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Indiana hires Michigan PE executive

Robert Clone, a former senior portfolio manager at the Michigan Department of Treasury, was hired in March to run Indiana’s busy private equity programme.

The Indiana Public Employees’ Retirement System has hired Robert Clone as director of private equity, replacing Greg Davis. It’s not clear why Davis left or where he is going.

Clone was most recently a senior portfolio manager at the Michigan Department of Treasury. Clone joined the Michigan treasury in 1987 working as a fixed income analyst. He started working on the private equity programme in 1999, managing more than $1.5 billion in commitments, according to his LinkedIn profile.

Clone was also a member of the Institutional Limited Partners Association, according to the profile.

Robert
Clone

Indiana, with about $14.2 billion in assets, has invested steadily in private equity through the downturn, and has dabbled in the secondaries market, picking up small fund interests on an opportunistic basis.

Under Davis’ leadership, the pension bought stakes in Lone Star’s sixth fund for about $30 million and Crestview Capital Partners Fund II for about $9 million. The pension also bought $10.8 million worth of LP stakes in oil and gas-focused private equity firm EnCap Investments. The pension made a $100 million commitment to Lexington Partners seventh fund last year.

In 2009, the pension committed more than $100 million to energy-focused funds, and last year allocated $50 million to Panda Energy, a Texas-based energy developer targeting $800 million.

The pension’s private equity portfolio was reportedly valued at about $1.2 billion as of 30 September.