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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

Register Now! Industry Insights Live With Marcos Rodriguez, Chairman & CEO, Palladium Equity Partners!

NAIC is excited to welcome Marcos A. Rodriguez, Chairman & CEO, Palladium Equity Partners, to the 3 p.m. ET September 30th edition of Industry Insights Live!

Marcos Rodriguez, whose family fled from Cuba to Washington Heights, New York, when he was a child, founded Palladium in 1997. After gaining valuable experience working in operations for General Electric, he entered the finance industry in 1989, joining buyout firm Joseph Littlejohn & Levy.

Now the head of a leading middle-market private equity firm with nearly $3 billion in AUM, Mr. Rodriguez leverages Palladium’s deep operational expertise to deliver superior outcomes in a culture that fosters inclusion.

Palladium is one of the oldest minority-owned private equity firms. Founded 25 years ago, Palladium’s senior investment partners average more than a decade with the Firm. Seventy-four percent of the Firm’s equity partners and all of its employees are diverse or female.

Please join us in conversation with Mr. Rodriguez, a true pioneer in private equity.



NAIC E-News

Introducing the 2021-2022 Cohort of NAIC MBA Fellows!

Now in its third year, the NAIC MBA Fellowship Program continues to introduce diverse second-year MBA students with a focus in finance to the universe of diverse-owned private equity firms and hedge funds. Thanks to generous endowments from Member Firms Valor Equity Partners, Stellex Capital Management, Grain Management and Palladium Equity Partners, we are happy to report that the 2021-2022 Cohort consists of five very talented individuals with impeccable credentials.

Representing Tuck School of Business at Dartmouth; Fuqua School of Business, Duke University; University of Michigan, Stephen M. Ross School of Business; and Wharton School of the University of Pennsylvania, this year’s Fellows bring energy, leadership qualities and a drive to work hard to the NAIC network. Get to know the members of NAIC’s Class of 2022!



NAIC E-News

Join our Team! NAIC is Hiring a Director of Partnerships and Alliances

The NAIC is looking for a self-motivated professional with knowledge of the financial services industry (particularly private equity), project management capabilities and excellent written and verbal communication skills to manage our collaborations with industry associations and multiyear corporate partners. The ideal candidate for the NAIC Director of Partnerships and Alliances will inject energy, thoughtfulness, and impeccable attention to detail into their work to advance our goals and drive positive change in the alternative investments space.

Responsibilities will include:

  • Drafting proposals for new potential Partnerships and Alliances based on initial meetings, calls and discussions
  • Developing and managing an engagement plan for each Partnership and Alliance
  • Participating in all interactions with potential and incumbent Alliances and Corporate Partners, memorializing the action items and ensure follow up
  • Ensuring the execution of all deliverables for the relationships described above and others as they are confirmed
  • Collaborating effectively with colleagues and consultants to drive progress on these relationships
  • Identifying and addressing any potential challenges
  • Proactively developing new ways to enrich the relationships with each entity
  • Providing weekly status briefings to NAIC leadership


NAIC E-News

NAIC Welcomes Four New Member Firms!

NAIC is happy to welcome Avestria Ventures, Community in Space LLC, Selcouth Capital Management and VamosVentures to our network!

Avestria Ventures (https://www.avestria.vc/) invests in women’s health and female-led life science ventures. The firm seeks out early-stage businesses with a product or service that utilizes technology and/or data to improve the quality of healthcare, improve access, lower costs or empower patients. These businesses must be evidenced-based, induce clinical or behavioral change, possess scalable commercialization plans which account for healthcare policy, reimbursement and the existing infrastructure, and possess a sustainable competitive advantage.

Community in Space LLC (https://www.caeluspartners.com/) is a joint venture created by Caelus Partners and Procure Holdings to address the challenges that occur with capital financing and the global space industrial base development. Community in Space analyzes, guides, invests, and manifests strategic financial outcomes for space and space-related companies through the development and application of different financial vehicles.

Founded in 2018, Selcouth Capital Management (http://www.selcouthcapital.com/) focuses on disruptive technology investments in the public markets. Led by technology industry specialists with decades of investment and operating experience, the firm leverages an extensive investment framework based on rigorous proprietary multidisciplinary research to find today’s innovators that are disrupting the status quo.

VamosVentures (https://www.vamosventures.com) invests in early-stage scalable software companies led by diverse founders with a focus on Latinx entrepreneurs. The firm’s mission is to generate market-rate investment returns and deliver meaningful impact through wealth creation, social mobility, unique tech solutions and taking a visible and clear stand as diverse investors.

Please join us in welcoming these new firms to NAIC!


