Trio of Pensions Appoint New CIOs

Hiring new chief investment officers was the order of business this week at three of the nation’s pension funds in Illinois and Connecticut.

The $25 billion Illinois Municipal Retirement Fund named Dhvani Shah as its new chief investment officer. She will start her new role on Dec.19. Shah comes to IMRF from the $90 billion New York State Teachers’ Retirement System, where she has been managing director of the fund’s private equity investments. She joined NYSTRS in 2009.

Connecticut’s Biggest PE/VC Hits and Misses (slideshow)

The state of Connecticut’s tempest-tossed private equity portfolio, lashed by scandals, bad bets and a hiatus from new commitments a decade ago, hasn’t performed as badly as you might think, although at least one secondary sale may mask some of the results. As of March 31 the $2.2 billion portfolio, with investments dating from 1987 […]

Freeman Spogli Finally Closes Fund VI, $265M Short Of Target

Freeman Spogli & Co. has finally closed its sixth fund with $735 million in commitments, Partner Bill Wardlaw told sister magazine Buyouts.

The fund fell well short of its $1 billion target. But, said Wardlaw, “given the fundraising environment, we were pleased with what we got.”

There must be some relief and exhaustion on the part of Wardlaw and his colleagues too.

Connecticut Pensions’ CIO Resigns to Join MassMutual

The Connecticut Retirement Plans and Trust Funds announced that its chief investment officer, M. Timothy Corbett, planned to step down to become chief investment officer and executive vice president of the Massachusetts Mutual Life Insurance Company.

Connecticut’s state pensions have $2.1 billion in private equity and venture capital, about 9 percent of the system’s $25 billion in assets. The system’s overall private investment target is 10 percent.

Corbett was responsible for the pensions’ investments and strategic planning. His resignation is effective on Friday, May 20th. He starts in his new role the following Monday.

Mr. Corbett’s deputy at the Connecticut pension, Lee Ann Palladino, will return to the role of interim chief investment officer and will also serve as head of the Connecticut treasury’s Pension Funds Management Division. Palladino was interim CIO prior to Corbett’s CIO appointment in July 2009.

Jason Price Resigns from State of Connecticut

Jason Price, the Principal Investment Officer of Private Equity for the Connecticut Retirement Plans and Trust Funds, has resigned. In an email sent today, Price said he will leave his position at the storied pension fund to join CIGNA Corporation, an employee benefits company. The State of Connecticut will continue with its retention of Brad […]

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