The Institutional Limited Partners Association, a group representing private equity allocators globally, has hired Cambridge Associates' Steve Nelson as chief executive officer, ILPA announced Friday.
Nelson will begin his role as CEO on March 26, according to the announcement. He will be based in Washington, D.C.
Nelson has spent his entire career at Cambridge Associates, the investment outsourcing and consulting firm based in Boston, according to his LinkedIn profile. In January 2016, Cambridge promoted him from head of portfolio services to chief operating officer. He also serves on the firm's board and executive committees.
"Steve Nelson brings an authentic and collaborative leadership style to our board of directors and team," said Tanya Carmichael, ILPA board chair and Ontario Teachers' Pension Plan managing director for global funds, in the announcement. "His strong strategic planning, business building background, and vision for the organization will be an incredible asset to our membership, which continues to grow substantially."
ILPA's 450-plus member institutions represent more than $2 trillion of private equity assets. The California Teachers' Retirement System, Teacher Retirement System of Texas, Washington State Investment Board, Alaska Permanent Fund, Tufts University Investment Officer, QIC, and AP2 are among ILPA members with employees on its board of directors.
One of ILPA's major initiatives has been transparency in private equity fees.
The group developed a fee reporting template, which by October had been endorsed by about 140 asset owners, private equity firms, and third parties such as consultants. More than 200 general partners fill out the template for clients when asked, ILPA said at the time.
Nelson takes over ILPA after a period of rapid growth for the association, with membership increasing by double-digit percentages for the last three years.