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.