Brad Young, formerly a private equity investor at Massachusetts Institute of Technology (MIT), has joined Altius Associates as it seeks to bolster its private equity advisory services in the US.
Altius CEO John Hess said Altius is seeking to expand its US team to ‘five or six’ professionals. The firm currently has nine professionals in London, three in Richmond, Virginia, and one in Copenhagen, Denmark.
Since January 2000, Young was one of three senior professionals at MIT managing a private equity portfolio for the organisation’s endowment and defined benefit pension plan. He was also a member of the general partnership team for MIT Private Equity Fund I and II.
Before joining MIT, Young worked for five years at the University of Richmond endowment, where he was director of private investments and managed the day-to-day operations of the private equity portfolio. In his new role, he will report to Marcus Simpson, CEO of Altius’ US operations.
The appointment is Altius’ second in recent times following the appointment of Charles Magnay to the London office in February. Magnay, who joined to replace the departing Vicky Wilson, was a former member of the private equity fund investment team at UBS Capital and has responsibility for the German, French, Spanish and Italian markets.
Explaining the firm’s expansion plans, Hess said: “There appear to be new entrants to private equity and very few exiting the asset class – unlike the early 1990s when there was a wholesale exit. Things are pretty active from a demand standpoint and we think things will continue to pick up.”
Altius Associates was formed in March 1998 to provide tailored private equity advisory services to institutional investors. It assists clients with the construction of diversified portfolios and supports all aspects of fund investments, including monitoring and reporting. It currently manages and advises €2.5 billion of private equity commitments to US and European buyout, venture and growth managers.