NAIC E-News

Financial Times Event: Future of Asset Management North America

Hosted by the Financial Times, in collaboration with Ignites and FundFire, the Future of Asset Management North America will bring together FT Group editors and the most iconic leaders from the region's leading asset and wealth managers. The conference will explore how fund firms are adapting to the reforms shaping the future of the industry, while exploring the strategies being deployed to ensure long-term survival and growth amid a complicated investment landscape.



NAIC E-News

Connect with NAIC on Social Media!

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

WM Partners Closes Second Fund, Exceeding Its Initial $400 Million Target

WM Partners announced that it completed fundraising for the firm’s second fund, HPH II, with commitments of $550 million, exceeding its original $400 million target. WM Partners’ previous fund, HPH I, closed with $307 million in commitments in 2017 and was fully liquidated in 2018 for $700 million. HPH II is focused on investing in and acquiring middle-market companies with leading brands in the health and wellness sector. Specifically, HPH II will focus on functional foods, natural personal care, and natural over-the-counter remedies and growing the companies through an operational buy-and-build value creation strategy.


Development Partners International Invests in Egyptian Fintech MNT-Halan

MNT-Halan, Egypt’s leading fintech ecosystem, announced an approximate $120 million (U.S.) investment by major global and regional growth investors: Apis Growth Fund II, Development Partners International (DPI), and Lorax Capital Partners. In addition, the company has also attracted venture capital backing from Middle East Venture Partners, Endeavor Catalyst, and DisruptTech. Founded in 2018, with roots dating back to 2010, the company is headquartered in Cairo, Egypt. MNT-Halan was created to digitally bank the unbanked and substitute cash with electronic solutions. MNT-Halan has obtained the micro, consumer and nano finance licenses from the Financial Regulatory Authority, enabling it to provide services to both businesses and consumers across Egypt.


Pharos Capital’s Charter Health Care Acquires Two Texas Hospice Providers

Pharos Capital Group, LLC announced that its post-acute care provider platform, Charter Health Care Group, has acquired Genesis HospiceCare in Athens, Texas, and Saints Hospice in Plano, Texas. The financial terms of the transaction were not disclosed. Founded in 1995, Genesis HospiceCare has provided high-quality hospice care to patients and families in the Athens, Texas, community for more than 25 years, while Saints Hospice has served the Plano community for 15 years. Charter Healthcare now serves more than 5,000 patients in seven states.


Argand Partners-Backed Concrete Pumping Holdings Acquires Hi-Tech Concrete Pumping Services

Concrete Pumping Holdings, Inc. (Nasdaq: BBCP), a leading provider of concrete pumping services and concrete waste management services in the U.S. and U.K., announced that it acquired Hi-Tech Concrete Pumping Services. Hi-Tech is a leading provider of concrete pumping services in Houston, Texas. CPH acquired Hi-Tech for an asset purchase valuation of $12.3 million in cash. The asset purchase includes all of Hi-Tech’s concrete pumping service equipment, which includes 32 boom pumps and two placing booms. Concrete Pumping Holdings is backed by Argand Partners, LP.


Wind Point Partners Acquires Engineering and Consulting Firm

Wind Point Partners acquired The Vertex Companies, Inc., a leading multidisciplinary engineering and consulting firm that provides forensic consulting, engineering design, construction management, dispute resolution, environmental, and digital solutions. Headquartered in Weymouth, Mass., the company operates a coast-to-coast footprint with 30 offices across the U.S., Canada and Mexico. Vertex provides integrated services through all stages of the real estate and construction management lifecycle, including pre-acquisition, design, construction, asset management, claims consulting and dispute resolutions.


Clearlake Capital-Backed Companies Complete Transactions and Announce New Platform

Wheel Pros, a designer, manufacturer and distributor of proprietary branded aftermarket vehicle enhancements for light trucks, SUVs, passenger cars, and ATVs/UTVs backed by Clearlake Capital Group, L.P. and in partnership with management, announced it merged with Hoonigan, a leading automotive lifestyle brand. Financial terms of the transaction were not disclosed. Founded in 2010, Hoonigan has built a large community of passionate motorsport fans through its original content that it develops, distributes, and produces via a variety of media platforms. Hoonigan also sells a range of merchandise and performance automotive products direct to consumers. https://www.prnewswire.com/news-releases/clearlake-capital-backed-wheel-pros-merges-with-hoonigan-301368065.html

Separately, FloWorks, backed by Clearlake Capital, announced it acquired Genesis Systems, a distributor of control valve, regulator, and valve automation products and systems. FloWorks is a leading MRO focused specialty valve, rotating equipment, and flow control distribution platform differentiated by its specialty products and technical solutions for industrial markets. Genesis Systems offers a full suite of valve solutions from the world’s leading manufacturers, servicing a range of industrial and commercial markets, including the petrochemical, power generation, semiconductor, OEM, pharma, building automation and food & beverage industries. https://www.prnewswire.com/news-releases/clearlake-capital-backed-floworks-acquires-genesis-systems-301374973.html

