Lindel EakmanThe University of Texas Investment Management Co. (UTIMCO) has lost its head of private markets investing.
Lindel Eakman announced Monday that he will be stepping down after nearly 13 years with the $35 billion endowment.
Eakman is to leave the Austin, Texas-based university to form a new fund focused on venture capital, Fortune reported.
He has previously backed debut funds from managers including the Foundry Group, IA Ventures, True Ventures, and Union Square Ventures.
“Looks like my secret is out,” Eakman confirmed on Twitter. “It’s been a great run at UTIMCO.”
Eakman, who holds an MBA in finance from the University of Texas at Austin, joined UTIMCO in 2002 following a brief stint as a corporate finance associate at New York-based investment bank Stephens. Prior to that, he worked in the M&A tax practice division at KPMG.
UTIMCO’s $17.6 billion permanent university fund returned 8.5% and 6.4% for five and ten-years ending July 31, 2015, respectively.
A formal succession plan has not yet been announced.