Commonfund names former Pomona exec as CFO

Celeste Barone was previously chief compliance officer and managing director of finance at Pomona Capital.

Commonfund has hired Celeste Barone as chief financial officer of its fund of funds arm Commonfund Capital, according to a statement.

Barone is replacing Linda Costa, who has been at Commonfund since 1998, according to her LinkedIn profile. Costa plans to retire but will remain with the firm until early summer as treasurer to ensure a smooth transition of accounting and finance functions. Barone will also assume the role as treasurer once Costa departs.

Celeste Barone
Celeste Barone

Previously Barone worked at Pomona Capital as chief compliance officer and managing director of finance. Pomona is investing its eighth secondaries fund, which closed on $1.75 billion in April.

Barone has also worked at LyonRoss Capital; Dillon, Read & Co and Drexel Burnham.

She joins Commonfund Capital months after the firm launched its debut secondaries fund. The fund is managed by managing director Cari Lodge, who was hired in 2013 to oversee secondaries investments.

Commonfund Capital Secondary Partners 2015 will invest in global secondaries opportunities. The firm has historically invested in the strategy through its private equity, venture capital and natural resources fund of funds programmes.

Commonfund Capital is a division of Wilton, Connecticut-based investment manager Commonfund, which hired a new chief executive officer at the end of last year. Former JPMorgan executive Catherine Keating is expected to replace Verne Sedlacek, who has been the CEO since 2003, this month.