Wilshire loses senior FoF execs, COO

The firm declined to say whether key-man issues are triggered by the departure of its COO, European FoF head and an executive responsible for global co-investments.

Wilshire Associates, the parent company of Wilshire Private Markets, a US-based funds of funds, has recently seen the departure of three senior executives.

Daniel Allen, head of the Wilshire Private Markets European team and member of the management committee for the firm's US operations, has ended a 26-year career with Wilshire. Jacques Youssefmir, a managing director responsible for the fund of funds global co-investment process, and Laurie Coggan, chief operating officer, have also left the firm.

We built the team so the departure of any individual won’t present any issues with the execution of our investment strategy.

Kevin Nee

An executive at Wilshire declined to give a reason behind the departures. “We have a team of more than 40 professionals in our five offices throughout the world, including 10 people at managing director level or higher,” Kevin Nee, president of Wilshire Private Markets, told PEO. “We consider that a robust team of professionals. We built the team so the departure of any individual won’t present any issues with the execution of our investment strategy.”

The firm closed its eighth fund of funds on $615 million in May, above its original $600 million target. Nee declined to comment about whether the departures will trigger any key-man issues in the firm’s most recent fund.

The firm has been “steadily making commitments” from the fund. Wilshire Private Markets commits money to small to mid-market buyout and venture managers, as well as distressed managers. “That focus has remained consistent over time, and that’s our focus going forward,” Nee said.

Wilshire hired BlackRock private equity veteran Nee as president of its US fund of funds business in July.