The $26.6 billion Indiana Public Retirement System has quietly named a new head of private equity after the abrupt departure of the former chief of the portfolio Bob Clone.
Bo Ramsey, a former senior investment analyst with the retirement system, was named director of private equity in December, according to a spokesperson for the retirement system. Ramsey has only been with the system since last April, the spokesperson confirmed.
Before Indiana, Ramsey worked as associate general counsel with iasta, a software company, and before that was an attorney with law firm Ice Miller, according to his LinkedIn profile.
Ramsey takes control of the private equity portfolio that accounted for about 13.3 percent of the system's total assets as of 30 June, 2012. That allocation breached the high end of the system’s cap, which ranged from 7 percent to 13 percent, with a target of 10 percent.
No official word has come from Indiana on why it decided to halt the sale process, which several sources described as unusual considering the system had already hired the advisors to run the sale. However, sources have said the system may have become uncomfortable with bids that came in for the private equity interests.
The secondary sale was meant to clean up the portfolio that had become unwieldy after the public retirement system
Both funds had private equity portfolios that had been built and run by different officials using different advisors. Upon the merger of the systems, the decision was made to clean up the portfolio following a more standard strategy, sources have told Private Equity International in prior interviews.
It remains to be seen if Indiana will re-start the process of selling down its portfolio; the pension system did not respond to requests for comment other than to confirm Ramsey’s promotion into the role of private equity chief. Greenhill and UBS did not return requests for comments.