SAVE THE DATE: NAIC Industry Insights Live Welcomes Kim Lew on June 15

NAIC is excited to host Kim Y. Lew, President & CEO, Columbia Investment Management Company, to the June 15 edition of Industry Insights Live! Set for 1:00 p.m. ET, Lew will share the perspectives forged over her three decades of superlative performance as a thoughtful and innovative investor in a one-on-one virtual conversation.

As CEO of Columbia Investment Management Company, Lew leads the team that manages the bulk of Columbia University’s $11.26 billion endowment. She joined Columbia in November 2020 after 13 years at Carnegie Corporation of New York, where she most recently served as Vice President and CIO. During her tenure with Carnegie Corporation, Lew was recognized for working with diverse teams and investment firms and realizing the investment potential in African and Latin American markets.

Expect Lew to share her career journey, broad knowledge of the global markets, deep insights into the impact of technology on institutional investing, and more! Register today for a comprehensive conversation with a phenomenal industry leader!

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Korn Ferry is NAIC's Newest Corporate Partner

NAIC is excited to announce that we formed a partnership with Korn Ferry to collaborate on a suite of initiatives specifically designed to improve diverse talent distribution and create more inclusive organizations in the alternative investment industry!

The partnership brings Korn Ferry’s vast global resources and innovative approach to inclusive talent acquisition and leadership development to the diverse investment manager space. It will also leverage NAIC’s robust professional network and comprehensive insights as the premier diversity thought leader in alternatives.

NAIC looks forward to developing these programs that will undoubtedly lead to positive and much-needed changes in the alternative investment industry.

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NAIC PARADIGM CHANGERS Undergraduate and Graduate Internship Program is Underway!

We are excited to announce the NAIC PARADIGM CHANGERS Undergraduate and Graduate Internship Program kicked off on May 18 with an inaugural cohort of 16 amazing interns!

PARADIGM CHANGERS represents an innovative approach to broadening the pathway for diverse women to learn about alternative investments by providing valuable industry exposure, learning experiences and networking opportunities to students in complementary fields of study. Talented future leaders who may not have considered a career in alternatives and possess outstanding leadership qualities and transferable skill sets will now have opportunities to experience alternative investments firsthand.

Developed in partnership with the American Investment Council (AIC) and the Robert Toigo Foundation, interns in the Program will work alongside industry veterans at more than a dozen leading NAIC and AIC member firms. A very special thanks to IMB Partners, Palladium Equity Partners, LLC and TPG for their support of this critical initiative.

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Institutional Investors Invited to NAIC LP Meet Up October 7!

NAIC invites all institutional investors to sign up for our annual LP Meet Up! Set for 11 a.m.-5 p.m. 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. LP Meet Up 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!

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Market Update: The Drivers of the ESG Movement

Which industries are driving the ESG movement? According to Kevin Muskat, Partner in EY’s Transaction Advisory Services Practice, it’s hard to find an industry that’s not embracing ESG to some degree. In this NAIC Market Update video, Muskat points the headway made in the automotive industry – led by Tesla – and the race involving all the major automakers to roll out electric vehicles as indicators of ESG’s ubiquity. He also cites the Energy, Healthcare and even Airline industries, where there are ongoing discussions on how to reduce their impact on the environment. Muskat has over 20 years of transaction, finance and accounting experience, having participated on both the buy-side and sell-side for private equity investors and corporate acquirers.

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NAIC Welcomes Boresight Capital and Trident!

Boresight Capital (www.boresightcapital.com) is a private equity firm that runs a differentiated playbook strategy. The firm’s strategy begins with sourcing non-competitive buyouts and growth equity investments and continues with an aggressive ten-lever value creation approach post-acquisition, followed by a 500-day exit strategy to maximize returns.

Trident (https://www.trident.co/) is an institutional asset manager that invests equity with independent sponsors acquiring U.S.-based businesses. The firm targets companies with $10M-$100M in revenue and strong and tenured track records in three core sectors: Industrials, Healthcare and Consumer.

