The $69 billion Future Fund will shortly have a new boss for its $8 billion-plus private markets portfolios, following the incumbent’s decision to move on.

It’s understood that Gary Gabriel, who joined the Future Fund in October 2007, informed his staff yesterday that he was leaving for a new opportunity.

Gabriel, previously the head of private markets at UniSuper, was responsible for building the separate private equity, property and infrastructure/timberland teams at the Future Fund. Market observers speculated yesterday that Gabriel may be interested in returning to a more ‘hands-on’ investment role that required less human resources management than his senior position at the Future Fund inevitably entailed.

A Future Fund spokesperson said no decision on a replacement for Gabriel had yet been made, nor an end date for his current role yet confirmed.

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