Sheryl Schwartz is making the jump from limited partner to GP, as she joined Perseus LLC as a senior managing director in the firm’s New York office. The move follows Schwartz’s May departure from TIAA-CREF, where she had previously overseen the firm’s alternative investments.

Schwartz had been with TIAA-CREF for nearly 22 years prior to her departure amid a shakeup in the firm’s PE program. At Perseus, Schwartz will be working on mezzanine debt, private equity investments and investor relations.

The jump from limited partner to sponsor is a rare one in private equity. Adam Blumenthal made a similar move in 2005, when he launched PE firm Blue Wolf Capital after a three-year stint as the chief financial officer for New York City Comptroller, where he oversaw the management of the New York City Retirement Systems’ assets. He had previously spent time at American Capital before his work for the city. Diamond Castle Holdings’ Lawrence Schloss recently made the reverse move, leaving the PE firm to serve as the chief investment officer overseeing four of New York City’s five pension funds.

At TIAA-CREF, and as the head of the alternative investment team, Schwartz oversaw direct co-investments and mezzanine debt opportunities that emerged through its fund managers.

Perseus, which is reportedly fundraising, has received from commitments from TIAA-CREF in the past.