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The latest news and updates from NAIC, the largest network of diverse-owned private equity firms and hedge funds.
NAIC E-News Update

The Largest Network of Diverse-Owned Private Equity Firms and Hedge Funds


NAIC E-News

NAIC E-News

Goldman Sachs Asset Management and NAIC Partnership Expands Opportunities for Diverse Alternative Investment Managers

NAIC is excited to announce that we formed a comprehensive partnership with Goldman Sachs to significantly diversify the alternative investment industry! The partnership leverages the capabilities of the largest network of diverse-owned alternative investment managers and the resources of the global financial services leader.

Through the collaboration, NAIC will facilitate engagements between Goldman Sachs and diverse asset managers and professionals, raising Goldman Sachs’ exposure to high-performing diverse talent and assisting with D&I objectives. Goldman Sachs will support critical NAIC initiatives, including our NextGen Symposium, which provides ethnically diverse and female professionals with the know-how required to launch and grow a private equity firm successfully. In addition, Goldman Sachs will sponsor the Women in Alternatives Initiative, which addresses the underrepresentation of diverse female professionals in the industry.

As always, we will keep our membership apprised of all developments related to this transformative partnership as they occur!




NAIC E-News

RSVP NOW! David Grain Joins Industry Insights Live July 22!

NAIC is looking forward to hosting David Grain, Founder & CEO of Grain Management, on the July 22nd edition of Industry Insights Live! Set for 3 p.m. ET, the veteran investor will share his approach to deal-making, where he sees opportunities in the communications industry, as well as his leadership philosophy in a one-on-one virtual conversation.

With a focus on the global communications industry, Grain’s leadership and acumen have resulted in top quartile returns for the firm he founded in 2007. Among his long list of accomplishments was the transformation of Pinnacle Towers (later renamed Global Signal) from bankruptcy to a successful IPO and eventual sale to Crown Castle International for $5.7 billion. The transaction, which spanned 2002-2006, resulted in a return of capital exceeding 15x to private equity investors and 3.5x to IPO investors.

Please join us for an in-depth conversation with one of the most innovative investors and leaders in the financial services industry!




NAIC E-News

NAIC Market Update: Opportunities in Life Science Industrials

After last year’s breakthrough mRNA-based COVID-19 vaccines by Pfizer-BioNTech and Moderna, there is much greater attention focused on companies behind the next wave of disruptive technologies, tools, and services leveraged by the biopharma industry. In this NAIC Market Update, Daniella Kranjac, Founder of Dynamk Capital, shares her perspectives on the opportunities in life science industrials. These opportunities include novel cell, gene and mRNA therapies and other technologies the biopharma industry leverages for its essential work. Dynamk Capital is a growth equity and venture capital firm focused on life science industrials.




NAIC E-News

2020-2021 NAIC MBA Fellows Gain Valuable Exposure to Alternative Investment Industry

We began the NAIC MBA Fellowship program in 2019 with a single Fellow to introduce diverse young talent to the opportunities in alternative investments. In 2020 – thanks to endowments generously provided by Grain Management, Palladium Equity Partners, Stellex Capital Management and Valor Equity Partners, we were able to expand the program to five Fellows: Nicole Allain-Stockton, Luigi Crevoisier, Najib Jai, Sofia Baeza Perez, and Russell Williams. With the 2020-2021 NAIC MBA Fellowship wrapping up, the Fellows share their experiences supporting NAIC initiatives while gaining valuable industry exposure with Member Firms.




NAIC E-News

Institutional Investors Invited to NAIC LP Meetup October 7!

NAIC invites all institutional investors to register for our annual LP Meetup by Monday, August 16th! Set for 11:00 AM - 5:00 PM ET October 7, 2021, this exclusive event provides insights into trends impacting the institutional investment industry and connects leading capital allocators with high-performing diverse managers in alternative investments. In 2020, NAIC coordinated over 250 of these rich interactions between LPs and GPs.

