The head of private equity and private credit for the New Jersey pension system, Jared Speicher, left the system at the end of July for a role at MetLife running investments in the asset class.
The move comes as New Jersey and other public systems struggle to retain private equity talent in the face of generally higher compensation in the private sector. Especially for LPs, as they gain knowledge and relationships in the asset class, firms tend to snap them up for investor relations and fundraising work.
New Jersey has had a history of turnover in private equity, with many of its former asset class chiefs moving into the industry. Despite this, the system has steadily built up a large portfolio, which was valued at about $12 billion as of July, according to system documents.
Speicher worked for New Jersey since 2016, prior to which he worked as a director at Analytical Research. The system now is running a search to hire a head of private equity and a head of credit, according to a spokesperson for the system. New Jersey has a residency requirement for state employees, the spokesperson said.
At MetLife, which Speicher joined Aug. 1, he has oversight and management of the U.S. LBO portfolio, as well as working alongside the whole PE team and managing the broader PE portfolio, a MetLife spokesperson said.