Edward “Ned” Creedon was named director of private investments at the University of Illinois Foundation, Urbana, a spokeswoman confirmed.
It is a new position in the foundation's new Chicago office. Mr. Creedon reports to Ellen Ellison, chief investment officer.
The foundation, which has a combined $1.93 billion in assets among two endowments, increased its target asset allocation to alternatives to 52% in fiscal year 2013, up from 23%. The alternatives consist of 15% each to credit/absolute-return/distressed and hedged equity, 12% real assets and 10% private equity.
Mr. Creedon was deputy CIO and head of alternative investments at the $12 billion Maine Public Employees Retirement System, Augusta. Andrew Sawyer, CIO, said the pension fund has not decided how to fill Mr. Creedon's roles yet; existing staff will handle the duties in the short term.