APG’s CEO to join University of California

The Dutch pension manager is losing Eduard van Gelderen to the $10bn university system, where he will be senior managing director of public equities investments.

The chief executive officer of Dutch pension asset manager APG Asset Management is set to leave the firm this summer to join the University of California’s office of the chief investment officer, according to a statement from APG issued on Friday.

Eduard van Gelderen, who has been CEO of the €444 billion pension manager since September 2014, will leave his role on 1 August, according to the statement. An APG spokesman told Private Equity International APG has about 5 percent in actual allocation to private equity.

“Eduard has defended in the Dutch media the role of private equity in a well-diversified global pension fund investment portfolio,” the spokesman said, adding that the pension manager is currently searching for van Gelderen’s replacement.

Van Gelderen, who is based in Amsterdam as listed on his LinkedIn profile, will become senior managing director, public equities investments working under University of California CIO Jagdeep Singh Bachher, with four main responsibilities, according to materials from the university’s 17 May board of regents meeting.

He will oversee the $56 billion pension fund of the university; the $52 billion public equity programme across the university’s pension, endowment and other investment platforms; the $1 billion real assets programme across those channels; and will generally grow the university’s investment portfolio, the materials showed.

According to an APG fact sheet on its private equity investments, the pension manager’s private equity portfolio generated an 11.5 percent internal rate of return in 2015, up from 10.6 percent in 2014, when van Gelderen initially joined.

APG’s private equity programme is led by managing director Reitze Douma, the fact sheet showed.

“Under [van Gelderen’s] management, APG AM has produced €100 billion in returns for our pension funds and their participants,” APG Group CEO Gerard van Olphen said in the statement. “We understand the attractive challenges of this new role in the US and we wish him good luck.”

Van Gelderen initially joined APG in April 2010 as CIO for capital markets investments, and replaced Angelien Kemna as CEO in 2014, the APG statement said. At that time, Kemna became the chief finance and risk officer within the pension manager.

Prior to joining APG, van Gelderen was a deputy CIO at ING Investment Management, his LinkedIn profile showed.

At University of California, he will work with three other senior managing directors in the office of the CIO: Richard Bookstaber, who is also chief risk officer; Scott Chan, who also oversees public equity investments; and Steven Sterman, who is responsible for fixed-income investments, according to the endowment’s website.

A University of California spokeswoman told Private Equity International van Gelderen is not replacing anyone.