis at the endowment.

Elsewhere, Brown University Endowment Fund (BUEF) has hired a new CIO, effective as of June 2013. The new CIO has been announced as Joseph Dowling III, having previously held the position of CEO at hedge fund manager, Narragansett Asset Management.

One investor looking to fill investment positions is New York State Teachers’ Retirement System (NYSTRS). The public pension fund is looking to hire two private equity investment officers to assist in evaluating and selecting private equity managers, reporting to the Manager of Private Equity.

Among the above LPs, Harvard Management Company (HMC) is one of the largest North American endowment plans investing in private equity. With a current allocation to private equity of $7bn, Preqin’s Investor Intelligence ranks HMC as the third largest North American endowment plan in terms of current allocation to private equity. New York State Teachers’ Retirement System is another significant player within the asset class, ranked as the 13th largest North American public pension fund based on its current allocation to the asset class, which stands at $7.5bn.

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