Dhvani Shah was named chief investment officer of the $23.2 billion Illinois Municipal Retirement Fund, Oak Brook, effective Dec. 19, according to an IMRF statement Tuesday.
She will replace Walter Koziol, who plans to retire Nov. 30. Mr. Koziol has been with the fund for more than 20 years as its top investment professional.
Ms. Shah is managing director of private equity of the $89.9 billion New York State Teachers’ Retirement System, Albany. She could not be reached for comment.
Ms. Shah has been with the teachers’ system since March 2009, overseeing private equity, said John Cardillo, New York state teachers’ fund spokesman. The private equity portfolio has $6.3 billion in invested assets and another $13 billion in commitments, he said.
Ms. Shah plans to leave the fund Dec. 9, Mr. Cardillo said.
The fund plans to conduct a search for a replacement without the use of an executive recruiting firm, Mr. Cardillo said The fund plans to post the job opening in the near future, although a date was unavailable; a time frame for filling the position also was unavailable.
In the interim after her departure, the three remaining investment professionals on the private equity team will report to Thomas K. Lee, executive director and chief investment officer, Mr. Cardillo said.
EFL Associates, an executive recruiting firm, assisted the Illinois Municipal Retirement Fund in its search.