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The firm has completed a management review prompted by former chief executive Tim Jones’ sudden departure in January, opting not to replace him.
Gary Bialik takes up his post at a time of transition for the New York-based firm, which is considering new investment opportunities after suspending fundraising for its sixth fund last summer.
The Boston City Retirement System is searching for investment firms to manage a private markets mandate for three years.
The firm is positioning itself for ‘material expansion’ in the US and deeper involvement in the credit fund space.
The $564m fund, the firm’s largest secondaries vehicle, will focus on smaller portfolios and complex deals.
The investment bank had raised around two-thirds of the target for its latest secondaries fund a month after launching.
The firm has held a final close on its seventh fund, Auda Capital VII, which specialises in primary and secondaries investments in the US and Europe.
The Scandinavian direct secondaries firm could have raised double the amount of capital it closed on, according to managing partner Bjarne Lie.
The investment bank also raised over half a billion dollars for a dedicated real estate secondaries fund last year, according to documents seen by PEI sister title Secondaries Investor.
Harvey Lambert, a 25-year finance veteran who left PineBridge in 2012, will head the Spanish firm’s new US office.
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