Florida private equity head to depart

Senior investment officer Jim Treanor will step down from the $131bn pension system on 3 August. His resignation is the second high-profile private equity departure at a US public pension this week.

Jim Treanor, senior investment officer for the Florida State Board of Administration, is stepping down after 11 years at the public retirement system. His future plans are unclear, though a pension spokesperson said Treanor would pursue another opportunity in the private sector, and that his departure from the retirement system was amicable.

Treanor, whose resignation will be effective 3 August, served as portfolio manager for alternative investments at the state pension for about four years before replacing former head of private equity Frank Fernandez in 2004. Treanor led a team of 10 professionals at the retirement system.

An LP source close to the situation called Treanor a “great guy” and “someone people in our industry look up to”. Florida is conducting a search for Treanor's replacement. The salary range for the position is $95,388 to $185,476. 

Treanor’s resignation is the second high-profile departure at a pension system this week. On Tuesday, Private Equity International reported that Wayne Smith, the longtime head of private equity at the Massachusetts Pension Reserves Investment Management Board, would step down effective 2 August to join fund of funds Pathway Capital Management. Smith also spent 11 years in his post at MassPRIM.

Florida committed more than $200 million to private equity in the second quarter and revealed earlier this month that its private equity programme generated a preliminary return of 18.2 percent for fiscal 2011. Overall, the pension system scored a preliminary 22 percent return for the year, beating its benchmark and boosting total market value to $128 billion, about $20 billion above the 2010 final tally.

Christopher Witkowsky contributed to this report.