Firms & Funds

AIMCo PE funds chief heading to HOOPP

LP job shifts that began during the so-called Great Resignation in the wake of the global pandemic have continued even as the market has soured.

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Mark Cormier, head of private equity fund investing at Alberta Investment Management Corp, left the system recently, sources told Buyouts.

Cormier will join the Healthcare of Ontario Pension Plan’s (HOOPP) private equity group in January, where he will focus on fund investing across private equity, private credit, secondaries and venture capital, a HOOPP spokesperson said.

Cormier is among a handful of senior private equity limited partners who have moved jobs. Shifts that began during the so-called Great Resignation in the wake of the global pandemic have continued even as the market has soured.

For example, Karen Frank, global head of equities at Ontario Teachers’ Pension Plan, was set to leave the system December 2, Buyouts previously reported. Frank ran an equities team that included a focus on direct private capital, public equities and allocations to private equity.

Cormier worked at AIMCo for more than a decade, joining in 2012 from JP Morgan, where he worked in tech banking, according to his LinkedIn profile. Before, he worked at Telus as a director and senior product manager, his profile said.

A spokesperson for AIMCo did not respond to requests for comment. The C$168.3 billion system committed or deployed C$2.7 billion in 2021, according to Peter Teti, head of private equity and international, told Buyouts in June. Of that, C$1.7 billion went into funds and the rest into direct and co-investments, Buyouts reported. Roughly 60 percent of the system’s private investment portfolio was in fund investments.

Fund commitments included Genstar Capital’s 10th fund, which closed on $10.2 billion; and Summit Partners 11th fund, which closed on $8.3 billion.

It’s not clear if AIMCo has plans to move someone into the PE funds role. Private equity overall is led by Teti.

HOOPP Capital Partners, meanwhile, invested or committed about C$13.7 billion across funds, companies and other assets as of December 2021, Buyouts reported. HOOPP’s private equity group is led by Lori Hall-Kimm, senior managing director and head of global private equity.