Press Releases
WASHINGTON, October 4, 2019 – The Minority Business Development Agency (MBDA) of the U.S. Department of Commerce and the National Association of Investment Companies (NAIC), the largest network of diverse-owned private equity firms and hedge funds, announced today that MBDA has awarded NAIC a $1.4 million grant to support a project that will facilitate the aggregation and deployment of approximately $1 billion in growth capital into minority-owned businesses. Access to capital remains the most important factor limiting the ability of many of the nation’s 11 million minority- and women-owned business enterprises (MWBEs) to increase in scale. The $1.4 milliongrant demonstrates both a recognition of the obstacles faced by minority asset managers and a prioritization towards addressing the many challenges faced by MWBEs. Through this landmark MBDA grant, NAIC will launch the Minority Growth Equity Funds Initiative, which aims to increase the amount of capital available for MWBEs poised for growth.
To support the growing number of new initiatives and programs brought about by a substantial increase in membership, NAIC is proud to announce today that we are expanding our team with the addition of David Smith, who joins the association as Programs and Initiatives Manager effective August 26th. In this multifaceted role, Smith will manage several of NAIC’s strategic programs designed to support members, broaden public awareness of the superior performance diverse-owned investment management firms deliver, support and strengthen industry partnerships, and cultivate relationships with existing and potential new member firms. A key member of the NAIC staff, Smith will be directly involved in: Executing and enhancing current NAIC programs Identifying the needs of and supporting partner organizations to bolster alliances and increase high-level engagement Collaborating with the marketing and communications team to enhance the NAIC brand nationally and internationally Developing key industry insights to further sharpen NAIC’s ability to
WASHINGTON, July 17, 2019 – The National Association of Investment Companies (NAIC), the largest network of diverse-owned private equity firms and hedge funds, announced today that it has formed a multi-year partnership with William Blair, a premier global boutique with expertise in investment banking, investment management, and private wealth management. One of the leading advisors for diverse asset managers, William Blair has led nearly $30 billion in buy/sell transactions with these firms. The partnership will enhance the scope of William Blair’s participation with diverse-owned firms and capital allocators that have identified diversity as a key priority for their business, and enhance relationships with institutional investors that see diversity as a critical element of success. In addition, the partnership aspires to support William Blair’s ongoing recruitment and retention of greater numbers of top-tier diverse professionals at the global firm. It will also provide the NAIC with significant resources to expand programs
WASHINGTON, April 26, 2019 – The National Association of Investment Companies (NAIC) today announced the launch of Establishing the Next Generation of Private Equity Firms, an immersive symposiumthat provides participants with a 360-degree view of what is required to start a new private equity firm and the process of raising capital. Made possible through a grant from the Minority Business Development Agency (MBDA), the sessions are designed to provide participants with a working guidebook on how to launch, manage and grow a successful private equity firm. In the inaugural seminar, hosted by Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, P.C., accomplished industry veterans will share their depth of experiences and first-hand knowledge of the steps, processes, and considerations critical to launching a new firm and what it takes to successfully raise capital. The program will begin with Henry Childs II, National Director of the MBDA, providing opening remarks. The comprehensive
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