Credited with the turnaround of Connecticut’s private equity programme, its former head David Scopelliti is leaving state politics behind to join Pacific Corporate Group as a managing director, the firm announced, effective immediately.
Scopelliti was hired in 2003 to serve in Connecticut treasurer Denise Nappier’s administration, specifically to help rejuvenate the state’s private equity programme, which had recently been the focus one of the biggest corruption scandals in the state’s history. The previous state treasurer, Paul Silvester, admitted to taking more than $46,000 in bribes, kickbacks, and questionable campaign contributions in return for investing more than $500 million in state pension funds with certain private equity funds.
Needless to say, when Scopelliti took the reins in 2003, he had his work cut out for him—but he managed to salvage the programme’s reputation and financial health admirably. “He’s very good at responding to the portfolio’s needs and moving the ball down the field, which is sometimes hard to do in a public fund,” Connecticut’s chief investment officer Susan Sweeney told Private Equity International last year.
“David’s depth of knowledge and experience, and his extensive network of relationships will be invaluable in helping us grow our business and better serve our clients, particularly in the New York area,” said PCG’s president, Monte Brem, in a statement.
Scopelliti has more than 18 years of experience as a principal investor in the private debt and equity markets, and has previously been principal of USBX Advisory Services, managing director with CIBC World Markets, and founder and head of ING’s New York Merchant Banking Group.