Please join us in extending a warm welcome to them!

Now Available: 2021 EY Global Private Equity Divestment Study

Significant short-term uncertainty and market volatility have changed the divestment landscape for private equity owners. The EY 2021 Global Private Equity Divestment Study reveals that 63% of PE executives are in a phase dominated by opportunistic exits.

The study also highlights key areas where PE is focused on improving exit value:
• 72% of PE executives say they expect to capture an ESG premium in businesses they are considering exiting.
• 51% regard artificial intelligence as a critical value lever for portfolio companies over the next 18 to 24 months.
• 40% say lack of fully developed diligence materials caused value to erode in their last exit.

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Register Now! Time is Running out to Join Consortium 2021

What does it take to move an entire industry forward? How can we implement positive change in the diverse and women manager universe? To answer those and other questions, Consortium 2021 will push for action, showcase leaders in the space, and highlight practical steps we can take toward a more inclusive industry.

There is still time to register for Consortium 2021! This year’s event will feature a distinguished list of speakers, including several industry C-suite executives and other senior leaders from banking, insurance, and fintech firms. Register by June 3.

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Global Endowment Management Unveils 2020 Impact Report

Global Endowment Management (GEM) develops portfolios designed to achieve its clients’ long-term return objectives while providing a stable source of operational and programmatic support. Achieving these goals requires the relentless pursuit of new investment opportunities, a disciplined and rigorous underwriting process, and careful risk management.

In 2012, GEM began pursuing ESG integration, divestment, and impact investment strategies for its clients. Over the past eight years, the firm’s mandate has not changed. But the needs of its clients have evolved, and so has GEM. The full-service outsourced investment office is still grounded in its purpose—to serve client missions—but the focus has expanded to incorporate those missions and values into portfolio management.

In 2020, the global pandemic highlighted failures in systems across our country: inequitable school systems that left millions of children without access to education, technology, and mental health services; lack of support and infrastructure for families who were forced to make impossible choices about their health and safety; a healthcare system that has, for too long, led to disparate outcomes across race and socioeconomic status; and an economy in which more than half of Americans were already one paycheck away from homelessness. At the same time, the events of 2020 underscored the depth and reach of racial injustice across American society.

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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.

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MEMBERS NEWS

Argand Partners’ Portfolio Company Acquires Hygienic Peripherals Keyboard Specialist

Argand Partners, LP announced that its portfolio company, Cherry GmbH, the world’s leading global designer and manufacturer of high-precision keyboard PC gaming mechanical switch technology, acquired Active Key GmbH & Co. KG. Based in Germany, Active Key is a leading manufacturer of hygienic, washable keyboards and mice for medical and industrial end-markets. Active Key is a leading brand in the development and engineering of specialist keyboards and mice that are used in medical, industrial, point-of-sale and office applications. Its product range includes keyboards that are resistant to dust and moisture, fully sealed keyboards that can be easily sanitized, programmable keyboards, and keyboards with integrated card readers.

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Pipe Closes $250 Million Investment Led by Greenspring Associates

Pipe, creators of the world’s first trading platform for recurring revenues, announced it has raised $250 million in strategic equity funding. The round was led by Greenspring Associates and included new investors Counterpoint Global (Morgan Stanley), CreditEase FinTech Investment Fund, SBI Investment, 3L, Sound Ventures and Guy Oseary. By treating recurring revenue streams as an asset, Pipe allows companies to transform their recurring revenue into upfront capital instantly. For entrepreneurs, that means more cash flow for scaling their business without debt or dilution.

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Dedeaux Properties and Brasa Capital Sell Redlands Distribution Facility

Dedeaux Properties and joint venture partner Brasa Capital Management have sold a fully-leased 73,992-square-foot Class A industrial distribution building in the Inland Empire city of Redlands, California, to LBA Realty, completing the disposition of a brand new two-building complex. Fully leased to a California-based fast-food hamburger chain, it is one of two state-of-the-art warehouse and distribution facilities that make up Dedeaux’s Business Park Redlands. Dedeaux acquired the 7.75-acre development site in 2018 and subdivided the parcel into two separate lots. The two-building 155,000-square-foot development was completed in March 2021.

