Texas ERS names new director of private equity

The $22.5bn pension fund appointed Wesley Gipson to oversee its $436m private equity portfolio.

The Employment Retirement System of Texas promoted Wesley Gipson to director of private equity, a spokesman for Texas ERS told Private Equity International. Gipson has been a member of the pension fund’s investment staff since 2009. He received the promotion on 2 June.

Gipson is responsible for managing the $22.5 billion pension fund’s private equity portfolio, which had a net asset value of $436 million as of December 2010. For the current fiscal year, Texas ERS is targeting $500 million in commitments to seven to 12 funds with a range of $375 to $625 million.

Before joining ERS, Gipson was a director at Aurora Ventures in Miami and worked in brand and operations at Proctor & Gamble.

Gipson will replace Patrick O’Hara, who left ERS in February to join Dallas-based Brazos Private Equity as managing director of investor relations. O’Hara was previously managing director at Esposito Private Equity Group and Patriarch Partners and portfolio manager of distressed debt investments at GE Capital.

In December, Texas ERS approved up to $50 million in commitments to Baring Asia Private Equity Fund V and up to $50 million in commitments to a new fund, ERS Private Equity Emerging Manager Fund I.