In addition, Clearlake announced the launch of Vive Collective, a new platform focused on backing innovative digital health companies. Clearlake is partnering with Vive Founder & CEO Cheryl Cheng, an industry veteran with a strong track record of building high-growth companies within the digital health space. Vive will provide value-added services to partner companies, including access to a digital healthcare advisory board consisting of providers and payers, in-house executive recruiting resources, marketing and branding expertise, functional executive collaboration, and operations and procurement benefits, to name a few. Through the Vive platform, Clearlake will look to back companies that can benefit from its O.P.S. operating framework and network, a resource typically unavailable to earlier stage, high-growth disruptive companies. https://clearlake.com/clearlake-capital-group-announces-the-launch-of-vive-collective-a-new-platform-focused-on-supporting-high-growth-digital-health-companies/


GenNx360 Capital Partners Announces Majority Investment in Whitsons Culinary Group

GenNx360 Capital Partners, in partnership with the management team of Whitsons Culinary Group, announced a majority investment in Whitsons. Headquartered in Islandia, NY, Whitsons provides a wide range of highly customized dining services to public schools, healthcare dining and emergency services throughout the Northeast, with a strong focus on nutritious, high-quality meals made from wholesome, fresh ingredients. Whitsons leads the industry with its customized services, innovative programs, commitment to quality, focus on nutrition, local sourcing and community support.


Avante Capital Partners Announces Unitranche Debt Financing in Genius SIS, LLC

Avante Capital Partners announced a unitranche debt and equity investment in Genius SIS, LLC to support a growth investment by Leeds Equity Partners, a private equity firm dedicated exclusively to investing in the education, training, and information services industries. Founded in 2008 and headquartered in Plantation, FL, Genius provides virtual learning software solutions to education, corporate, and government training markets.


Stellex Capital Management Makes Additional Investment in Paragon to Support Growth

Paragon Metals, LLC announced the completion of a new investment by affiliates of Stellex Capital Management. This additional investment by Stellex follows its purchase of Paragon in early 2019, at which time Stellex committed to providing capital to support additional growth. Following the investment, Paragon will have an underleveraged balance sheet and significant liquidity. The financial terms of the transaction were not disclosed. With three manufacturing facilities in southern Michigan, Paragon is engaged in the business of manufacturing, distributing, sourcing, and importing complex, tight tolerance precision-machined components and assemblies serving a variety of industries.


BharCap Partners Portfolio Company Invests in WMS Partners

WMS Partners, a $5 billion multi-family office focused on wealth planning and investing in both public and private markets, announced it closed an investment from TRIA Capital Partners through which TRIA will become a non-controlling, minority shareholder of the firm. WMS Partners was founded in 1993 as a multi-family office providing an alternative for families to traditional financial services firms. TRIA Capital Partners is a BharCap Partners’ portfolio company that provides customized financing solutions to leading wealth management firms that require outside capital but want to remain majority-owned and controlled by their employees


Mill Point Capital Partners with E&M Logistics

E&M Logistics, Inc., one of the nation’s leading direct store delivery (DSD) distributors of ice cream, frozen and fresh foods, and beverages, announced that it has partnered with Mill Point Capital LLC. Through this transaction, E&M Logistics enters the next phase of growth under Mill Point Capital’s ownership. Headquartered in The Bronx, NY, E&M serves as the exclusive DSD distributor of Nestlé frozen pizza, ice cream for Dreyer’s, Häagen-Dazs, Edy’s, Skinny Cow and other brands, as well as other fresh and frozen products, throughout the New York Metro area. The company distributes to a diverse customer base comprised of grocery store chains, independent supermarkets, delis, drugstores, convenience store chains, and foodservice customers.


Netrix Acquires Provider of Cloud-Focused Application Development & Modernization Services

Netrix, LLC, a leading provider of managed and professional IT services backed by OceanSound Partners, announced it acquired PSC Group, LLC. Based in Chicagoland, PSC helps its customers harness the power of the cloud by advising on cloud strategy, modernizing business applications, providing business insights by leveraging data and promoting operational efficiency by deploying process automation solutions. The acquisition adds significant scale to Netrix’s cloud application development and data intelligence practices, leveraging both Microsoft Azure and Amazon Web Services.


Western Alliance Finalizes Investment in FVLCRUM Fund

Western Alliance Bancorporation (NYSE:WAL), announced a $9 million investment in FVLCRUM Fund. Developed by Clearinghouse CDFI, the fund targets raising $250 million to invest as a combination of equity and debt capital into proven, high-growth minority-owned enterprises. FVLCRUM will provide a range of financial structures, including equity financing, mezzanine and venture capital, as well as debt, to support selected enterprises. A key goal for FVLCRUM is to create $10 million of new net worth for the minority owners of a business following the fund’s investment.


