Dean Hagan was named investment officer at the $9.2 billion Illinois Police Officers Pension Investment Fund, Peoria.
Hagan, who will initially concentrate on private markets and overall strategic analysis, will report to Kent Custer, chief investment officer.
Hagan was most recently an independent consultant, and before that had been director of investments at University of Illinois, Champaign, where he was responsible for $2.7 billion in investment pools.
The Police Officers' Pension Investment Fund was created by a law signed in December 2019 by Illinois Gov. J.B. Pritzker consolidating 649 downstate and suburban police and fire pension plans into two new pension funds.
During the transition of assets in the intervening years to IPOPIF from the individual municipal funds, the board has utilized a transition investment policy. Now that the majority of assets have transitioned, and staff is working toward the long-term policy. Long-term targets for private equity and private credit will eventually be 7% and 5%, respectively. A timeline for beginning commitments has yet to be determined.