I really dont want to keep writing about the travails of Pacific Corporate Group, and agree with some critics (mostly within PCG) who suggest that its devolving into dangerous obsession. But as long as the scoops keep coming, Ill keep sharing
The latest is that Tara Blackburn has agreed to join Hamilton Lane Advisors, effective this Monday. Those following the PCG soap opera will recall that Blackburn quit PCG last September along with two other senior pros, after failing to win firm management and economics concessions from CEO Chris Bower. She didnt have the trios top title that belonged to Monte Brem but did have its finest pedigree. She was the primary contact for most of PCGs large non-discretionary clients and, as I noted at the time, her stabilizing presence at PCG was one of the few things keeping the State of Oregon from issuing a new RFP.
Soon after she left, of course, Oregon did issue a new RFP (in part due to additional PCG personnel dysfunction). And the finalists were (drumroll please): PCG and Hamilton Lane. PCG kept in the running because, as the incumbent, it still had the best understanding of Oregons $ billion portfolio. But now that their golden girl is with the competition, Id suggest that Hamilton Lane has at least pulled even.
The only reason it may not have run ahead is the pesky fact that former Oregon Investment Council chairman Gerry Drummond is a Bower pal who recently joined the board of PCG Asset Management. Oregon has not set a formal selection date, but April is most likely because the February agenda is jammed and there is no March meeting (OIC could, however, convene a special meeting in the interim).
In the meantime, Hamilton Lane already has snared one PCG incumbent account with todays news that it will be the new discretionary manager for private equity with the Colorado Fire & Police Association.