James Irvine Foundation taps veteran LP

Tim Recker has been running the $9bn private markets portfolio for the University of California Regents, which invests in secondaries and has also sold stakes.

Tim Recker, who runs the $9 billion private equity and real assets programme for the University of California Regents, is joining the $2 billion James Irvine Foundation as chief investment officer, according to a statement from the foundation’s president and chief executive Don Howard.

Tim Recker
Tim Recker

“Our current CIO, John Jenks, announced his retirement plans earlier this year, and we have worked hard to find a worthy replacement,” said Howard.

“Thanks to John Jenks and the investment team, the Foundation’s endowment has performed very well, particularly our private investments,” he continued. “So Tim’s successful record leading private investments at the UC Regents’ investment office will be vital in continuing that strong performance.”

University of California Regents has been an active seller on the secondaries market, disposing of around $1 billion of private equity stakes in the 12 months to September 2015 in a move to cut its number of external relationships, as Secondaries Investor previously reported.

Recker, who will join the foundation in mid-November, previously chaired the Institutional Limited Partners Association, the representative body for investors in private equity. He has been at UC Regents for nine and a half years, overseeing investments in leveraged buyouts, venture capital, distressed debt, oil and gas, infrastructure, timberland, commodities, mining and royalties. The endowment invests through funds, co-investments, separate accounts and secondaries.

The James Irvine Foundation ranked in the top 1 percent of all large endowments for investment returns in 2015, with a return across its entire portfolio of 11.28 percent, due in large part to returns from its substantial private investment portfolio. It has a 41 percent allocation to private equity and a 10 percent allocation to private real estate, according to PEI data.