Happy Holidays from our New America Alliance family
Greeting from the CEO
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¡Felices Pascuas y Prospero Año Nuevo, Familia!
One of our founders, Henry Cisneros, quoted a pastor in the NAA 20th-year celebration video: “If you want to achieve a dimension of immortality, then associate yourself with causes bigger than yourself and that last beyond your time.”
For some, the months of November and December are a quiet period reserved for family, giving thanks, and taking a bit of introspection regarding the past year. For myself, that quote has been etched in my mind, and I think about it often.
We all associate with the NAA's cause. It is centered on four tenets to advance the Latino community and the country at large: (1) education, (2) political awareness, (3) economic empowerment, and (4) philanthropy. Everything we do – every initiative, every program – is focused on one or more of those tenets and helping each other. Never forget that – for that is what makes us unique.
It is what makes us a special familia and something that cannot be duplicated. It will last beyond my time and yours. So, my thoughts for the New Year could be that we have achieved a "dimension of immortality" via the New America Alliance. Please see under NAA Voices how it all got started and a list of the founders. If you know them or run across any of them, please thank them to show our deep appreciation for their efforts.
We welcome our recently elected Board. Under NAA Voices, Leon Brujis, Chair of the NAA Inc. Board, puts forth his philosophy and strategy for 2023. Please take a look below.
As I leave as your CEO, I want to express my gratitude to you. It has been an honor and a privilege working with you. The three years flew by; it feels as though yesterday, I was consulting and speaking with many former colleagues about the pandemic and what to do about our NAA tours.
Yet today, the virtual NAA CIO & Asset Class Connections tours have been an incredible success, exposing our members to over 30 institutional investors annually with more than $10 trillion of AUM – a very strong and expanding investor base every year. And we are also looking forward to the 2023 Wall Street Summit, which will be bigger and better than ever! Please see the Fall 2022 report below.
Career Pathways for Young Professionals – This is our second event in the series. In November, we partnered with BlackRock. After large institutional investors informed us of the difficulty in recruiting young Latino professionals, we decided to help build a Latino and diverse talent pipeline. We partner with firms to help educate young and mid-level Latino professionals about careers in the financial services industry.
Highlighting Latino Business Leaders: Another aspect under Career Pathways for Young Professionals is a webinar conversation with a successful Latino leader. The candid conversation includes their origin story, his or her views on the current economy, what advice they have to start their own business, what recommendations they have for success, etc. It is a traditional webinar with a leader, except the information is provided by someone who looks like us and comes from a similar background as us. Personal stories have staying power and can resonate with and inspire young professionals. This is a powerful component. Our first event in this series was with José E. Feliciano, Co-Founder and Managing Partner of Clearlake Capital Group. Please take a look at the video if you were unable to attend the session.
¡Otra vez, felices pascuas y próspero año nuevo! I love the Spanish language. The word “pascua” is used for Christmas, Easter, and Seder. It comes from the word “pesah” referring to the Jewish Passover. So beautifully complex, just like our culture. Let’s celebrate!
Solange F Brooks
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NAA Voices
Henry Cisneros, Co-Founder and Board Member Emeritus
"We needed the New America Alliance then, and we need it now."
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In late 1999, a group of Latino leaders gathered for a policy retreat in Florida to discuss the need for action on the priorities of the national Latino community for the year ahead. The conversation veered toward the lack of a permanent assembly of Latino leaders from various sectors of American life who could be counted upon to advocate for the critical needs of the Latino population. Reference was made to an organization in African American communities of various cities under the title, One Hundred Black Men, dedicated to enabling business, civic, and religious leaders to give back to their communities and speak up for them with collective impact.
We left the meeting with the idea percolating and committed to working on it in the year ahead. By the summer of 2000, Raul Yzaguirre, the founder and president of the National Council of La Raza, and I had drafted a concept paper, assembled a list of possible founding members, and set a rough timetable for a first meeting. We circulated the paper and were thrilled with the response. We were motivated to call the first meeting at a DFW Airport conference center as a central location for invitees from across the nation. We were heartened by the strong attendance and the unanimous decision to create a new organization. We made assignments for sub-groups to deliberate on all aspects of administration, and the organization was born.
In a subsequent meeting, the name emerged: The New America Alliance. It was offered as an optimistic and confident expression of the role of Latinos in the nation's future. We were unanimous in our belief that Latinos will bring the energy, ambition, and capabilities to give our beloved nation a new breath of life.
The decision was made to try to harness the energies and power of Latinos united around four themes: educational progress, political empowerment, economic progress, and a philanthropic ethic. These four fields of endeavor have been constant for the NAA in the years since its founding twenty-two years ago. It remains an organization dedicated to transforming the business and public leadership of the national community into specific forms of concrete action.
We needed the organization in the year 2000, and we need it now. I have often said that if we had not formed it then, we would certainly need to create it now. Many Latinos have spent years building their careers and businesses, rising to the top of organizations and public authorities. They want to use their voices, resources, and positions to give back as well as to chart the way forward. We need that focused presence, and the NAA is a platform to make it possible.
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Some members of the New America Alliance original leadership with Richard Grasso, chairman and chief executive of the New York Stock Exchange (1995 to 2003), (From L to R) Ingrid Rivera, Richard Grasso, Jorge Castro (back), Ana Maria Fernandez-Haar, Roel Campos, Moctezuma Esparza, and Frank Sanchez.
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NAA Voices
Leon Brujis - 2023 NAA Chair of the Board
New America Alliance: Our New Chair’s Vision
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In today’s economy, the return on capital has far outpaced the return on labor.
