Williams College private equity head joins advisor

Williams College, which has a $1.8bn endowment, is searching for a new head of ‘non-marketable securities’ following the departure of Tim Joeng, who led buyouts, venture and real estate at the college for five years.

Tim Joeng, Williams College’s head of “non-marketable securities” — including buyouts, venture capital and private real estate funds — has joined wealth advisor Gresham Partners to focus on alternative investments.

Joeng, who spent five years running private equity at Williams College, which has a $1.8 billion endowment, started at Gresham this week as a principal and senior member of the investment team.  He is responsible for sourcing investment opportunities, performing manager due diligence and building portfolios for the firm’s clients.

“Very few wealth advisory firms have a real, deep commitment to investing in non-marketable strategies,” the firm’s president and chief investment officer Ted Neild said in a statement. “It’s complicated, and many of their clients tend to be in that select range where they can extend investment horizons to take advantage of the better returns that are possible in these areas.”

Prior to Williams, Joeng worked for seven years for institutional single family offices, including Capital Guidance, a family office that invests in private equity, operating companies and real estate.

Massachusetts-based Williams College is searching for a new head of its “non-marketable securities” programme, which includes buyouts, venture capital and private real estate funds.

“This person will be the in-house expert responsible for all aspects of non-marketable securities,” according to the college’s job advertisement.

The college has a strong dedication to alternative investments; the private equity portfolio had an “extraordinary investment return” in fiscal 2011, according to the college’s 2011 annual report. “Our venture capital portfolio returned over 50 percent,” the report said. Also, distributions outpaced capital calls for the first time in several years, the report said.

Williams had a policy weighting of 6 percent to venture capital and 9 percent to buyouts, which returned 30 percent in fiscal 2011. The endowment had a weighted allocation of 6 percent to real estate, which returned 10.6 percent last fiscal year.