Iain Leigh, APG’s global head of private equity, has announced that he is to step down from his position at the end of this year.

The €500bn Dutch asset manager said that New York-based Leigh would be succeeded by Greg Jania, head of fund investments, and Ken Bloomberg, head of co-investments in his team.

They will both become managing directors as of January 2020 and will co-head APG’s global private equity programme, which is responsible for €24bn of assets according to the asset manager. The pair will also join the executive board of APG Asset Management US.

At the request of APG, Leigh will stay on as a senior adviser to the company’s private equity business and to the CIO’s office until mid-2020.

“The time is right to take a step back from the day-to-day leadership of the business, and to make way for the very capable next layer of management,” Leigh said.

He was a founding managing partner at private equity house AlpInvest, which was owned by a joint venture between civil service scheme ABP – APG’s owner – and the €217bn healthcare scheme PFZW until 2011.

Leigh joined APG in 2012 to bring the global private equity operations in-house. Since then, he has built a global, multi-channel private equity platform with a team of 36 investment professionals.

Jania joined APG in 2013 to implement its fund investment programme. Bloomberg came to APG the next year from Alpinvest to develop and manage co-investments.

APG said that both had brought more than a decade of leadership experience in the private equity industry, and have worked with Leigh ensuring a cohesive global programme for APG’s clients.

The asset manager has invested €24bn in private equity in total for its four pension fund clients, including the €431bn civil service scheme ABP.