Harvard hires new PE head from TRS

Harvard Management Co has hired Richard Hall, former head of private equity at Teacher Retirement System of Texas, as managing director for private equity.

“Hall brings significant and deep expertise across private equity investments, other private assets and global M&A, and we are delighted to welcome him to our team,” Harvard Management chief executive Jane Mendillo said in a statement. “Private equity has been and continues to be an important driver of returns in our portfolio.’’

At TRS, Hall was promoted to head of private equity in 2012. Hall oversaw the pension fund’s $14 billion private equity portfolio and was also responsible for TRS’ Principal Investments group, which makes direct investments into private equity and real estate opportunities alongside TRS’ managers.

Prior to joining TRS in 2008, Hall focused on M&A at Banc of America Securities and before that at Deutsche Banc Alex Brown.  

He received a BA from Harvard College and an MBA from Northwestern University.   

Hall will replace Lane MacDonald, who left after four months in the position. 

MacDonald reportedly stepped down to become president of Crosby Advisors, the family office of Fidelity Investments chairman Edward Johnson, Private Equity International reported earlier.

Harvard's private equity portfolio generated an 11 percent return in fiscal 2013, just above its 10.6 percent benchmark, PEI reported earlier. The endowment's assets stood at $32.7 billion as of September 30, 2013.