Private Equity Chief at University of California Fund Departsby
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.