Maine loses head of alternatives

Ned Creedon has left MainePERS to join the University of Illinois Foundation as its head of private investments.

Edward ‘Ned’ Creedon has stepped down from his role as deputy chief investment officer and head of alternative investments at the Maine Public Employees Retirement System, Maine’s CIO Andrew Sawyer confirmed to Private Equity International.

Creedon left the $12 billion pension to become the director of private investments at the University of Illinois Foundation, according to his LinkedIn profile.

Creedon joined MainePERS in 2008 to manage alternative investments and was promoted to deputy CIO in 2011. Previously, he worked on the capital markets team at Constellation Energy and in the macro analysis group for Europe and Australia at independent investment management company Wellington Management.

MainePERS hasn’t decided how to fill Creedon’s roles but will take a “team approach” and work more with consultants in the meantime, according to Sawyer. MainePERS’ investment team consists of eight professionals and its private equity consultant is Cliffwater, according to the pension’s website.

In 2013, MainePERS’ committed to alternatives funds such as GTCR Fund XI, Onex Corporation Fund IV and Technology Crossover Ventures’ TCV VIII, PEI reported.

MainePERS has a 35 percent target allocation to alternatives, including private equity, real estate, infrastructure and hard assets. The system’s actual allocation to alternatives was 10.2 percent as of 30 June 2013.