Key Takeaways
- • USS appoints Robert Ross, a senior private equity investment manager from CalSTRS with over a decade of institutional PE experience, as head of private equity funds and co-investments, effective September 2026.
- • Ross assumes the newly vacant role previously held by Geoffrey Geiger and will report to Ben Levenstein, head of private markets, overseeing both fund investments and co-investments across USS's private equity programme.
- • USS manages approximately £84bn ($115bn) in assets with roughly one-third deployed across private markets, positioning the appointment as a strategic capability-building move for one of the UK's largest pension schemes.
- • The hire strengthens USS Investment Management's in-house private equity expertise by bringing institutional experience from CalSTRS, one of the world's largest institutional private equity investors, as institutional allocators continue to refine private markets positioning.
Summary
The UK's Universities Superannuation Scheme (USS) has hired Robert Ross, a senior private equity investment manager at the California State Teachers' Retirement System (CalSTRS), to lead its private equity portfolio. Ross will assume the role of head of private equity funds and co-investments at USS Investment Management, the pension scheme's principal investment adviser, beginning in September 2026. He succeeds Geoffrey Geiger, who retired the previous year.
Ross brings more than a decade of experience from CalSTRS, where he currently serves as senior portfolio manager with direct responsibility for private equity investments and emerging manager strategies. His appointment to USS reflects the pension scheme's continued effort to expand its in-house private markets capabilities. The role carries a broad mandate covering both direct fund investments and co-investments, positioning Ross as a key decision-maker across the entire private equity programme.
USS manages approximately £84bn ($115bn) in total assets, with roughly one-third—approximately £28bn—deployed across private markets. This substantial allocation underscores the strategic importance of the private equity function within the pension scheme's investment framework. By recruiting from CalSTRS, one of the world's largest institutional private equity investors, USS is importing proven expertise at a time when institutional investors are actively reassessing and refining their private markets allocations.
Ross will report to Ben Levenstein, head of private markets at USS, integrating the private equity function within the broader private markets investment structure. The appointment signals USS's commitment to deepening institutional capabilities in an asset class that has become increasingly central to pension fund portfolio construction and return generation strategies.
Ross brings more than a decade of experience from CalSTRS, where he currently serves as senior portfolio manager with direct responsibility for private equity investments and emerging manager strategies. His appointment to USS reflects the pension scheme's continued effort to expand its in-house private markets capabilities. The role carries a broad mandate covering both direct fund investments and co-investments, positioning Ross as a key decision-maker across the entire private equity programme.
USS manages approximately £84bn ($115bn) in total assets, with roughly one-third—approximately £28bn—deployed across private markets. This substantial allocation underscores the strategic importance of the private equity function within the pension scheme's investment framework. By recruiting from CalSTRS, one of the world's largest institutional private equity investors, USS is importing proven expertise at a time when institutional investors are actively reassessing and refining their private markets allocations.
Ross will report to Ben Levenstein, head of private markets at USS, integrating the private equity function within the broader private markets investment structure. The appointment signals USS's commitment to deepening institutional capabilities in an asset class that has become increasingly central to pension fund portfolio construction and return generation strategies.
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