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Howard Hughes Medical private equity chief to step down

DeNinno’s move is among a slew of LP moves in recent months, as GPs look to enhance their fundraising firepower with IR talent, and larger LP institutions seek talent from a small pool.

Greg DeNinno, who has led private equity at the prolific but low-key limited partner institution Howard Hughes Medical Institute, is leaving the system, two sources told Buyouts.

DeNinno’s move is among a slew of LP moves in recent months, as GPs look to enhance their fundraising firepower with IR talent, and larger LP institutions seek talent from a small pool. One issue many LPs are facing in the crowded fundraising market is a lack of talent to help deal with the mass of opportunities.

“The primary fundraising market is suffering from the same supply chain problem in the real economy,” according to a senior fundraiser. “There’s a lack of enough people to actually process all the work that’s required.”

DeNinno joined Howard Hughes in 2008 as an analyst, working his way through the ranks on the private markets team to managing director, which he made in 2016, according to his LinkedIn profile. He replaced Mark Barnard, the former private equity investment chief, who left that year, Buyouts reported at the time.

It’s not clear if DeNinno has left yet or if not, when he is leaving. A spokesperson for Howard Hughes declined to comment.

Howard Hughes private markets team oversees a portfolio of global venture capital, growth, buyout and energy-related investments. The fair value of the portfolio stood at a fair market value of about $7.2 billion, with about $2.5 billion of unfunded commitments as of August 31, 2021, according to the system’s annual report.

The endowment had about $27.1 billion in net assets as of last year, according to the system’s financial statement.

DeNinno’s move comes amid a host of other LP moves around the industry. Ya Tung, a managing director at GCM Grosvenor focused on private equity, will leave this summer for a new venture. Liam Daul left New Jersey’s treasury and joined Nippon Life Global Investors Americas in March to focus on PE. And Leo Chenette, a former managing director with BlackRock Private Equity Partners, joined NYS Common Retirement Fund in April.