Participating LPs will gain access to a broad range of diverse private equity and hedge fund managers, while NAIC Member Firms will benefit from valuable face-time with decision-makers and heads of asset classes at leading institutional investors via our custom-curated one-on-one meetings. The LP Meetup offers a rare opportunity to share investment strategies, successful investments and lay the groundwork for long-standing relationships.

Stay tuned for announcements on participating LPs!

GP Registration will open on Monday, August 16, 2021.




NAIC E-News

NAIC Welcomes New Voices Fund, Leeds Illuminate and Cadre!

NAIC is excited to announce three new Member Firms: New Voices Fund, Leeds Illuminate and Cadre!

New Voices Fund (https://newvoicesfund.com/) is a venture capital firm that invests in early-stage to growth-stage companies founded by entrepreneurs of color, primarily in the consumer products/services industry. The firm established its first fund, New Voices Fund, LP, to empower female entrepreneurs of color to reach their full potential by leveling the playing field and providing unprecedented access to capital and expertise necessary for success.

Leeds Illuminate (https://www.leedsilluminate.com/) is a growth equity firm that invests in education, workforce development and workforce access. The firm provides growth capital for companies with $10-$500 million in revenues that are either profitable or on the path to becoming EBITDA positive over the next 24 months and seeking a strategic capital partner to scale growth and impact.

Cadre (https://cadre.com/) is a next-generation commercial real estate investment platform that invests in multifamily, industrial, office, and hotel properties across high-potential markets throughout the United States. Its fund targets established properties that range in total value from $50-$200 million with stable in-place tenants that are already generating cash flows for investors.


CalPERS Appoints Marlene Timberlake D’Adamo as its First DEI Officer

CalPERS has named Marlene Timberlake D’Adamo as its first Chief Diversity, Equity, and Inclusion Officer (CDEIO), effective immediately. Timberlake D’Adamo has been serving dual roles as chief compliance officer and interim chief diversity, equity, and inclusion officer since June of 2020. The CDEIO will partner with the environmental, social, and governance investment team to help identify and analyze emerging DEI issues and opportunities supported by sound investment methodology and academic research that may impact the CalPERS portfolio. Timberlake D’Adamo holds a bachelor’s degree, magna cum laude, from Seton Hall University and a Juris Doctor degree from the Beasley School of Law, Temple University.


Cassandra Lichnock Named New CalSTRS CEO

CalSTRS announced the appointment of Cassandra Lichnock as its new CEO effective July 1, making her the fund’s first female to hold that position. As CEO, Lichnock will build and execute strategy and forge a strong relationship with the Board. Lichnock joined CalSTRS in August 2008 as the human resources executive officer and has served as Chief Operating Officer since March 2013. Lichnock holds a Bachelor of Arts in management from Golden Gate University, San Francisco, as well as an executive certificate in Technology Operations and Value Chain Management from the Massachusetts Institute of Technology. She also holds certificates in human resource management from Golden Gate University and labor management relations from the University of California, Davis.



NAIC E-News

Diverse Manager Week at SURS Set for August 2-5

The State Universities Retirement System (SURS) Investment Team announced the third annual Diverse Manager Week initiative to improve its efforts to reach diverse managers. This year’s event will be held remotely via video conference from August 2-5. Each day SURS will focus on a particular asset class.

Diverse Manager Week is an opportunity for diverse-owned investment management firms with greater than 50% ownership by minorities, women, or people with a disability (MWDB) to present to the SURS investment team, its manager-of-manager partners, and its consultants. This event aims to promote the visibility of MWDB firms to an audience of institutional-level asset allocators. SURS consultants and investment partners are encouraged to conduct further due diligence on participating firms.

Interested managers can email diversemanager@surs.org with their preferred asset class day and two potential time slots or email Alex Ramos (aramos@surs.org) or Kelly Valle (kvalle@surs.org) with questions.




