Connecticut Retirement Plans & Trust Funds, the $24.1bn US state pension fund, has appointed Terrence Purcell as an interim principal investment officer for private equity and alternative investments.
Purcell, who is the founder and managing partner of Purcell Capital Management, will be assisted in his duties by Reggie Tucker, the retirement system’s investment officer of alternatives and private equity. It is not yet clear how long he will serve as the plan’s private equity head, who will replace him, or whether the position will be extended.
Purcell’s appointment follows Adrian Kingshott’s walk out in February after only a year on the job. Kingshott was hired in 2010 as principal investment officer for private equity. It is not clear whether he left the plan of his own accord or was fired.
Following Kingshott’s departure the private equity programme was briefly handled by Tucker, interim deputy chief investment officer Gary Carter and Franklin Park, the plan’s private investment consultant.
Kingshott could join a slew of private equity heads that have left underpaid positions in the public pension space to join the private sector. Massachusetts Pension Reserves’ private equity head Wayne Smith left last year to join Pathway Capital after 11 years on the job.
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