MONEY MANAGEMENT

New Mexico endowments private equity director retires; strategist takes over in interim

David Lee has been promoted to acting director of private equity of the New Mexico State Investment Council, replacing Greg Kulka, who retired, said Charles Wollmann, spokesman for the $20.8 billion endowments.

Mr. Lee had been investment strategist for the endowments.

“David will take the position on an acting basis for a year or so to see if it is a good fit,” Mr. Wollmann said.

The endowments have a 9% interim and 12% long-term target allocations to private equity. As of Nov. 30, it had a 9.2% actual allocation.