Pine Bridge Investments has lost the head of its private equity secondaries team, Harvey Lambert, as it works to secure capital commitments for its third secondaries vehicle that is reportedly targeting $1.3 billion.
Lambert left in December and was joined around the same time by another high-ranking secondaries executive, managing director Kennon Koay. It’s not clear why Lambert or Koay left the firm. PineBridge confirmed the departures.
Lambert’s and Koay’s departures did not trigger key-man provisions in the secondaries funds, sources said.
PineBridge remains committed to the strategy, which is now headed by Steven Costabile, who runs the firm’s global private funds group, according to a spokesperson for the firm. Costabile has experience with private equity secondaries, according to his biography on PineBridge’s website. He played a “significant” role in creating the AIG PineStar Capital secondaries fund product line and serves on the secondaries investment committee, according to the website.
Lambert did not leave PineBridge for another job, according to a person with knowledge of the situation. He had worked at the firm since 1997, heading up private equity secondaries when PineBridge was AIG Investments, which was integrated into Hong Kong’s Pacific Century Group in 2010 and renamed PineBridge.
At the time, Hong Kong billionaire Richard Li, who controlled Pacific Century Group, agreed to pay $500 million for parts of AIG Investments.
Last year, long-time chief executive officer Win Neuger stepped down from his role at PineBridge, moving into a vice chairman role. He was replaced by David Jiang.