Robert “Bo” Ramsey was named director of private equity at the $26 billion Indiana Public Retirement System in December – less than a year after joining the pension fund.
Generally, the people who run private equity portfolios at public pensions have more than a few years' experience behind them.
What’s even stranger is that before he left, Clone was supervising a huge secondary sale, as part of an effort to “clean up” Indiana’s portfolio. So it had hired UBS to help sell about $220 million worth of LP stakes, and Greenhill & Company to run a sales process for more than $600 million of private equity interests.
And while this wouldn’t matter so much for an investment analyst working under an experienced veteran of the
industry – as Ramsey was under Clone – it matters a heck of a lot when that person is running the show. Add to this some of the major changes the system’s private equity programme is currently going through – not least the secondary sale and the combining of the portfolios – and you have a role that would be incredibly challenging even for a hardened professional. So it will be very tough for Ramsey.