The Allstate Corporation has expanded its senior leadership team in investments.
Russell K Mayerfeld has joined Allstate as a senior managing director, reporting to Judith P Greffin, chief investment officer.
Peter Keehn has been promoted to managing director, private equity investing, reporting to Mayerfeld.
Mayerfeld oversees approximately USD10 billion of Allstate’s investments, including private equity, infrastructure and real assets, real estate and commercial mortgage loans. Throughout his career, he has worked extensively with insurance companies and other financial institutions. Recently, Mayerfeld served as an independent consultant to private equity funds and corporations and as a board member for private and public companies.
Mayerfeld was managing director, investment banking of UBS LLC and its predecessors from 1997 to 2003, and managing director, investment banking of Dean Witter Reynolds from 1988 to 1997.
“I am delighted to join Allstate Investments,” Mayerfeld says. “I look forward to building on the success of the team to position Allstate as an even more dynamic investor in this evolving sector. We will leverage the skills and experience of our alternative investment professionals, as well as the breadth and scale of the Allstate enterprise, to source attractive opportunities. With our size, flexibility and creativity, we will continue to help our portfolio companies achieve their objectives.”
Allstate will expand its alternative investment portfolio over the next several years, with much of the growth coming from direct investments.
“Allstate will continue to be a fund investor while leveraging its relationships to generate additional direct investments. Ultimately, this dual approach is designed to produce more favourable risk-adjusted returns for the benefit of Allstate’s shareholders and policyholders,” Mayerfeld says.
Keehn will continue to lead Allstate’s global private equity investing group, which includes the infrastructure and real assets team, managing a portfolio of approximately USD3 billion. Recently, he shifted the focus of Allstate’s private equity activities to include more direct investing and co-investments. In 2007, Keehn established Allstate’s London office to enhance the firm’s global perspective and gain greater access to investment opportunities around the world. He joined Allstate in 2003 as a director to head the company’s then USD450 million alternative assets portfolio. Earlier in his career, he was a principal at Waud Capital Partners and a director at Northwestern Investment Management.