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GenNx360 Capital Partners Announces GenServe’s Fifth Acquisition, DynaTech Generators

GenNx360 Capital Partners announced that its portfolio company, GenServe, acquired DynaTech Generators, the largest independent provider of scheduled and emergency power generator maintenance, repair and sales in the North Atlantic region. Based in Lebanon, Pennsylvania, DynaTech provides maintenance and repair services to commercial generators and backup power solutions as well as generator and equipment sales and rentals. The company serves a diverse set of customers in the healthcare, corporate, municipal and real estate end markets. GenServe is a leader in the sale, maintenance and repair of industrial generators and backup power solutions.

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Wind Point Portfolio Company Acquires DavEd Fire Systems

Corbett Technology Solutions, Inc., a portfolio company of Wind Point Partners, announced the acquisition of DavEd Fire Systems, Inc., a provider of fire alarm and security system design, integration, maintenance, and managed services. Founded in 1982, DavEd offers state-of-the-art fire alarm and security systems throughout the New York and New Jersey metropolitan areas. The company partners with customers across all fire system needs, from design through implementation, as well as 24-7 emergency service and maintenance. For over five decades, CTSI has been at the forefront of technology integration and innovation with critical communications, collaboration, audiovisual and security solutions for enterprise, government, healthcare and education customers.

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CentroMotion to Acquire Carlisle Brake & Friction

CentroMotion, a leading designer and manufacturer of highly engineered components and systems for the industrial and transportation markets, announced that it has entered into a definitive agreement to acquire Carlisle Brake & Friction (CBF) from Carlisle Companies Incorporated (NYSE: CSL). Carlisle Brake & Friction is a globally recognized leader in the development and manufacture of highly innovative brake and friction system solutions to service a diverse range of motion control applications and markets, including the agriculture, construction, mining, heavy duty truck, industrial, aerospace and military sectors. Terms of the transaction, which is expected to close later this year, were not disclosed.

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RLJ Equity and Cave Creek Capital Partner to Invest in Leading Digitally Native Omni-Channel Hydroponics Retailer

RLJ Equity Partners, LLC and Cave Creek Capital Management, LLC announced the growth recapitalization of Growers House Holdings LLC, a leading digitally native, omnichannel hydroponic equipment and supplies retailer servicing the specialty agriculture industry. Founded in 2011, Growers House is based in Tucson, Arizona. The company, along with its subsidiaries, create proprietary, industry-leading video content with one of the largest assortments and seasoned cultivation experts to provide full-service retail and consulting to commercial and hobbyist growers alike.

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DailyPay Raises $500 Million, Led by Carrick Capital Partners

DailyPay, the leader in on-demand pay solutions for enterprises, announced it has secured $500 million of capital. The company is announcing a $175 million Series D equity round led by Carrick Capital Partners with participation from existing investors. In addition, the company is announcing it has raised $325 million of credit capital from various sources. DailyPay intends to invest its newly raised capital in new market opportunities for its technology platform, in addition to extending its market leadership position in on-demand pay among the largest employers in the world.

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Clearlake Capital Announces Acquisitions and Divestiture

Clearlake Capital Group, L.P. announced it has entered into a definitive agreement to sell its interest in NetDocuments Software, Inc. to an affiliate of Warburg Pincus. NetDocuments is a growth-oriented vertical SaaS platform and the leading provider of secure cloud-based content services and productivity software for law firms, corporate legal teams, and compliance departments. Clearlake invested in NetDocuments in 2017. https://clearlake.com/clearlake-announces-sale-of-netdocuments-to-warburg-pincus/

Separately, Angeles Equity Partners, LLC and Clearlake Capital announced they signed a definitive agreement to sell American Construction Source (ACS) to US LBM. ACS is a leading lumber and building materials distribution platform serving custom home builders, repair and remodel contractors and do-it-yourself homeowners across the United States. https://clearlake.com/angeles-and-clearlake-backed-acs-to-be-acquired-by-us-lbm/

Also, Clearlake Capital-backed TEAM Technologies, Inc. announced that it acquired Precision Die Cutting, LLC, a medical specialty manufacturer specializing in skin-contacting technologies and infection prevention products.

