BOSTON 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 Nov 30.
(Reporting By Tim McLaughlin; Editing by Maureen Bavdek)