Kevin Albert joined Pantheon Ventures as partner and global head of business development, according to Alastair Bruce, managing partner at the private equity fund of funds.
The position is new.
Mr. Albert, who was managing director at Elevation Partners, said in a telephone interview his responsibilities at Pantheon will include expanding the company’s global footprint. He believes the financial crisis has made private equity funds of funds more attractive for larger institutional investors.
“The thinking was that (private equity) funds of funds were for new investors, smaller investors or (investors in) niche-type strategies,” he said. But funds of funds have attracted larger investors recently, including sovereign wealth funds. Mr. Albert said he expects that trend to continue as institutional investors review their asset allocation strategies.
Pantheon currently has about $22 billion in assets under management, according to a Pantheon news release.
Mr. Albert will not be directly replaced at Elevation; his responsibilities were assumed by CFO Tracy Hogan, according to Mr. Albert.