NYC Comptroller names head of private equity, GA-backed Alternative Health Solutions considers strategic deals

NYC comptroller Scott Stringer announced that senior investment officer Eneasz Kadziela was promoted to lead private equity for the entire city system.

Happy Thursday!

Here’s something to look out for, in case you happen to be raising a fund — NYC comptroller Scott Stringer announced that senior investment officer Eneasz Kadziela was promoted to lead private equity for the entire city system. That’s an about $18 billion portfolio across the five pension funds that make up the city system.

Kadziela steps into the role vacated by David Enriquez, who left earlier this year and joined Rothschild, PEI wrote. The system has been working to get to its 8 percent allocation target to private equity, which had built it to around 6.8 percent, according to a 2020 financial report, cited by NY Post.

Earlier this year, the NY Post reported the comptroller was asking the system to drop a rule that forced its PE managers to pay for litigation out of their own pockets, rather than shift the costs to fund investors (a common practice in private equity).

The rule, implemented in 2016 after a handful of big PE firms decided to settle a wide-ranging collusion case, has caused the pension system to miss out on getting access to some big funds in recent years, including Silver Lake, Thoma Bravo and Nordic Capital, NY Post said.

Add-ons: General Atlantic-backed Alternative Solutions Health Network is considering potential strategic deals, working with Harris Williams after receiving unsolicited interest from buyers, writes Sarah Pringle on PE Hub today.

GA took a minority stake in Alternative Solutions Health in September 2017. The company generates around $50 million of Ebitda, Sarah wrote.

Read more here on PE Hub.

Restructure: HarbourVest Partners led a restructuring of Kibo Ventures debut fund, transferring seven remaining assets from the pool into a continuation fund. HarbourVest also committed to Kibo Ventures Opportunity Fund, which will support the existing portfolio.

Kibo Ventures, which manages more than 250 million euros across four funds, has a team of 12 professionals in Madrid, Barcelona and Lisbon. It invests in early-stage companies in consumer and enterprise software.

Read more here on PE Hub.

That’s it for me! Have a great rest of your Thursday. Reach me with tips n’ gossip, feedback or book recommendations at cwitkowsky@buyoutsinsider.com or find me on LinkedIn.