The European Investment Fund has appointed Pier Luigi Gilibert as its new chief executive.
Gilibert will assume the post in mid-March following the departure of existing chief executive Richard Pelly, who has been in the role for six years, according to a statement. EIF declined to comment on why Pelly stepped down or what his future plans are.
Gilibert has been director general at the European Investment Bank, where he was responsible for operations in the European Union and candidate countries. He has worked for the EIB since 1984 in various functions, as director general of the risk management directorate, head of the financial research department and as an economist in the bank’s financial research department. Prior to EIB, Pier Luigi Gilibert worked as an economist in the research and the international departments of Banca Commerciale Italiana in Milan.
Gilibert will “further optimise the collaboration between EIB and EIF to further strengthen the EIB Group’s support for SMEs in Europe,” Dario Scannapieco, vice president of the EIB, said in the statement.
Gilibert’s appointment comes as the EIF plans to commit €1.6 billion of capital to private equity this year, according to a spokesperson. This is an increase from the €1.35 billion it invested in 63 private equity funds in 2013. EIF’s total commitments to private equity funds amounted to over €7.9 billion at end 2013, with investments in over 435 funds, according to a statement.