Joe Vet

Mr. Vet retired from Avec Capital in 2015 but continues as a Senior Advisor for the firm. Prior to joining Avec Capital in 2008, Mr. Vet was a Managing Director of Cue Capital, LP for three years. Mr. Vet performed due diligence on funds the placement agent was considering representing. In June 2005, Mr. Vet retired after almost 30 years from the NYS Teachers’ Retirement System, an $85 billion defined benefit public pension plan. Starting in with NYS Teachers’ in the mid-70s, Joe held several positions, including Finance Officer, Division Manager (responsible for Finance, Human Resources, and overseeing the System’s budget), and the Executive level position of Director of Internal Audit. He was appointed to the Executive position of Securities Investment Officer in 1998 which he held until his retirement. In this position, he was responsible for over 85% of the System’s assets, including investments in fixed income, international & domestic equities, and private equity. He also had responsibility for asset allocation, manager selection, and monitoring outside managers. Mr. Vet rejuvenated the System’s interest in private equity and took the program from $100 million in commitments in 1998 to over $5.3 billion of committed capital by early 2005. Re-starting from the ground up, Mr. Vet developed a strategy to enhance the program by developing an internal professional staff, establishing a process to identify potential fund investments, performing due diligence alongside staff, and working through an approval process with the Retirement Board. Beginning with a modest 3% target, the program is now on track for a 7% allocation of assets. Investments include direct fund investing, secondaries, buyouts, venture capital, and domestic and international funds. The team reviewed almost 50 opportunities each quarter which ultimately generated between two or four commitments per quarter.

Mr. Vet received his B.S. with honors from Bryant College in Providence, RI, and is a Certified Public Accountant (CPA) and Certified Employee Benefits Specialist (CEBS).

During his career, Mr. Vet was active in the Government Finance Officers Association (GFOA) for over 15 years and served on the GFOA’s National Committee on Retirement and Benefits Administration, chairing the committee’s Accounting Subcommittee. He was an active member of the GASB Pension Task Force and functioned as an advisor for GASB Implementation Guides. In previous roles, he was active in the Association of Public Pension Fund Auditors (APPFA), serving as President (1997-1998) and as a Member of the Board of Directors. Mr. Vet is a frequent speaker at well-known public and endowment conferences on various investment-related topics, including private equity. He holds the Series 7, 24, and 63 registrations with FINRA.