NEW YORK (HedgeWorld.com)--Richcourt Group, a fund of funds majority-owned by the private equity firm Hamilton Lane, appointed Francesco Mainolfi chief investment officer.
The position is new. He will work with Pantelis Apessos, head of manager research, according to a statement by Richcourt Chief Executive John Mensack.
Previously, Mr. Mainolfi was a principal investment officer at the World Bank Pension Fund in Washington, where he led the hedge fund investment team. In that position, he was responsible for managing the pension's US$1.5 billion hedge fund investments.
The World Bank has invested in hedge funds for more than 20 years, but Mr. Mainolfi more than doubled the allocation. He broadened the scope and size of the hedge fund portfolio to cover a wider range of styles and strategies.
Hamilton Lane, Bala Cynwyd, Penn., has more than US$39 billion of discretionary and nondiscretionary assets under management. It bought a controlling stake in New York-based Richcourt Group late last year from Citco Group Ltd., the parent company of hedge fund administrator Citco Fund Services.firstname.lastname@example.org.