Bear Stearns snags ex- ILPA chief

Arlett Tygesen, former executive director of the Institutional Limited Partners Association, has joined Bear Stearns’ recently created Private Funds Group.

Bear Stearns’ Private Funds Group continues its expansion with the hire of Arlett Tygesen.

Tygesen

Tygesen was the first executive director of the Institutional Limited Partners Association, a 4-year old Toronto, Canada-based organisation that represents the interests of limited partners.

Her departure from the ILPA – and replacement by former Macdonald & Associates COO Kathy Jeremaz-Larson – was announced in January. Prior to the ILPA, Tygesen was a manager and senior analyst for the private equity unit of Canadian pension fund Ontario Municipal Employees Retirement System.

As a managing director for Bear Stearns’ Private Funds Group, Tygesen will concentrate on fund manager origination. She will be based in Toronto.

Paul Sanabria, senior managing director and co-head of the Private Funds Group, noted in a statement that the investment bank’s Asset Management division has been working to build its Private Funds Group into a top global placement agent.

The bank effectively entered the fund placement business in February, when Bear Stearns bought the international placement agent business of Crane Capital Associates.

Bear Stearns Asset Management has $41.39 billion under management; $1.17 billion of that amount relates to private equity.