After 20 years in charge of its private investments programme, veteran LP Mark Barnard is to retire from the Howard Hughes Medical Institute’s $18.2 billion endowment.
Under Barnard’s stewardship, the endowment’s private equity programme has remained focused on the mid-market in the developed markets of the US and Europe, as well as adding exposure in venture capital, energy and biotech, Barnard told Private Equity International on Thursday.
The endowment has a private equity allocation of around 20 percent, or $3.8 billion, according to PEI Research & Analytics, and last year backed European managers EQT and InvestIndustrial.
HHMI, based in Chevy Chase, Maryland, is a medical research organisation with a mission is to advance biomedical research and science education.
Barnard will be replaced by Greg DeNinno, currently one of three directors in the private investment team, who has been focusing on European private equity, venture capital and small cap buyouts. DeNinno will be seeking another director to join the team.
Previously an active member of the Institutional Limited Partners Association, Barnard has been with HHMI since 1995, before which he spent 10 years in the MIT Treasurers Office.
Barnard said it had been an honour to “be part of an investment team that created investment returns in support of the institute’s incredible mission of scientific research and education”.
Barnard will remain involved with the institute as a part-time advisor to the endowment fund until the end of November.