The senior portfolio manager will join a team under the direction of Managing Director David Ferguson, who has worked at the pension fund since 2010, according to the job announcement.
The two officers would work on a private equity portfolio valued at $23.5 billion as of March 31. They would be supervised by Eneasz Kadziela, deputy chief investment officer and head of private equity, according to the job posting.
Callan, consultant to the Arkansas Public Employees Retirement System, has now proposed two possible allocation plans as the $10 billion pension plan embarks on reaching a 5 percent target allocation to private equity.
The Makena Perpetual Private Equity Fund LP had reached at least $2.7 billion as of April, according to a regulatory filing. It collected an estimated $381 million over the previous 15 months.
Despite the downturn in deal activity and fundraising, Lew said she was “so excited about this as a moment to invest in privates,” a time “when valuations are down, when all the tourists leave, when people who are entrepreneurs in this environment” strike out on their own.
The move would theoretically free up another $3 billion to go into the private equity portfolio. However, as of March 31 the pension fund’s $47.3 billion private equity portfolio stood at 2.54 percentage points above target (within the allowable range of plus or minus 3 percentage points).
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