peHUB-Peter Dolan takes on role heading PE at Makena

Fri Mar 14, 2014 12:05pm EDT

* To head a team of three at new firm

* Harvard has had turnover in staff

* Stanford veterans formed multi-strategy firm

By Chris Witkowsky

NEW YORK, March 14 (Reuters peHUB) - Former Harvard private equity honcho Peter Dolan appears to have found a permanent home.

Dolan has joined Makena Capital Management full time as head of the private equity program. He leads a team of two others - principals Brian Rodde and David Young. The team invests in private equity and venture capital. Makena is a multi-asset class investment manager in Menlo Park, California.

Dolan, who has been working with Makena as a senior adviser for several months, is not directly replacing anyone. David Burke, Makena's chief executive officer, had been leading private equity and that responsibility will pass to Dolan, according to a person with knowledge of the firm.

"Makena Capital Management is pleased to welcome Peter Dolan as a managing director," the firm said in a statement emailed to peHUB.

Dolan left Harvard Management Company last year, after 18 years running the endowment's private equity and venture capital portfolio. In October, Harvard said Lane MacDonald would replace Dolan, starting in December; however, MacDonald left in February to become president of Crosby Advisors, the family office of the Johnson family (owners of Fidelity Investments).

Makena, which manages more than $15 billion, was formed in 2005 by Stanford Management Company executives Mike McCaffery and Burke. McCaffery is the former president and CEO of the Stanford Management Company, while Burke was a managing director.

McCaffery has been the CEO of Makena since inception, but has moved into a chairman role, while Burke took over the CEO spot. McCaffery has retained his role on the investment commitment, management committee and remains deeply involved in management of Makena's investments, according to the person with knowledge of the firm.