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NC Treasury appoints new PE manager

The treasury allocates 4.7 percent, or $4.2 billion, to private equity as of 30 June, short of its 6 percent target.

The North Carolina Treasury has hired Brian Bolcar to manage its private equity portfolio.

Bolcar joined the treasury during the summer after working as an independent private equity consultant from June 2014 to May 2015, according to his LinkedIn profile.

He had previously served as private equity portfolio manager at the Virginia Retirement System from May 2007 until January 2014, his profile said.

He will be supervised by Craig Demko, who is the current director of private equity. Demko joined the treasury in May 2005 as the portfolio manager and assumed his current role in September 2010, according to his LinkedIn profile.

The treasury oversees the state’s retirement plans. This year, the NC Retirement Systems (NCRS) committed $250 million to Grosvenor Capital Management and the treasury $200 million to Small and Emerging Managers Program, according to PEI’s Research & Analytics.

About two-thirds of the North Carolina Innovation Fund II, sponsored by NCRS, will go to private equity co-investments while the rest will be allocated to strategies such as venture capital, buyouts and mezzanine debt, with $2 million to $20 million in each commitment, according to PEI Research.

NC Treasury’s private equity portfolio returned 0.14 percent for one year, -0.16 percent for three years and -0.12 percent for five years, according to the 20 May Investment Advisory Committee performance review.

The pension fund manages $91.05 billion in assets as of 13 May and has a target allocation to private equity of 6 percent. The treasury allocates 4.7 percent, or $4.2 billion, to private equity as of 30 June.

According to the investment committee’s private equity update from 24 September 2014, the North Carolina Treasury had committed $1.2 billion per year to PE, with declining allocations to fund of funds and growth equity/venture capital, and increasing allocations to special situations and buyout funds.

The report listed the treasury’s private equity initiatives at the time that included staff expansion, particularly with PE portfolio manager and analyst, its in-state program of the NC Innovation Fund I and Fund II, which co-invest in portfolio companies, its emerging manager program, co-investment and secondary program.