Firms & Funds

Connecticut searches for private equity head after Purcell departs

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  • Terrence Purcell, who oversaw PE, left July 3
  • Purcell joined The Permal Group in late July 
  • Connecticut system has been active PE investor

Purcell, principal investment officer in alternative and private equity at the system, left the system effective July 3, a person with knowledge of the move told Buyouts.

Alternative asset manager The Permal Group announced in late July that it had hired Purcell to work as an executive vice president on customized investments for institutional clients.

Purcell joined Connecticut in 2012 after founding and managing hedge fund Purcell Capital Management for 14 years, according to his LinkedIn account.

Meanwhile, Deborah Spalding, chief investment officer with the Connecticut system, is overseeing investments on behalf of Denise Nappier, state treasurer and principal fiduciary of the funds, according to a spokesman for the Treasurer.

Connecticut’s retirement system, which had a total value of $29.7 billion as of June 30, 2015, has been an active private equity investor. Earlier this year, it carved out three separate accounts totaling $355 million for investments in the state, Buyouts reported.