Private Equity Professionals

Steinberg swaps SVG for IMF

The ex-CIO at the Wellcome Trust has stepped down from the SVG board to lead the IMF’s investment unit.

-

Gary Steinberg, the former investment chief at The Wellcome Trust, has resigned from the board of SVG Capital as he moves to a new role with the International Monetary Fund in Washington.

Steinberg will head the IMF’s investment unit, according to a statement from SVG.

Steinberg joined the SVG board in March 2007 as an independent non-executive director. Prior to this he served as chief investment officer at the UK-based endowment The Wellcome Trust and BP Investment Management, where he managed portfolios of £11 billion (€12.3 billion; $17.8 billion) and £12 billion respectively. He also spent time in a senior investment position at UK pension the Universities Superannuation Scheme.

SVG Capital is a London-listed investment trust with strong ties to private equity firm Permira. The majority of SVG’s capital is invested in Permira-managed funds, although the firm has been growing SVG Advisers, its wholly-owned fund of funds business that raises capital from third parties.