Illinois Teachers' Retirement System, Springfield, is searching for a new private equity chief following the April departure of Zachary A. Doehla, senior investment officer, alternative investments.
Spokesman David Urbanek confirmed Mr. Doehla's departure and said other members of the internal investment team of the $38.2 billion pension fund are “pitching in” to cover Mr. Doehla's duties until a replacement is found.
The pension fund's board of trustees likely will discuss the process for replacing Mr. Doehla at their meeting this week, which runs Wednesday through Friday.
Mr. Doehla joined the fund in July 2009 and was responsible for investment oversight of the plan's $4.4 billion private equity portfolio, which represented 11.4% of total plan assets as of Dec. 31.
Performance of the private equity portfolio during Mr. Doehla's tenure was 18.2% for the year ended Dec. 31, which trailed the asset class's benchmark return by 170 basis points. For the three-year period, the private equity portfolio returned 15.2% overtaking the benchmark return by 70 basis points.
Mr. Doehla could not be reached for comment about his plans.