NAIC E-News

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Stay up-to-date on the latest news from diverse-owned private equity firms and hedge funds, news-making deals, NAIC announcements, interviews with high-profile insiders and other industry happenings by following us on social media.




MEMBERS NEWS


RockCreek Surpasses $900 million invested in Black-Owned and Managed Firms

RockCreek announced that it has surpassed $900 million invested in Black-owned and managed firms, companies, and funds. One of the world’s largest diverse-owned and managed investment firms, RockCreek invested $300 million in Black-owned and managed firms, companies, and funds in 2020. Those firms include NAIC members Hollis Park Partners and Ocean Park Investments. RockCreek’s ongoing focus on diverse investments comes amid a time of great challenge—and great opportunity—for investing in Black-owned businesses. For example, a recent McKinsey report based on Census Bureau data found that Black entrepreneurs start their businesses with, on average, $35,000 in capital, compared with an average of $107,000 for white founders.


The Vistria Group Closes on $2.68 Billion for Flagship Core Private Equity Fund

The Vistria Group announced the final closing of Vistria Fund IV, L.P., with $2.68 billion of total capital commitments. Vistria now manages more than $6.5 billion in institutional capital across its funds and co-investment vehicles. Fund IV was substantially oversubscribed, closing at its hard cap and surpassing its target of $1.5 billion. It includes a $180 million commitment from Vistria’s Principals and Operating Partners. Consistent with its predecessor funds, Fund IV will seek to invest in U.S.-based healthcare, education and financial services companies that can benefit from Vistria’s deep network, operating expertise, and policy perspectives.


Higher Education Technology Company Ellucian to be Acquired by Blackstone and Vista Equity Partners

Blackstone (NYSE: BX) and Vista Equity Partners announced that private equity funds managed by those firms have agreed to acquire Ellucian, a leading higher education technology solutions provider, from TPG Capital, the private equity platform of global alternative asset firm TPG, and Leonard Green & Partners, L.P. Blackstone and Vista will invest in Ellucian through their respective long-term private equity strategies, which hold investments for longer periods than traditional private equity. Ellucian delivers mission-critical, enterprise resource planning (ERP) software to higher-education institutions.


Wind Point Partners Announces Sale Of Pestell Nutrition To Barentz International

Wind Point Partners announced it entered into an agreement to sell portfolio company Pestell Nutrition to Barentz International. The transaction is expected to close in the third quarter of 2021, subject to the completion of specified closing conditions, including receipt of customary merger control clearances. Pestell Nutrition, based in New Hamburg, Ontario, is a prominent distributor of feed additives, nutritional ingredients, macro and trace minerals and pet specialty ingredients for the animal health, animal nutrition and pet food sectors across Canada and the U.S.


Topspin Consumer Partners Closes Oversubscribed Fund II at Hard Cap of $205 million

Topspin Consumer Partners announced the final closing of Topspin Consumer Partners II (TCP II) at its hard cap of $205 million. The fund was oversubscribed with strong support from existing investors combined with significant new commitments from a diverse base of new institutional limited partners including funds of funds, global asset managers and family offices. TCP II will seek to partner with founder-owners and top management teams to make investments of $15 million to $35 million in lower middle market growth-oriented consumer products and services companies.


RLJ Equity Partners and LP First Capital Announce a New Platform

RLJ Equity Partners announced it has partnered with LP First Capital to recapitalize three companies to create Flow Service Partners, a leading provider of essential services including heating, ventilation, air conditioning, and refrigeration (HVACR) and plumbing services in Florida and Indiana. Financial terms of the transactions were not disclosed. Headquartered in Nashville, TN, Flow focuses on maintenance, repair, replacement/retrofit, and installation services to commercial customers primarily. Flow has three locations across two states and employs approximately 230 people.


