The Children’s Hospital of Philadelphia has appointed Andrew Deitch as director of private investments for its $1.5 billion (€1.1 billion) Foundation and Pension Plan. Deitch will be responsible for the fund’s $350 million targeted allocation to private equity and real assets.
Deitch joins from the Pennsylvania State Employees’ Retirement System, where he was responsible for venture capital and international private equity investments for the pension’s $32 billion alternative assets portfolio. Earlier in his career, Deitch founded a financial consulting firm, Deitch Arnold Resources.
Deitch’s position at the Children’s Hospital is a newly created one. He will focus on private investments, buyouts, venture capital and real assets, said the Children’s Hospital’s chief investment officer Gregory Hazlett.
In the past the foundation has invested in private equity through fund of funds, but has recently taken a more direct approach and invested in several funds as a limited partner, Hazlett said.
About 70 percent of the foundation’s portfolio is invested in US-focused funds and assets, with the remainder in international funds and assets.