Hunt for Next Santa Clara Valley Transportation Authority CIO Not Yet on Track

By David G. Barry

The Santa Clara Valley Transportation Authority (VTA) is still figuring out its route for replacing longtime Chief Investment Officer Sean Bill. Bill, who was treasurer and CIO of the VTA for 10 years, left last month to become CIO of Prime Meridian Capital Management, a registered private credit fund that has funded more than $1.6 billion in loans and specialty credit.

Greg Richardson, the VTA's chief financial officer, said the plan is evaluating the role/job and "preparing to recruit soon." He said there is no interim CIO, but if the need should arise "we will consider the need" for one. He said most tasks are being completed by internal staff. Consultant NEPC, he said, is providing assistance as needed. 

On his LinkedIn profile, Bill said that while at the VTA, he was responsible for the management and oversight of $3.5 billion in multi-asset class portfolios, including defined benefit plans, defined contributions plans, endowment funds and institutional cash management.

During his tenure, its investment offerings grew from equities, real estate and fixed income to also include private credit, core real estate, absolute return hedge funds and diversified real assets.

VTA, in fact, was one of the first public pensions to have exposure to cryptocurrencies, according to the publication Chief Investment Officer.

The Santa Clara VTA Retirees’ OPEB Trust returned 10.4% net of fees over the 10 years that Bill served as its chairman and CIO.