BOSTON Jan 15 The $51 billion Massachusetts
state pension fund said on Tuesday it has hired a private-equity
chief to oversee investments that total about $5 billion.
Michael R. Bailey, who will become director of private
equity, fills the last vacancy on the senior investment team for
the pension fund. Bailey formerly worked at HighVista Strategies
in Boston. His duties there included being a member of the
manager selection team.
Before that, Bailey was director of private equity at Lucent
Asset Management Corp, which was responsible for managing
Lucent's pension plans.
Bailey's prior experience also includes 15 years working in
the investment banking divisions of JPMorgan Chase & Co
and Deutsche Bank AG
During the first 11 months of 2012, the Massachusetts
pension fund's private-equity investments posted an 11.48
percent return, according to the latest available information.
The one-year return for private-equity was 8.89 percent, as of