North Carolina hires CIO

The $77bn system has brought on former Florida SBA deputy executive director Kevin SigRist to take over investments.

North Carolina has named its new chief investment officer, Kevin SigRist, to take charge of investments for the $77 billion system.

SigRist has worked as deputy executive director of the Florida State Board of Administration since 2006. The state board invests Florida’s $129 billion pension fund.

SigRist takes over investment decisions from Shawn Wischmeier, who resigned as CIO in March 2012 and joined Cargill Philanthropies. Since that time, Bryan Lewis has been in place as interim CIO, according to a spokesperson for the system.

“North Carolina will benefit from [Kevin’s] 20 years of investment experience, as well as his perspective coming from Florida – a state with a strong, forward-thinking pension investment programme,” said North Carolina Treasurer Janet Cowell in a statement.

Wischmeier took on the CIO role in 2010, after the system’s former CIO, Patricia Gerrick, resigned abruptly after five years on the job.

North Carolina has a relatively large private equity portfolio, with an actual allocation of just over 4 percent as of the third quarter, on a target of 6.5 percent. In 2011, the system sold about $850 million of fund interests in vehicles run by Apollo Global Management, TPG Capital and Warburg Pincus.