Press Releases

WASHINGTON, January 14, 2019 – The National Association of Investment Companies (NAIC) today commended the Diverse Asset Managers Initiative (DAMI) on publishing its first annual Investment Consultant Survey. The survey provides great insight into the underrepresentation of women and racial or ethnic minorities at some of the largest investment management consulting firms in the United States and how it contributes to extremely low engagement of diverse asset managers by many retirement plans. One of the Investment Consultant Survey’s key findings was that African American and Latino managers are the least represented at these firms (with the exception of American Indians who are not represented in any capacity), with each demographic finishing last in representation at four of the 11 firms surveyed. Women are also severely underrepresented: their ownership status in these ICs is for the most part in the single digits, and never more than in the 20 percent range

WASHINGTON, January 2, 2019 – The National Association of Investment Companies (NAIC) announced today that Carmen Ortiz-McGhee has joined the advocacy organization as Executive Vice President. Over the past six years, the NAIC has executed a growth strategy that has significantly expanded its membership base and increased the flow of capital to diverse-owned firms. During that time, the NAIC has created a number of new programs, developed several new services, and built strategic alliances and partnerships which have expanded its reach and market impact. The Executive Vice President will be instrumental in leading the NAIC’s existing programs, services and providing capacity for future growth. Her responsibilities will include: Association Membership Industry Research & Market Insights Private Equity & Hedge Fund Industry Events Association Marketing & Web Services The Private Equity Women’s Initiative Affinity Services Industry Alliances With over 17 years of experience in advocacy on behalf of diverse asset managers,

CHICAGO, October 24, 2018 – The National Association of Investment Companies (NAIC) announced today that former Illinois Senate President Emil Jones Jr. and John W. Rogers, Jr., Chairman, CEO & Chief Investment Officer of Ariel Investments, will be among those honored during the NAIC Annual Private Equity & Hedge Fund Conference, the largest gathering of diverse-owned private equity firms and hedge funds. Titled The Crossroads of Commerce and Capital, the conference will take place October 24–25, 2018. Demonstrating its commitment to diversity, William Blair will host the conference at its global headquarters in Chicago. The event will bring together leading general partners, chief investment officers, limited partners, and industry decision-makers for networking, identifying opportunities for collaborative investment, and the sharing of ideas. Capital allocators with approximately $1 trillion in assets to invest will be in attendance. The Hall of Fame Award will be presented to Mr. Jones for his efforts

WASHINGTON, June 7, 2018 – The National Association of Investment Companies (NAIC) today issued the following letter to Chief Investment Officer magazine in response to troubling material the media outlet reported on the California State Teachers’ Retirement System’s (CalSTRS) diversity and emerging manager programs. Because of its importance to the field, the NAIC is today making the letter public. Dear Reader, Reasonable people now find it incontrovertible that diversity improves outcomes. It is true for boards, it is true for leadership, and it is true for workforces. Nearly all leaders are past the point of debating whether to invest in diversity and focus their attention on how to do so. Yet, exceptions linger – particularly in asset management. An especially troubling example of this was reported in an April 3rd article in Chief Investment Officer reporting on CalSTRS’ negative experience with minority managers in the global equity portfolio. In its

WASHINGTON, June 4, 2018 – The National Association of Investment Companies (NAIC) congratulates Clearlake Capital Group and the investment group led by Dyal Capital Partners on the group’s recent acquisition of a minority stake in Clearlake Capital. This transaction exemplifies a clear recognition of the enormous success Clearlake Capital has achieved to date, and its potential for increased growth and outstanding investment returns. Clearlake Capital Group is a leading private investment firm founded in 2006 that has managed approximately $7 billion of institutional capital since inception. The transaction marks the second investment in an NAIC member firm by Dyal Capital Partners. In 2015, a Dyal-led group completed an investment in Austin-based Vista Equity Partners. “These transactions illustrate the increasing realization of the growth and potential for increased success of diverse managers,” says Robert L. Greene, President & CEO of the NAIC. “We anticipate similar transactions ahead as these firms continue

