USS grows private equity team

Former PineBridge executive Michael Dymond is the £28bn UK pension's latest hire as it further builds its alternative investment programme.

The Universities Superannuation Scheme (USS), the UK's second-largest pension scheme, has appointed Michael Dymond as portfolio manager for its private capital funds team.

Dymond was previously a senior associate with AIG spin-out Pinebridge Investments, working in the firm’s fund of funds operations.

We expect to make one or two further additions to the team this year.

Michael Powell

Dymond will be responsible for selecting and monitoring the performance of private equity funds. He will report to Mike Powell, head of alternative assets.

“This is the second recent hire in the Private Capital team following Rob Horsnall’s arrival as an analyst from 3i and we expect to make one or two further additions to the team this year,” added Powell.

With Dymon’s recruitment, USS now has a team of six investment professionals hired to focus on private capital, as part of the scheme’s 15 strong alternative assets team.

The Alternative Assets programme was launched in 2007 with a mandate to allocate 20 percent of the scheme’s assets into private equity and other alternative investments, it now has approximately £3 billion (€366 billion; $470 billion) of capital invested in the asset class. 

USS is the second-largest private sector pension scheme in UK, with £28 billion of assets under management at the end of 2009.