The chief executive of fund of funds manager Performance Equity Management (PEM) retired effective 30 June, according to PEM.
The firm promoted managing director John Clark to president and managing director Jeffrey Barman to chief investment officer in November, as part of its year-long succession planning exercise, its spokesman told Private Equity International.
Froland remains at the firm as a senior advisor, while Clark and Barman will together oversee the management of the firm, although PEM has not yet replaced Froland in the CEO position, PEM said in a statement.
Before PEM spun out of General Motors Investment Management in 2005, Froland was head of the private equity group at General Motors Investment Management and a member of the General Motors Investment Management committee, according to PEM’s website. He joined General Motors Investment Management in 1995. Earlier in his career, he served as managing director of investments for Stanford Management Company, which is responsible for the investment activities of Stanford University.
PEM invests in private equity funds, secondaries and direct investments on behalf of its clients, the biggest of which continues to be General Motors.
The $12.68 billion fund of funds manager’s investment vehicles include Performance Venture Capital III, which closed on $150 million in March and Performance Opportunities Fund, which met its $125 million target in 2010, according to PEI Research & Analytics.
In the past, it has invested in funds including Canaan Equity IX in 2012, Prospect Partners III in 2010, Summit Subordinated Debt Fund IV in 2008 and Focus Ventures III in 2006, according to PEI data.