J. Tomlinson Hill was named chairman of Two Sigma's private investment business, covering the firm's three private equity and venture capital units.
The role is new, a news release said.
Mr. Hill sets the strategy and growth plans across the private investment businesses and will lead any expansion of the private investment business. The private investment business has $3 billion in assets under management, a spokesman said.
Two Sigma Impact, launched late last year, is a private equity unit focusing on workforce impact and positive social outcomes; Two Sigma Ventures is an early-stage venture capital business; and Sightway Capital is a private equity business focused on investing in and building companies in data-rich industries such as financial services and real assets.
"We have known Tom for over 20 years and he has always been a strong advocate for the ability of technology and data to help solve the toughest challenges across financial services, which is core to Two Sigma's mission," David Siegel, co-founder and co-chairman of Two Sigma, said in the release.
John Overdeck, co-founder and co-chairman, added that the private investments business "is an important part of the future of Two Sigma and we are confident in our ability to deliver differentiated returns in private markets under Tom's leadership."
Mr. Hill was a consultant with Two Sigma since early 2019. He was president and CEO of Blackstone Alternative Asset Management and vice chairman of Blackstone Group prior to that.
The firm has a total $58 billion in assets under management.