Private Equity Chief at University of California Fund Departs

  • Timothy Recker oversaw $8.5 billion of assets at endowment
  • Investment office is conducting search for replacement

Timothy Recker will leave Friday as head of private equity for the University of California investment office that manages $97.6 billion in assets, according to the school.

In November, Recker will join the $2 billion San Francisco-based James Irvine Foundation as chief investment officer, Julie Lydon, a university spokeswoman, said Monday in an e-mail. The regents office is conducting a search to fill Recker’s position, she said. Recker didn’t return a call or e-mail requesting comment.

Recker, who joined the public university’s investment office in 2007, was responsible for $8.5 billion of global private equity and real assets holdings, according to his LinkedIn page. The office oversees endowment and pension funds for the 10-campus system.

The University of California’s endowment, with $9.1 billion in assets, reported a 3.4 percent investment loss for fiscal year 2016, a time when many colleges struggled to post gains. The university’s pension posted a 2 percent loss for the year.

Prior to the University of California, Recker was director of alternative investments at the Michigan Retirement System, overseeing the fund’s $13 billion global alternative investment portfolio, according to his LinkedIn profile.

Fortune reported Recker’s departure earlier Monday.

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