APG, the Dutch pension administrator that once owned AlpInvest Partners, continues to build up its private equity team in New York as it works to expand its internal capabilities in the asset class.
APG hired former AlpInvest executive Megan Bethke in May as a senior portfolio manager on the private equity team. Bethke reports to Greg Jania, head of private equity fund investments. Iain Leigh, who joined APG last year from AlpInvest, runs the global private equity operation from New York.
Bethke worked at AlpInvest since 2004, starting as an associate and moving to principal, according to her LinkedIn profile.
APG will address some segments of the private equity market using its internal management team, but will continue to partner with AlpInvest for other parts of the programme.
APG and fellow Dutch pension administrator PGGM sold their stakes in AlpInvest to The Carlyle Group in 2011. Both institutions committed at the time of the sale to investing €10 billion with AlpInvest until 2015. APG has already exceeded that amount, a spokesperson for the institution told Private Equity International in a prior interview.
Both pension organisations have been building up their own internal private equity operations. APG hired Jania earlier this year from Chicago-based fund of funds WP Global Partners, where he had worked since 2005.
APG hasn’t been explicitly clear about its plans for private equity, though the spokesperson said in the prior interview: “In the past, APG outsourced its whole private equity programme to AlpInvest. In the future, APG will address some segments of the private equity market using its internal management team, but will continue to partner with AlpInvest for other parts of the programme.”
In January, the organisation confirmed it had hired Marta Jankovic as senior sustainability and governance
specialist. Jankovic is responsible for signing off on all the environment, social and governance aspects of all new investment proposals in private equity, hedge funds and other illiquid asset classes. Jankovic also will develop processes to monitor existing investments on ESG performance.
PGGM hired former Gilde Buy Out Partners executive Eric-Jan Vink as its head of private equity in March 2012.
APG manages assets totaling about €325 billion (as of the end of 2012) for seven pension funds in the Netherlands.