Partners Capital co-chief investment officer Suzanne Streeter is departing the OCIO firm for Devonshire Investments, Institutional Investor has learned.
Streeter will serve as president and CIO at Devonshire, which is part of the Johnson family office, according to a letter sent by Partners Capital to its clients that was reviewed by Institutional Investor.
The Johnson family founded and control Fidelity Investments, one of the largest asset management firms in the world. At Devonshire, Streeter will manage about $20 billion in private market direct investments, the letter said.
“We wish Suzanne every success in her new and distinguished role,” a spokesperson for Partners Capital said in a statement, adding that she was “key to building and executing our world-class private markets programs” in her past roles at the firm.
Streeter joined Partners in 2015 as its head of private equity and real estate. In 2021, she was promoted to the co-CIO role, serving alongside Alex Band.
“Over the last 18 months as co-CIO of the firm, Suzanne has strengthened our investment processes and helped mentor our next generation of investment talent in private markets,” the client letter said.
Partners has credited Streeter with helping to push the firm into co-investments, venture capital, and emerging managers. She joined the OCIO firm from MassMutual’s investment management division, Babson Capital Management, where she led the private equity investments team. Before working for Babson, she served as an associate director covering private equity for the Yale Investments Office for five years.
As co-CIOs, Streeter and Band replaced Colin Pan, who left Partners Capital in 2021 to launch his own firm. Pan has since launched Valence8, a private investment firm, along with co-founders Alejandro Goldberg, who was previously a portfolio manager at MIO Partners, and Evoke Advisor’s Brendan Corcoran. Corcoran previously worked at Partners Capital, as did Valence8 managing director Jason Horton.
According to Partners Capital’s spokesperson, Band will continue in his role as chief investment officer within the firm’s office of the CIO, which also includes chairman Stan Miranda, CEO Arjun Raghavan, and head of global macro and tactical asset allocation Kamran Moghadam.
John Beil, who previously served as the University of California’s managing director of private equity, was tapped in 2022 to replace Streeter in her role as head of private equity and real estate.
Partners Capital has made a number of new senior hires since 2021, including Abhi Shah, head of strategy and transformation, who joined from McKinsey; Lenia Ascenso, chief operating officer of investment research, who was previously at NEPC; Christoph Günther, head of public equities, who joined from Goldman Sachs Asset Management; and Michael Viehs, global head of sustainable investing and formerly with Federated Hermes.
