NAIC Roadshow Heads to Pittsburgh

After successful visits to South Carolina and St. Louis, the NAIC Road Show will stop next in Pittsburgh on July 14th from 11:00 am to 1:30 pm to meet with Carnegie Mellon University Endowment. Confirmed capital allocators in attendance thus far include Dietrich Foundation; Heinz Family Office; Heinz Foundation; Pittsburgh Foundation; University of Pittsburgh; UPMC. Space is limited to 12 attendees and one RSVP per firm will be accepted beginning May 24th, following which we will begin a waiting list (multiple RSVPs per firm to be considered after the June 14th deadline.

Please RSVP to Dawn Simmons at [email protected]. We will send all confirmed attendees the final itinerary and logistics.

REGISTRATION IS NOW OPEN for the NAIC Private Equity and Hedge Fund Conference in Washington, DC

Take advantage of early bird registration for the NAIC Annual Private Equity and Hedge Fund Conference October 11-12, 2017 at the Georgetown University McDonough School of Business in Washington, DC. The premier thought leadership event in alternative investments brings together chief investment officers, investment managers, limited partners and policymakers for networking as well as in-depth industry panel discussions. The conference will kick off with the NAIC Awards and Welcome Reception at the National Museum of African American History and Culture. The NAIC is also accepting nominations for the NAIC Rising Star Award, which recognizes outstanding young professionals in the financial industry. Nominations can be sent to [email protected].

Valuations as a Private Equity Risk

While accounting standards, valuation frameworks and industry guidelines have been moving towards standardization of valuation principles, private equity fund managers still have substantial freedom when valuing their portfolio companies. Because a fund’s valuation method can have a significant impact on investors’ returns and the management fees charged by the advisor, the SEC has increased scrutiny surrounding valuations since the boom in registration of PE firms following the passage of Dodd-Frank five years ago. Valuations have a subjective component and therefore are naturally laden with conflicts of interest for advisors to PE funds. In light of these developments, this installment of Compliance Corner takes a look at what the SEC looks for and offers useful best practices to avoid being cited for a valuation-related deficiency.

NAIC Member Benefit: Any NAIC Member may have its Valuation Policy reviewed by ICSGroup’s team of compliance experts on a complimentary basis now through the end of June. Contact us today.

DAMI Publishes Fiduciary Guide to Investing with Diverse Asset Managers and Firms

The Diverse Asset Managers Initiative, an effort aimed at increasing the number of assets managed by diverse-owned firms, has published The Fiduciary Guide to Investing with Diverse Asset Managers and Firms. The guide, designed for institutional investors (trustees and staff) who are interested in exploring the possibilities of investing institutional assets with diverse-owned asset management firms, is a tool to address the barriers and misconceptions that prevent institutions from utilizing a diverse set of asset managers, and to help them develop a strategy that includes investing institutional assets with diverse-owned asset management firms.

Click the link below to download a copy of the guide:

http://diverseassetmanagers.org/pdf/DAMI-Fiduciary-Guide-FINAL-ELECTRONIC-VERSION.pdf

NAIC Members in the News

GenNx360 Capital to Sell Manufacturer of Dump Truck Bodies

GenNx360 Capital Partners announced that it entered into a definitive agreement to sell its portfolio company, Truck Bodies and Equipment International (TBEI), a leading U.S. manufacturer of dump truck bodies and trailers, to Federal Signal Corporation (NYSE:FSS) for $270 million, subject to post-closing adjustments. The transaction is expected to close post customary closing conditions. During the 12 months ended March 31, 2017, TBEI generated revenues of $206 million and an EBITDA margin of approximately 18%. GenNx360 acquired TBEI in September 2015 and strengthened its brand providing expertise in aluminum dump trailers and dump bodies, expansion into the Southwest, a strong and loyal dealer network, and positioned TBEI as a platform for growth.

ICV Partners Invests in Client Acquisition and Lead Generation Specialist

ICV Partners, LLC announced its investment in Leading Response, a client acquisition and lead generation specialist to professional service firms. Terms of the transaction were not disclosed. Founded in 1995, Leading Response offers technology enabled, data-driven client acquisition services to professional services end markets. Headquartered in Tampa, FL and with operations in Plano, TX, the company has annual revenues of approximately $70 million and employs 150 people.

Sycamore Partners Acquires NBG Home

Sycamore Partners announced that it has acquired NBG Home, a leading global designer, manufacturer and marketer of affordable home décor products from Kohlberg & Co., L.L.C. NBG offers an extensive array of home décor products, including ready-made and custom framing, lighting, accent furniture, wall décor, and soft goods under a portfolio of leading brands. The company serves a wide variety of retail clients, including mass merchants, specialty stores, discount stores, home centers, warehouse clubs, and internet retailers.

Vista Equity Partners Invests in Cloud-Bbased e-Discovery Software Provider

Zapproved Inc. announced that the company has received a strategic investment from Vista Equity Partners to accelerate their growth in the e-discovery software market. The partnership with Zapproved is the first from Vista's newly launched Endeavor Fund, which focuses exclusively on enterprise software and data businesses under $30 million in revenue. Vista offers these companies and their management teams the financial capital, expertise and support to build an operational foundation for sustainable growth while maintaining and advancing their market leadership. Founded in 2008 in Portland, Ore., Zapproved Inc. is a pioneer in developing cloud‐based software for corporate legal departments. The Z-Discovery Platform returns power to in‐house corporate legal teams and helps them navigate electronic discovery with minimal risk and cost, and it sets new standards for scalability and intuitive design.