(November 27, 2012) – Bryan Martin, a major force behind the New Jersey pension system’s groundbreaking ‘strategic relationships’ with private equity and real estate firms, has stepped down to take a position with Spectrum Financial Services in Omaha, Nebraska.
His last day was Friday, November 23. Martin starts today as director of investments at Spectrum, a private family office with a diverse portfolio.
Martin served just 15 months as the head of opportunistic investments and real assets at the New Jersey Division of Investment–a $22.3 billion division–but is leaving behind a vastly different alternatives unit than he started with.
He worked closely with former division head Christine Pastore—who left in March—and current Senior Portfolio Manager Jason MacDonald to overhaul the pension’s dealing with private equity firms. MacDonald and the team will continue working with the strategic relationships that Martin, Pastore and others helped set up, such as Blackrock and TPG. The $70 billion public pension has said it sees plenty of opportunity in these structures.
“We use the relationship as an extension of our staff,” New Jersey CIO Tim Walsh told aiCIO in May, following the fund’s $2.5 billion commitment to Blackstone. ”There is only so much we can do with limited resources and manpower.” They are, Walsh asserted, a “source of investment opportunities around the world” and across their different specialties, and the trust New Jersey has put in them to act quickly is a result of years of relationship building. “It’s important to note that they weren’t soliciting us—we were previously big investors with them and we fine-tuned this relationship over time.”
There is no immediate plan to hire a replacement for Martin’s role, which was created for him last year, according to someone with knowledge of the situation. Walsh and Chris McDonough, the fund’s current deputy director, will take over managing the strategic relationships.
Martin’s move to the private sector follows a substantial career in the public pension world. Before coming to New Jersey, he was director of investments at the Indiana State Teachers’ Retirement Fund and director of alternative investments at the Indiana Public Employees’ Retirement Fund.
All indications suggest that Martin left on very friendly terms. Walsh said he “wishes Bryan the best and that he will be missed.”