The Connecticut Retirement Plans & Trust Funds has hired an interim head of private equity to replace former chief Adrian Kingshott, who left the system earlier this year after only a year in the position.
The $25 billion pension system, led by state Treasurer Denise Nappier, has hired Terrence Purcell as interim principal investment officer for private equity and alternatives.
Purcell founded Purcell Capital Management. He also worked in various equity portfolio management jobs, including positions at PaineWebber and Mitchell Hutchins Asset Management.
Purcell will be working with Reginald Tucker, investment officer for alternatives. The system also works with consultant Franklin Park.
It’s not clear why Purcell is joining in an interim role; Nappier plans on making a permanent appointment for the role following a search process, a spokesperson for the system told Private Equity International.
Kingshott left the system in February after being hired in 2010 to replace Jason Price, who left the position in 2009. It’s not clear if Kingshott left the system on his own or was fired. A spokesperson for Connecticut declined to comment.