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Exclusive: Maine PERS loses private equity chief

February 4, 2014: 12:04 PM ET

MainePERS_BW_smallNed Creedon is no longer with Maine PERS.

FORTUNE -- Ned Creedon has stepped down as deputy chief investment officer and head of alternative investments for the $11.3 billion Maine Public Employees Retirement System, Fortune has learned.

Creedon joined Maine PERS in 2008 to manage alternative investments, after having spent time as an associate with Constellation Energy. He was promoted to deputy CIO in 2011.

One year later, Maine PERS increased its target allocation for alternative investments -- including private equity, real estate, infrastructure and hard assets -- to 35%, although its actual exposure through last June 30 was 10.2%. External managers include BlackRock (BLK), The Carlyle Group (CG) and Kohlberg Kravis Roberts & Co. (KKR).

Sandy Matheson, executive director Maine PERS, confirmed Creedon's departure, saying that he left for an "exciting new opportunity." She added that Maine PERS had not yet decided how to fill his roles, except that in the short term they would be taking more of a "team approach and working more closely with our consultants."

Creedon has not yet returned a request for comment.

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Dan Primack
Dan Primack
Senior Editor, Fortune

Dan Primack joined Fortune.com in September 2010 to cover deals and dealmakers, from Wall Street to Sand Hill Road. Previously, Dan was an editor-at-large with Thomson Reuters, where he launched both peHUB.com and the peHUB Wire email service. In a past journalistic life, Dan ran a community paper in Roxbury, Massachusetts. He currently lives just outside of Boston.

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