Midwestern move: Indiana hires new private equity boss

April 21, 2011, 11:23 PM UTC

Bob Clone has taken over as head of private equity investments at the State of Indiana Retirement Systems, Fortune has learned.

He previously spent more than 20 years at the State of Michigan Retirement System, including the past 11 as a senior portfolio manager for the system’s $6.5 billion in venture capital and private equity assets. An automated email reply to his Michigan account said that Clone accepted “early retirement” at the end of December.

Indiana recently combined investment management of its two largest public pension systems: The Public Employees’ Retirement Fund and the Teachers’ Retirement Fund.

For fiscal year 2010, the combined system reported more than $3.2 billion in alternative assets, for a 24.5% allocation. The figure seems to include some hedge and real estate investment, but also a fairly robust private equity portfolio. Managers include Silver Lake Partners, Warburg Pincus and WL Ross & Co.