Cecelia Carter resigned as executive director of the Seattle City Employees’ Retirement System, effective June 30.
Ken Nakatsu was named interim executive director, Mr. Nakatsu confirmed in an e-mail. Mr. Nakatsu’s most recent position was departmental operations chief for city of Seattle. He said an official timetable has not been determined for a permanent replacement.
Separately, the $2.05 billion pension fund committed $7.5 million to Dover Street VIII, a secondary private equity fund managed by HarbourVest Partners. It is the first commitment to a Dover Street fund.
The pension fund also approved several restructuring changes to its real estate portfolio, which had a 10.4% allocation, as of March 31. The board approved redeeming the Washington Capital JMT Real Estate Equity Fund, managed by Washington Capital Management, and American Core Realty Fund, managed by American Realty Advisors. The pension fund had about $12 million and $11 million invested, respectively, Mr. Nakatsu said.
The moves follow $50 million in real estate commitments in April to Heitman and AEW Capital Management.
