Washington State’s CIO to retire after 18-year tenure

Gary Bruebaker, who has been Washington State Investment Board’s CIO since 2001, will retire at year-end after 18 years.

WSIB, which manages $104 billion in state pension funds and about $30 billion in other assets, has aggressively allocated to PE. It has a 23 percent target to private equity and a PE portfolio valued at an estimated $21.8 billion as of March 2019.

In a statement, Bruebaker said he was honored to work on behalf of Washington retirees. He plans to stay at the board until Dec. 20 and will remain available until early 2020 to assist in the transition to a new investment leadership team, WSIB said.

Washington State has hired Heidrick & Struggles to help recruit Bruebaker’s successor.

Theresa Whitmarsh, WSIB’s executive director, called Bruebaker a “tremendous co-leader” who had brought steadfast discipline, attention to detail, and openness to new ideas to his work with the board.

WSIB credited Bruebaker with building a portfolio that combines cost-effective public markets investments with strong commitments to private markets and enduring relationships with external investment partners.

Washington State was in the top decile of public retirement plans for investment performance during the 17 years ended June 30, 2017, and its retirement plans have earned an average annual return of 8.7 percent since inception, according to the board.

A former deputy treasurer for Oregon, Bruebaker has served as a trustee and vice chair for the Financial Accounting Foundation, and has been a member of the investor advisory committees for both KKR and TPG.

In retirement, Bruebaker’s goals include “investing more time with his family” and spending more time on hobbies like water sports, outdoor activities and vintage cars.

Washington State reported $2.6 billion in private markets commitments at its April meeting.

Action Item: View Washington State’s latest PE IRR report here https://bit.ly/2TIc2i7