Head of Manulife Investment Management PE Fund Investment Program Retires

By David G. Barry

Dan Budde has retired from his role overseeing Manulife Investment Management’s private equity fund investment program.

During his time at Manulife Investment Management - formerly known as Hancock Capital Management - Budde's "expertise was instrumental" in building a $9 billion private equity fund platform, said Scott Garfield, head of North American private equity and mezzanine debt at Manulife Investment Management.

Toronto, Ontario-based Manulife Investment Management is the global wealth and asset management segment of Manulife Financial Corporation, with CA$860 billion (US$665.8 billion) assets under management.

Garfield said that Budde willl continue to serve on Manulife's secondaries and private equity funds investment committees as a senior advisor. RIch Tarr, a managing director, is taking over as head of the North American private equity funds team. He worked with Budde for the past seven years.

During his time at Manulife, Budde oversaw its first fund-of-funds product, Manulife Private Equity Partners, L.P., which closed in early 2020 at $1.5 billion. The fund was seeded with an existing portfolio of funds and co-investment interests in North American buyout and growth funds invested with more than 25 leading private equity managers. It also had capacity for new fund investments and co-investments.

Budde joined Hancock Capital Management – now operating as Manulife Investment Management – in 2005. He previously was a partner with ABRY Partners, where he was responsible for the investment activities of ABRY Mezzanine Partners. Previously, he was with John Hancock’s North American corporate finance group, focusing on investment in the media, communications and entertainment industries.