Michael R. Bailey was named senior investment officer, director of private equity, effective Feb. 26, at Massachusetts Pension Reserves Investment Management Board, Boston, according to a spokeswoman for the $51 billion pension fund.
Mr. Bailey replaces Wayne Smith, who left PRIM in July 2011 to join Pathway Capital Management as director.
Mr. Bailey will oversee the pension fund's private equity investments, which comprise about 10% of the PRIM portfolio. He will report to Michael Trotsky, executive director and chief investment officer. Mr. Trotsky was not available for an interview.
Executive search firm Sheffield Haworth assisted.
Mr. Bailey is a director at endowment manager HighVista Strategies. Officials from the firm could not be reached by press time about plans for replacing Mr. Bailey.