Grain Management Announces Acquisition of Tachus

Grain Management, LLC announced that it has agreed to acquire Tachus LLC, a leading fiber-to-the-home provider in Texas, from Crosstimbers Capital Group. Tachus will be the first investment for Grain’s new flagship fund, Grain Communications Opportunity Fund III. Based in The Woodlands, Texas, Tachus is one of the fastest-growing fiber-optic network providers in the Houston area. Tachus brings high-speed, unlimited data services at a lifetime fixed rate to communities through its scalable, future-proof digital infrastructure and localized customer service. Grain’s investment will support the company’s continued growth and further accelerate the deployment of its high-quality fiber broadband network.

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BC Partners Joins Vista Equity Partners as an Investor in EAB

Education company EAB announced that BC Partners, a leading international private equity firm, will invest in EAB alongside existing investor Vista Equity Partners. Together, BC Partners and Vista will enhance EAB’s ability to innovate and build solutions that help schools find and enroll right-fit students, support and graduate more students, and prepare their institutions for the future. From kindergarten to college and beyond, EAB partners with education leaders, practitioners, and staff to accelerate progress and drive results across three key areas: enrollment management, student success, and institutional operations and strategy.

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Ariel Investments Appoints Two New Board Members

Ariel Investments, LLC announced the appointment of Fazal Merchant, Former Co-CEO of Tanium Inc., and Anthony D. Romero, Executive Director of the American Civil Liberties Union (ACLU), to its Board of Directors. Merchant most recently served as Co-CEO of Tanium Inc., a leading high-growth global cyber-security and IT management firm. Previously, he was Chief Financial Officer of DreamWorks Animation SKG, where he was integral to the company’s sale to Comcast. Romero has been the Executive Director of the ACLU, the nation’s premier defender of civil liberties, since 2001. He has presided over the most prodigious growth in ACLU’s history, dramatically increasing its membership, national and affiliate staff, and budget.

Black Dragon Capital Announces Multiple Promotions and New Partner

Black Dragon Capital announced several promotions in key roles across divisions: Tim Greenfield was promoted to Senior Partner; Daniel Consigli was promoted to Partner; Steve Richards has been promoted to Senior Director; Gina Rogoto was promoted to Marketing Manager, and Charles Gravallese was promoted to Controller.

Black Dragon Capital also announced that Richard Sussman joined the firm as a Partner. Sussman is an entrepreneur, investor, and corporate executive whose career spans across Technology Media & Telecommunications (TMT) in B2B enterprise software (SaaS and PaaS), B2B & B2B2C product & service offerings, and consumer products & electronics. His experience encompasses operating and investment expertise in high-growth technology sectors in emerging markets, the U.S., and Europe.

Dynamk Capital Names Jessica Davis Senior Associate

Dynamk Capital announced the addition of Jessica Davis, Senior Associate. Davis worked with Dynamk as an Associate during the summer of 2020 and while she pursued her MBA at Columbia Business School. While at Dynamk, she has supported deal flow, diligence, market assessments, and internal firm management. She also conducted investment analysis on a target market that was subsequently published in Pharma’s Almanac in August 2020. Davis received her undergraduate degree in biology from Middlebury College.

JOB OPPORTUNITIES

CalPERS Seeks Investment Director

CalPERS is currently seeking an Investment Director to oversee its Investment Risk and Performance Team (IRP). The Investment Director (ID) will provide leadership and management direction over the IRP team. The candidate would be responsible for collaborating with the Deputy Chief Investment Officer (DCIO) and Investment Senior Leadership in supporting Total Fund investment decision-making in a risk-aware manner to generate the required absolute rate of return necessary to meet CalPERS pension obligations. To apply, visit https://bit.ly/2Sdc85q.

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/.