CalPERS fills out senior private equity roles

The system has promoted Scott Jacobsen to a senior portfolio manager position in the private equity group, filling all senior level vacancies left after the departures of Joncarlo Mark and Mike Dutton last year.

The California Public Employees’ Retirement System has promoted Scott Jacobsen to a senior portfolio manager role on the private equity team, filling out the senior leadership of the group.

Jacobsen joined CalPERS in 2010 after working a short stint at fund of funds Capital Dynamics. He previously spent seven years at UBS, prior to which he worked on private equity consulting at Bain & Company, according to his LinkedIn profile.

CalPERS has now filled all the senior portfolio manager roles on the private equity team, formerly known as the Alternative Investment Management programme, according to a spokesperson for the system. The other senior executives are Sarah Corr, senior portfolio manager for research performance and analytics, and Christine Gogan, senior portfolio manager for investment management, who was appointed to the role earlier this year.

Senior roles in private equity were left vacant last year after the departures of senior portfolio managers Joncarlo Mark and Mike Dutton. Jacobsen’s promotion has left a vacancy in the portfolio manager level of the private equity programme, the spokesperson said.

Jacobsen’s official title is senior portfolio manager – underwriting, for private equity. The job entails sourcing and negotiations of new commitments to managers, and negotiating co-investments and secondary transactions, according to a description of the job available on the Association of Asian American Investment Managers website.

The private equity group’s three senior portfolio managers report to the programme’s senior investment officer Réal Désrochers, who took over as head of private equity last year, replacing former head Leon Shahinian.

Shahinian, who was well-respected in the LP community, had left CalPERS in 2010 after allegedly failing to disclose a lavish trip he took with embattled placement agent Alfred Villalobos, a former CalPERS board member accused of alleged fraudulent activities relating to his work soliciting commitments from the pension system. Shahinian was not charged with any wrongdoing.

CalPERS’ private equity programme is massive, with about $45 billion of total exposure. The system had about $236.8 billion in total assets as of 30 April, 2012.