Grove Street Advisors has appointed Barry Gonder, CalPERS' senior investment officer, as its newest general partner.
Gonder, who will join Grove Street's east coast office in Wellesley, Massachusetts, was senior investment officer of the $158bn California Public Employees Retirement System's Alternative Investment Management Program (AIM). He will leave the giant pension fund to take up his new post at Grove Street on July 2.
CalPERS chief investment officer, Daniel Szente, said of Gonder: Barry has done an outstanding job over the last five years building CalPERS' AIM Program, and while his departure is a loss to our investment team, I’m confident in the ability of the AIM staff to continue to manage this asset class well.
In the interim, CalPERS has named Gonder's deputy, Rick Hayes, as senior investment officer. According to a CalPERS spokesman, although a search for a replacement has not yet started, it will be discussed at next week's board meeting.
Gonder joined CalPERS in 1996, after 12 years of working in private equity at the Travelers Companies and the Connecticut Mutual Insurance Company. Initiated in 1990, the CalPERS AIM program was a late entrant to the private equity sector. Since then it has become the largest private equity investor globally with commitments of nearly $19bn.
At CalPERS, Gonder expanded the AIM Program, adding a range of private equity funds and direct investments. During his time, CalPERS has formed investment partnerships with private equity firms The Caryle Group and The Texas Pacific Group, as well as providing seed capital for Thomas Weisel Partners.
Grove Street, formed in 1998, manages large, custom tailored accounts for major institutional investors. The firm currently manages more than $3 billion in both discretionary and non-discretionary programs for CalPERS and the $40bn Oregon Public Employees Retirement System.
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