It was announced earlier in the month that Steve LeBlanc, senior managing director of private equity at Teacher Retirement System of Texas (TRS), would be leaving the public pension fund. LeBlanc is leaving TRS after four years to rejoin the private sector. During his time at TRS, LeBlanc and his team made approximately 90 private equity investments around the globe totalling USD 20 billion. He also facilitated the development of new investment processes and helped the pension fund form key strategic relationships. LeBlanc will be continuing in his position until early June to facilitate the transition and help plan organisational changes.
Elsewhere, California-based pension fund, Contra Costa County Employees' Retirement Association (CCCERA) has hired a new CIO. The position had been vacant since January 2012, when it was announced that Cary Hally would be leaving the role. The new CIO has been announced as Timothy Price. Prior to joining CCCERA, Price served as the pension fund’s investment consultant at Milliman.
New York State Teachers’ Retirement System (NYSTRS) has also recently announced staff changes. Although no one has left the pension fund, a position has been created in its investment team for a new private equity investment officer. NYSTRS is looking for an investment officer who will carry out due diligence on its private equity portfolio, which includes approximately 147 fund commitments across 68 fund managers.
TRS, NYSTRS and CCCERA are just a few of the US public pension funds that are actively investing in private equity. Preqin’s Investor Intelligence currently tracks 491 public pension funds globally, of which 271 are based in the US. In terms of exposure to private equity, the US public pension funds currently tracked by Preqin have an aggregate allocation to the asset class in excess of $236 billion. TRS and NYSTRS are among some of the largest US public pension funds active in the private equity asset class, ranking 6th and 11th respectively, based on their current allocation to the asset class.