Clearlake Capital and Siris-Backed Constant Contact Agrees to Acquire SharpSpring

Constant Contact, an established leader in online marketing backed by Clearlake Capital Group, L.P. and Siris Capital, announced it signed a definitive agreement to acquire SharpSpring, Inc. (NASDAQ: SHSP) in an all cash transaction valued at approximately $240 million including outstanding indebtedness. The transaction is expected to close in the third quarter of 2021 subject to customary closing conditions including a SharpSpring stockholder approval. SharpSpring is a cloud-based revenue growth and marketing automation platform that improves the effectiveness of small business’s (SMBs) marketing strategy.


Argand Partners’ Cherry AG Successfully Completes IPO on the Frankfurt Stock Exchange

Argand Partners, LP announced that its portfolio company, Cherry AG, the world’s leading global designer and manufacturer of high-precision keyboard PC gaming mechanical switch technology, has successfully completed its IPO on the Frankfurt Stock Exchange. The total number of shares and the final offer price corresponds to a market capitalization of approximately EUR 778 million. The total volume of primary and secondary shares placed in the IPO amounts to approximately EUR 416 million.

ON THE MOVE


Palladium Equity Partners Names Director of Business Development

Palladium Equity Partners announced that Meahgan O’Grady joined the firm as Director of Business Development, a newly-created position. In her new role, Ms. O’Grady will work with all of Palladium’s deal teams on sourcing and origination. Ms. O’Grady joins Palladium from KPS Capital Partners, where she was Vice President, Head of Business Development, Mid-Cap. Previously, she was Head of Originations at Long Point Capital. Ms. O’Grady holds a Masters of Business Administration from Duke University, The Fuqua School of Business and a Bachelor of Business Administration from The College of William and Mary.


GCM Grosvenor Announces J.B. Kiley Joins as Managing Director

GCM Grosvenor (Nasdaq: GCMG), a leading global alternative asset management solutions provider, announced that it hired J.B. Kiley as a Managing Director in the Client Group. Kiley will be dedicated to delivering the firm’s breadth of alternatives solutions to current and prospective clients. Kiley brings over 20 years of experience working with institutional investors on alternatives solutions for their portfolios, most recently as a Managing Director in KKR’s Client and Partner Group where he served as a senior relationship manager to U.S. institutional investors.


One Rock Capital Partners Hires Jason Sutton as Head of Business Development

One Rock Capital Partners announced that Jason Sutton has joined the firm as Head of Business Development. Based in New York, Mr. Sutton will work closely with the investment team on marketing and investment sourcing activities. Mr. Sutton joins One Rock from Platinum Equity where he was responsible for business development activities focused on identifying and evaluating new acquisition opportunities. Prior to Platinum Equity, Mr. Sutton served as a Vice President at Deutsche Bank AG and as an Associate at HealthCap.

JOB OPPORTUNITIES


Spider Management Company Seeking IR Manager and Investment Manager

Spider Management Company, the investment office for the University of Richmond and a select group of other endowments and foundations, seeks an Investor Relations Manager. The position focuses on meeting the needs of Spider’s current and prospective investors through the areas of reporting, communications, client service, branding, research, compliance, and finance. For responsibilities, requirements, or to apply, please visit https://richmond.csod.com/ats/careersite/JobDetails.aspx?site=1&id=2234.

Spider Management is also seeking an Investment Manager. The Investment Manager will be an integral part of the investment team, participating in all aspects of the investment process from initial screening and due diligence, through approval, to post-investment monitoring and reporting. For responsibilities, requirements, or to apply, please visit https://richmond.csod.com/ats/careersite/JobDetails.aspx?site=1&id=2243.


PGW Retirement Reserve Seeking Large Cap Core Domestic Equity Manager

The PGW Retirement Reserve has issued an RFP for a large cap core domestic equity manager. If you or a firm you know of is interested in bidding, please visit the City’s “eContract Philly” website. The opportunity is listed under “Sinking Fund Commission” and is Opportunity # 21210513145810. View the opportunity: https://philawx.phila.gov/econtract/.


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