Hiring new chief investment officers was the main order of business at three of the nation’s pension funds in Illinois and Connecticut.
The $25 billion
At NYSTRS, Shah managed $7.2 billion in private equity assets, although there was no word as to whether her appointment points to a greater emphasis on private equity by Illinois Municipal. The pension’s alternative investment portfolio, which includes private equity, totaled less than $1 billion, or 4 percent of assets, as of Dec. 31, 2010.
Shah replaces Walter Koziol, who announced in April that he planned to retire this year. Shah’s appointment leaves a crucial vacancy at NYSTRS in its private equity program.
Across town, the $5.4 billion
Walsh will be replacing Jim Mohler, who will become the pension’s new executive director after the retirement of Terrance Stefanski, who is slated to step down on Dec. 1.
As of June 30, the Chicago pension had just over $200 million, or 4 percent of its portfolio, in private equity, but because it has a 10 percent private equity target, the system is likely to make substantial new private equity commitments in coming years.
Finally, the $22 billion
Connecticut’s pensions have about $2 billion in private equity and venture capital, about 9 percent of the system’s $25 billion in assets. The system’s overall private investment target is 10 percent.