Steve Marino, managing director of private markets at the South Carolina Retirement System Investment Commission, Columbia, will leave the agency at the end of November.
Mr. Marino, who joined the commission in 2013 and was promoted to his current role in 2018, has accepted a job with an unspecified private-sector firm "that is developing an institutional quality credit platform," Geoffrey Berg, the commission's chief investment officer, said at a Sept. 23 meeting. The commission has not invested with the firm where Mr. Marino is headed, Mr. Berg added.
"Steve has made a significant impact on our portfolio and our investment team over the past eight years," Mr. Berg said in a statement. "While I'm sad to see him leave, I know he will succeed at his next challenge."
The RSIC, which manages the $39.2 billion South Carolina Retirement Systems' investment portfolio, will post a solicitation for Mr. Marino's replacement in the coming weeks, spokeswoman Kara Burock said.
For the fiscal year ended June 30, the RSIC posted a net return of 28.6%, above its benchmark of 24.9%.