Joncarlo Mark to leave CalPERS
One of private equity's most prominent investors, Joncarlo Mark, has resigned from his position as senior portfolio manager of CalPERS’s $32 billion Alternative Investment Managers program.
No reason has been given for Mark's resignation, which is effective March 31. One report says that in a memo to co-workers, Mark wrote that he wants to spend more time with family and "begin to explore what's next for me on the career horizon."
A familiar face to Asian GPs, Mark played a key role in the pension fund's private equity program, which have committed hundreds of millions to a number of regional funds including Asia Alternatives, Affinity Equity Partners and TPG's Asian Fund V.
At the same time, Michael Dutton, who managed the $500 million health care direct investment plan, has also tendered his resignation. The two departures are believed to be unrelated.
The departures come at a time when CalPERS are yet to replace alternatives head Leon Shahinian. Duties of the two departing are expected to be divided between existing staff with CIO, Joe Dear (who honed his skills at Washington's state pension, known for its aggressive alternatives program) playing a key role.
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