UC Regents Loses Private Equity Chief to Foundation

Tim Recker will join the James Irvine Foundation next month.

The head of private equity for the University of California’s investment office is leaving to take the helm of a $2 billion foundation.

Tim Recker, managing director for private equity and real assets since 2007, has been appointed CIO at the James Irvine Foundation. He will start his new role on November 14, according to a statement from the San Francisco, California-based charity.

“I am honored and excited to join the Irvine Foundation at such a pivotal point in its history,” said Recker. “I am committed to ensuring that the endowment remains strong as the foundation invests in the critical work of grantees striving to expand opportunity for the people of California.”

Recker oversees $9 billion of the University of California’s $95.7 billion portfolio. He initiated the university’s real assets program, which now includes commodities, timberland, and infrastructure. He is also responsible for cross-asset class investments and co-investments.

Before joining the university in 2007, Recker was director of alternative investments at the State of Michigan Retirement Systems, overseeing a $13 billion portfolio.

Recker will replace current CIO John Jenks, who will retire in January. Jenks has led the foundation for more than 14 years and is a former CIO in the Alaska Division of Retirement and Benefits, managing more than $20 billion.

Isaac Stein, a board member at the foundation and leader of the search for the new CIO, said Recker “shares a unique passion for, and commitment to, Irvine’s mission.”

“His management experience in finance and operations positions him well to make important contributions to the foundation,” Stein added.

The University of California made 10 new hires—including two private equity and real assets analysts—in 2014 following the arrival of Jagdeep Bachher as CIO.

Related: Hiring Spree for U. California’s CIO & U. California’s Chair on How to Hire a Great CIO