Drift Announces Strategic Investment from Vista Equity Partners

Drift, the leader in Conversational Commerce for B2B, announced a strategic partnership with Vista Equity Partners. Vista’s strategic growth investment in Drift will further accelerate the company’s mission to make business buying frictionless, more enjoyable and more human. The leader in Conversational Commerce for B2B, Drift combines Conversational Marketing and Conversational Sales into a single platform that integrates chat, email, video and artificial intelligence to power the right conversations at the right time between buyers and sellers. More than 50,000 customers use Drift to deliver a unified customer experience that builds trust and accelerates revenue.


Standard Real Estate Investments and Belay Investment Group Announce Strategic Investment Program

Standard Real Estate Investments, LP has formed a strategic investment program with Belay Investment Group, LLC. The investment program will leverage Standard’s expertise in development to invest joint venture equity in ground-up projects nationwide, across asset types, with emerging regional and local experts with access to deal flow. As part of its investment program with Belay, Standard recently closed on an investment in a 244-unit multi-family development project located at 75 West 18th Street in Downtown Indianapolis, IN. The 2.1-acre site is located within walking distance of the expanding Indiana University Health Methodist Hospital.


GenNx360 Capital Partners Announces Majority Investment in Whitsons Culinary Group

GenNx360 Capital Partners, in partnership with the management team of Whitsons Culinary Group, announced a majority investment in Whitsons. Headquartered in Islandia, NY, Whitsons Culinary Group provides a wide range of highly customized dining services to public schools, healthcare dining and emergency services throughout the Northeast, with a strong focus on nutritious, high-quality meals made from wholesome, fresh ingredients.


Sagard Private Equity Canada leads Acquisition of Heavy Machinery Company

Sagard Private Equity Canada, the new Canadian mid-market private equity fund of Sagard, announced its first investment with the acquisition of Groupe LOU-TEC Inc., a leading heavy machinery and equipment rental company operating mainly in the province of Quebec. Alongside current Groupe LOU-TEC management and shareholders, Sagard PE is joined in the acquisition by Walter Capital Partners, Investissement Québec and BDC Capital. Founded in 1979, Groupe LOU-TEC is one of the leading equipment rental companies in Quebec, operating with more than 400 employees throughout 30 locations across the province.

ON THE MOVE

One Rock Capital Appoints Fola Adamolekun as General Counsel & Chief Compliance Officer

One Rock Capital Partners announced the appointment of Fola Adamolekun as General Counsel and Chief Compliance Officer. Ms. Adamolekun joins One Rock after serving as an Executive Director and the Deputy General Counsel of Global Alternatives at J.P. Morgan Asset & Wealth Management, where she was principally responsible for the Asset Management Alternatives Solutions and Private Bank Alternatives Investments groups. Prior to her role at J.P. Morgan, Ms. Adamolekun was the General Counsel and Chief Compliance Officer at Valinor Management. Before Valinor, Ms. Adamolekun was an Attorney at Seward & Kissel LLP’s Investment Management group.


Palladium Equity Partners Announces New Appointments

Palladium Equity Partners announced that Carlos Reyes joined the firm as a Managing Director; Partner Eugenie-Cesar Fabian has been appointed as Head of ESG & Sustainability; and Dominick Barbieri was promoted to General Counsel & Chief Compliance Officer. Mr. Reyes joins Palladium with over 15 years of experience in private equity and principal investment. For the past 10 years, Mr. Reyes has worked at IFC Asset Management Company (AMC), a division of IFC – itself a member of the World Bank Group. Having joined the firm in June 2011 as its first General Counsel and Chief Compliance Officer, Ms. Cesar-Fabian has spent the past decade institutionalizing its robust internal processes and became a partner in 2020. Prior to joining Palladium in 2017 as Associate General Counsel and Deputy Chief Compliance Officer, Mr. Barbieri served as Senior Counsel with the Division of Enforcement of the Securities and Exchange Commission.

JOB OPPORTUNITIES

Career Opportunities at GCM Grosvenor

GCM Grosvenor has a host of available job opportunities in its Finance division. They include Fund Accountant, SIG; Fund Accountant, ARS; Investment Implementations Associate; Investor Ops Onboarding Analyst; Operational Due Diligence Associate; Carry Plan Accountant; Principal, Corporate Tax, and more. To apply for any of the finance positions mentioned above, please contact Shana C. Johnson, Principal, Finance, at shjohnson@gcmlp.com. For a complete list of career opportunities at GCM Grosvenor, please visit https://boards.greenhouse.io/gcmgrosvenor.


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