Please mark your calendar for the NAIC 46th Annual Private Equity and Hedge Fund Conference, October 3-4, 2016! Bank of America Tower in New York City will again host this premiere event for diverse-owned and emerging investment managers. We hope you will be able to join us for a convention that offers vital industry information, contacts and networking opportunities for professionals in all areas of the private equity and hedge fund industry.

Please contact the NAIC office with questions and to learn more about additional sponsorship opportunities: [email protected].

New Study Released

The NAIC recently released findings from Limited Partner Perspective: The Opportunity in Diverse Emerging Managers. This study analyzes the experiences of LPs who invest in private equity funds managed by diverse general partners and why they invest in these funds. Commissioned by the NAIC and conducted by Gregory B Fairchild, E. Thayer Bigelow Associate Professor of Business Administration Darden GSBA, University of Virginia, the study analyzes the results of a survey of NAIC funds and a series of interviews with leading LPs who have experiences and knowledge about the opportunities and challenges of investing with diverse emerging managers.

2016 NAIC Capital Allocators Roadshow Kicks Off in Chicago

The NAIC Capital Allocators Roadshows have kicked off for 2016, beginning February 4th and 5th in the Chicago area. Over the two days, NAIC members met with Chicago Teachers Pension Fund (CTPF), Exelon, Illinois Municipal Retirement Fund (IMRF), Illinois State Board of Investment (ISBI), Illinois State Universities Retirement System (SURS), and Muller & Monroe. The meetings provided an opportunity for each institutional investor to share information about their program while getting to know NAIC members and other participating LPs better.

Compliance Corner - Don't Get Charged with Misallocating Fees and Expenses

This installment of Compliance Corner highlights the SEC and its increased focused on the fee and expense practices of private equity firms. In 2016, the SEC will continue its focus on whether fee arrangements are in the best interest of the investor and if adequate disclosures are made to investors about fees and expenses. Compliance Corner also looks at some of the more noteworthy enforcement actions in 2015, and the issues that were identified in recent SEC examinations of several private equity clients.

NAIC Members in the News

HarbourVest Partners Acquires BAML Capital Access Funds Group

HarbourVest Partners, an independent, global private markets specialist with more than $37 billion in assets under management, announced that it has acquired the BAML Capital Access Funds group from Bank of America. BAML Capital Access Funds will continue to focus on emerging and diverse managers and will be renamed HarbourVest Horizon. In addition, BAML CAF's six-person investment team will join HarbourVest.

RLJ Equity Partners, LLC Acquires Phase One Consulting Group, LLC

RLJ Equity Partners, LLC announced its acquisition of Phase One Consulting Group, LLC, a premier provider of information technology-based consulting services and solutions to various U.S. federal civilian agencies. Founded in 1997 and headquartered in Alexandria, Virginia, Phase One Consulting Group is a premier provider of technology oriented consulting and solution services for the public sector. The company provides a range of strategic solutions addressing IT strategy, organizational transformation, strategic communications, process and business analysis, solution architecture and engineering, agile development, and cybersecurity.

Siris Capital Group, LLC and Transaction Network Services Announces Investment from Koch Equity Development LLC

Siris Capital Group, LLC and Transaction Network Services (TNS) announced that an affiliate of Koch Equity Development LLC (KED) and co-investors including affiliates of Eaglehill Advisors LLC (Eaglehill) and MSD Capital, L.P. (MSD) have made a minority equity investment in Trident Private Holdings III, LLC, a holding company of TNS. Siris acquired TNS in a sponsor-led "take-private" transaction in 2013 and will continue to hold a controlling interest. TNS provides secure, mission critical connectivity and gateway services via a global network enabling its customers to exchange data and information and transact worldwide.

Little Sprouts Announces Investment by the Wicks Group of Companies

The Wicks Group of Companies entered into a definitive agreement to, along with the company's management, acquire a majority position in Little Sprouts Holdings LLC, a leading provider of early child care and education services in Massachusetts and New Hampshire. Little Sprouts serves more than 1,700 children in 22 schools and has been a trusted innovator in early education and a network of award-winning child care facilities for more than 30 years.

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