CalPERS PE investment director joins Lockheed Martin – exclusive

California Public Employees’ Retirement System (CalPERS) has lost a senior portfolio manager from its private investments team to Lockheed Martin’s corporate pension fund, Secondaries Investor has learned.

Scott Jacobsen joined Lockheed Martin Investment Management Company as a managing director focusing on private investments, a spokesman for the aerospace and defence company confirmed. Jacobsen, who started on 26 September, helps lead investment strategy related to Lockheed Martin’s pension programme.

Jacobsen joined CalPERS in 2010 and prior to that spent seven years at UBS as an executive director, according to his LinkedIn. He was most recently investment director for private equity at the US’s largest public pension fund, where he led the group responsible for underwriting new investments.

CalPERS has been actively reducing its number of external managers and has brought almost $10 billion in private equity and real estate fund stakes to market since 2007. In the first half of 2016, the pension hired Greenhill Cogent for a private equity stake sale that could be as large as $2.7 billion, as Secondaries Investor reported.

Bethesda, Maryland-based Lockheed Martin Investment Management has $33.9 billion in assets under management and had over 9 percent of its total investments in private equity including buyout, fund of funds, distressed and venture capital strategies as of December 2015, according to PEI data.

A spokesman for CalPERS did not return a request for comment by press time.