WASHINGTON, MAY 21, 2018 – Some of the nation’s top-performing diverse investment managers will meet with institutional investors from the Washington, DC Metropolitan Area today to showcase how investing with minority-owned firms could lead to greater returns for retirement plans. Hosted by the National Association of Investment Companies (NAIC), the institutions represented at the Institutional Investor Roadshow include the District of Columbia Retirement Board; Georgetown University Investment Office; Howard University; Montgomery County Public Schools; National Railroad Retirement Investment Trust; and the Smithsonian Institution. NAIC’s Institutional Investor Roadshows visit various US cities to meet with local institutional investors and government officials to discuss manager performance, investment strategies, emerging manager programs, and to dispel outmoded perceptions about compromising performance when utilizing diverse managers. Many diverse-owned investment firms have generated stellar returns despite being overlooked by many institutional investors – even those located in racially diverse cities. Several factors continue to severely limit

WASHINGTON, MAY 18, 2018 – The National Association of Investment Companies (NAIC) congratulates its 10 member firms named to the PEI 300, Private Equity International’s list of the world’s biggest private equity firms. The list, which is based on how much capital raised over the last five years, represents a collective fundraising total of $1.5 trillion. NAIC member firms named to the PEI 300 include: Clearlake Capital Group, L.P. HarbourVest Partners, LLC JP Morgan Asset Management Neuberger Berman One Rock Capital Partners, LLC Palladium Equity Partners, LLC Siris Capital Group, LLC Sycamore Partners Vista Equity Partners Vistria Group, LP “The NAIC is proud to see such growth among our members and applauds them on their fundraising successes,” says Robert L. Greene, President & CEO, “Having so many firms ranked among the world’s largest underscores the talent and capabilities within private equity’s diverse communities.” About the NAIC: Based in Washington, DC,

LOS ANGELES, APRIL 24, 2018 – The National Association of Investment Companies (NAIC), the industry association for diverse-owned and emerging investment managers, will present the fiduciary case for capital allocators to engage with diverse investment managers during Institutional Investor’s 2018 Private Equity Summit – West Coast in Los Angeles today. Robert L. Greene, President & CEO of the NAIC, will serve as a panelist for The Power of Diversity – A Competitive Advantage, a discussion that will examine the impact of diversity from a quantitative standpoint and explore how this issue might be incorporated into the investment opportunity sets identified by allocators, potentially changing the way institutions invest. For more than four decades, the NAIC has championed the cause for greater diversity among public, private pension plan and endowment managers. While a significant portion of these institutional investment funds are contributed to by persons of color, they are rarely managed

WASHINGTON, SEPTEMBER 25, 2017 – Robert L. Greene, President & CEO of the National Association of Investment Companies (NAIC), today commended Congresswoman Maxine Waters (D-CA), Senator Cory Booker (D-NJ), and Congressman Gregory Meeks (D-NY), for their efforts towards removing barriers limiting diverse investment managers from participating in overseeing federal retirement plans. He also stressed the value of greater investment by federal and other entities with these high-performing managers. “The recent report published by the General Accountability Office (GAO), affirms the message NAIC has been espousing for many years, that the under-utilization of diverse managers, at a time when they are the highest performing segment of the US Asset Managers is not only egregious but defies business logic,” says Greene. “We are calling upon all elected officials and fiduciaries to examine the practices and approaches that allow this negligent behavior to exist.” Waters, Booker and Meeks jointly released a statement on

NEW YORK, Feb. 9, 2018 /PRNewswire-USNewswire/ — On February 7th, the Private Equity Women’s Initiative hosted its second annual Forum at KPMG LLP headquarters in New York City with the aim of increasing gender diversity throughout the private equity industry. The Forum specifically included interactive discussions, case study analyses, networking opportunities, and insight from top industry executives. Over 80 top private equity professionals attended the Forum and worked to identify the best practices to recruit, retain, and advance women within the private equity industry. The Forum is part of the Private Equity Women’s Initiative, a partnership between the National Association of Investment Companies (NAIC) and the American Investment Council (AIC). Attendees heard from representatives of two of the largest public pension funds in the country, Ted Eliopoulos, Chief Investment Officer of CalPERS, and Scott Evans, Chief Investment Officer of New York City Retirement Systems. The Forum also included a roundtable