Kenn Lee has left his perch at private equity advisor TorreyCove Capital Partners to join Denver-based fund of funds Cheyenne Capital as a managing director.
Lee, who announced his departure in a friends and family email, did not return a request for comment Tuesday. In the email, Lee said: “I truly enjoyed serving the clients of TorreyCove Capital over the past six years and it’s because of them that I found it difficult to decide to move on. I hope to take all the lessons learned from them to not only make better investment decisions, but also serve as a constant reminder that our primary objectives is to do right for our limited partners.”
Lee had been with TorreyCove, and the firm’s prior manifestation as PCG Asset Management, for six years. During his career, he worked on relationships with some large public pension system LPs like the Oregon Investment Council. Lee was responsible for about $5.6 billion of private equity commitments during his tenure, according to Cheyenne’s web site.
David Fann, chief executive officer of TorreyCove, did not respond to a request for comment Tuesday. Fann spun his group out of PCG in 2011, holding onto its advisory mandates with Oregon and the Illinois Teachers’ Retirement System. Last year, the firm won a mandate to advise the United Nation’s pension fund on private equity.
Cheyenne acts as a fund of funds, but also makes direct investments into companies, according to its web site. Cheyenne has one pool of capital that raised $291 million, according to PEI’s Research & Analytics division.
In 2009, former Carlyle Group partner and chairman of the New Jersey State Investment Council Robert Grady joined Cheyenne as a managing director. At Carlyle, Grady worked as the chairman and fund head of Carlyle Venture Partners I, II and III.