New Jersey promotes McDonough to director

Former deputy director Christopher McDonough will fill the role left vacant by Timothy Walsh last August.

The New Jersey Division of Investments has appointed Christopher McDonough as director, McDonough confirmed in an email to Private Equity International.

McDonough, who is expected to assume the new role later this month, has been the deputy director at New Jersey since Timothy Walsh stepped down last August. Walsh became president and chief operating officer of Gaw North America, which is part of Hong Kong-based real estate fund manager Gaw Capital Partners.

After Walsh’s departure, the State Investment Council, which oversees New Jersey’s division of investment, formed a search committee to consider both internal and external candidates. The council had planned to hire a new director by the start of 2014.

Prior to joining the New Jersey pension in January 2011, McDonough was the chief investment officer for the Philadelphia Board of Pensions and Retirement.

In 2013, New Jersey committed $300 million to The Carlyle Group’s US-focused Carlyle Partners VI and €100 million to CVC European Equity Partners’ sixth fund. The pension has an 8.5 percent target allocation to private equity, excluding debt-related private equity, and about a 7 percent actual allocation, according to documents from its December board meeting. The fund has about $76.7 billion of assets as of 31 December, 2013.