The chief investment officer of the $32bn (€23.8bn) Pennsylvania State Employees' Retirement System has quit to take a similar role at an educational endowment, adding his name to a growing stream of fund managers bringing alternative investment experience to universities.

Peter Gilbert has overseen investments at the Pennsylvania fund for the past 14 years. In July he will move to the $1bn Lehigh University endowment fund, which to date has been managed by a volunteer investment committee made up of the university's board of trustees. Lehigh is based in Pennsylvania.