As such, capital, is a catalyzing agent: It creates opportunity and drives transformation.
Spurring and supporting transformation—across all strata of our country is the mission of the NAA. This includes individuals, for the asset management sector, and all under-represented communities.
The asset management community is an $80 trillion dollar industry but only 1.4% of it is managed by professionals who are female or diverse, and yet female and diverse individuals represent 70% of the population, as noted by the Knight Foundation.
One of NAA's primary goals is to increase the number of female and minority investment professionals, with an emphasis on the Latino community. Not only because more equitable representation is the right thing to do so that the industry can become more reflective of the American population as a whole but also because it has been shown that diverse managers tend to outperform their non-diverse peers.
But this is only one part of the equation.
Real, systemic change for diversity will result from shifting the capital flows, i.e. how capital is allocated. A sizable portion of the $80 trillion in available capital is controlled by asset allocators such as: pension plans, family offices, insurance companies, endowments, and foundations. We at the NAA believe that every dollar that is allocated to a diverse manager will have a multiplier effect for each dollar invested. That capital will lead to better representation at the board level, in the executive suite, on management teams, and within the communities of the companies that these managers invest in. This is because diverse managers' networks are more varied in terms of ethnicity, race, gender, etc., than those networks of non-diverse managers.
The NAA will strive to expand the conversation about female and minority representation as it relates to how capital is allocated. It is building economic empowerment that helps us forge a stronger America. Simply put, if more dollars are invested in minority-owned and operated businesses, it will have a positive, multiplier effect on marginalized communities—ultimately, helping to shape a more equitable and prosperous country.
In this new chapter for the NAA, we will start by transforming the dialogue: from focusing primarily on investment professionals to involving all constituents in the asset management sector, we seek systemic changes in capital flow. Our ambitions are seismic. But so is our passion.
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NAA 2023 EXECUTIVE BOARD - Congratulations! |
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Errata: In the original message, Mr. Claudio Phillips showed as Head of Corporate Credit at MB Global Partners. Mr. Phillips is presently Head of Corporate Credit at Reverence Capital Partners. |
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NAA 2023 BOARD OF DIRECTORS - Congratulations! |
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Career Pathways for Young Professionals |
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On Wednesday, November 16, 2022, BlackRock hosted over 25 young Latinx professionals in Santa Monica to discuss opportunities in Asset Management.
We would like to thank Joe Acevedo for making this event possible and coordinating all of the speakers. We had a conversation with Erica Seremeta about DEI and Tom Parker on the current state of public markets.
In addition, there was a Private Markets panel to learn about the roles and responsibilities across Private Equity (Joe Acevedo and Aarthi Sowrirajan), Real Estate (Rory Ingels), and Private Credit (Carolyn Glick). This was a phenomenal event. We look forward to partnering with BlackRock next quarter.
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NAA Members' Recognitions
Avante Capital Partners
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Avante Capital Partners, a women and minority-owned private credit and structured equity firm, is pleased to announce the completion of a unitranche debt and minority equity investment to support 5th Century Partners (“5CP”) in their acquisition of Radon Medical Imaging (“Radon”). 5th Century Partners is a purpose-driven private investment firm that invests in middle-market healthcare, consumer, and business services businesses that are committed to driving economic value and social impact. Founded in 1976 and headquartered in Charleston, WV, Radon is a leading independent service organization (“ISO”) that services, assembles, repairs, sells, and distributes medical imaging devices, such as MRI, PT / CT, X-ray equipment, among others.
“We are excited to have Avante’s ongoing support as the platform continues its strong growth trajectory,” said Marques Torbert, Managing Partner at 5th Century Partners. “Radon represents the inaugural investment and the start of a great relationship with Avante. We were very impressed with their structuring flexibility, execution speed, and collaborative approach to partnership. We look forward to working in concert with Avante to build upon Radon’s success.”
“Radon’s products and service solutions play a critical role in supporting an aging population and the ongoing need for health systems to reduce costs amidst a dynamic environment. We look forward to supporting Radon in its next chapter of growth,” said David Ng, Vice President at Avante Capital Partners.
“We are thrilled to partner with 5th Century Partners and Radon’s CEO, Anthony Border, a seasoned industry veteran who built Radon into a successful industry-leading platform. We look forward to supporting Radon’s continued success,” said Ivelisse Rodriguez Simon, Managing Partner at Avante Capital Partners.
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NAA National Tour Fall 2022 - Thanks to all! |
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We are wrapping up the Fall 2022 National CIO Tour this month with 13 meetings across some of the largest public pension plans and fund of funds in the marketplace. These sessions are always well attended by the NAA members with over 30 participants on average per session. The CIOs are more passionate than ever to deploy capital with diverse managers and some even have up to 50% of their portfolio with diverse managers. This is a huge step in the correct direction. ¡Sí se puede!
The NAA continues to strive to increase the access to capital for diverse managers. It is one of the main pillars of the organization and such an important area to change the trajectory of Latinos over the next several generations. We will continue to engage with limited partners and create opportunities that could be mutually beneficial for their organizations and the NAA members.
José M. Guzmán
NAA Chief Operating Officer
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RFPs and Career Opportunities |
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NAA supports matching high-quality professional talent with institutions across the United States. Interested candidates, please reference New America Alliance in your application and notify Jodi Towner at jtowner@naaonline.org once submitted so we may be aware of your candidacy.
Employers, you may submit information on current high-level and high-impact job vacancies to Jodi Towner at jtowner@naaonline.org.
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