Key Takeaways
- • COAERS appointed a new Director of Private Equity to lead sourcing, due diligence, and portfolio management of private equity investments, reporting directly to Chief Investment Officer David Kushner.
- • The position represents a significant infrastructure build-out for the $3.4–$3.5 billion City of Austin Employees' Retirement System's nascent private markets allocation strategy.
- • COAERS previously engaged Albourne Partners as its first private markets investment consultant to support the expansion into private equity and private credit allocations.
- • The fund has approved a 10% asset allocation target for private debt, signaling a deliberate shift toward alternative assets under Kushner's leadership since his 2022 appointment as CIO.
- • The Director of Private Equity role requires seasoned investment expertise in fund sourcing, manager selection, comprehensive due diligence, and partnership negotiation with general partners and investment managers.
Summary
The City of Austin Employees' Retirement System (COAERS) has appointed a Director of Private Equity to establish and manage a formal private equity investment program within its institutional portfolio. The role, posted in February 2026, reports to Chief Investment Officer David Kushner and represents a key staffing milestone as the $3.4–$3.5 billion pension fund systematically builds out its alternative assets capability.
Reporting to the CIO, the Director of Private Equity will assume responsibility for developing investment strategy, sourcing and evaluating private equity opportunities, conducting comprehensive due diligence on fund managers and their strategies, and overseeing the growing PE portfolio. The position requires advanced investment experience including performance analysis, valuation assessment, team structure evaluation, and direct negotiation with general partners. Key responsibilities also encompass manager selection recommendations, partnership oversight, and potential divestiture decisions.
This appointment follows COAERS' strategic decision to hire Albourne Partners as its first private markets investment consultant, a move designed to accelerate the fund's entry into private equity and private credit allocations. In November, the fund's board approved a target allocation increase to 10% for private debt, establishing a clear mandate for expanded alternative asset holdings. Since joining COAERS in 2022, CIO David Kushner has systematized the pension fund's alternative asset strategy through external consultant engagement and internal hiring, moving the fund from minimal private markets exposure to a structured, consultant-supported program.
The Director of Private Equity appointment signals COAERS' commitment to building institutional-grade private markets capability in-house, complementing external advisory relationships and positioning the fund to execute a multi-year build-out of its PE and credit portfolios.
Reporting to the CIO, the Director of Private Equity will assume responsibility for developing investment strategy, sourcing and evaluating private equity opportunities, conducting comprehensive due diligence on fund managers and their strategies, and overseeing the growing PE portfolio. The position requires advanced investment experience including performance analysis, valuation assessment, team structure evaluation, and direct negotiation with general partners. Key responsibilities also encompass manager selection recommendations, partnership oversight, and potential divestiture decisions.
This appointment follows COAERS' strategic decision to hire Albourne Partners as its first private markets investment consultant, a move designed to accelerate the fund's entry into private equity and private credit allocations. In November, the fund's board approved a target allocation increase to 10% for private debt, establishing a clear mandate for expanded alternative asset holdings. Since joining COAERS in 2022, CIO David Kushner has systematized the pension fund's alternative asset strategy through external consultant engagement and internal hiring, moving the fund from minimal private markets exposure to a structured, consultant-supported program.
The Director of Private Equity appointment signals COAERS' commitment to building institutional-grade private markets capability in-house, complementing external advisory relationships and positioning the fund to execute a multi-year build-out of its PE and credit portfolios.
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