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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
Pharos Capital Launches Oncology Practice, Clinical Research Management Platform
DALLAS & NASHVILLE, Tenn.—(BUSINESS WIRE)—Pharos Capital Group, LLC (“Pharos”), a private equity firm based in Dallas and Nashville, announced it has acquired Horizon Oncology (“Horizon”), headquartered in Lafayette, Indiana. The acquisition marks the launch of Verdi Oncology, Inc. (“Verdi”), an oncology practice and clinical research management company. Verdi will focus on aggregating high-quality oncology practices that participate or qualify to participate in the Oncology Care Model program, a value-based care payment program backed by CMS, and similar value-based care payment programs offered by commercial payors. Pharos is partnering with Wes Chapman, a seasoned executive in the oncology industry, who will serve as Chief Executive Officer of Verdi. Founded in 2001 by Dr. Wael A. Harb, Horizon has four providers offering oncology and hematology services. Additionally, the practice offers cutting edge clinical trials opportunities for patients throughout the Midwest. Terms of the transaction were not disclosed. “We are thrilled to launch
Confronting the CCO Liability Trend and Mitigating the Risk
For the past several years we have seen an increase in the amount of SEC enforcement actions against CCOs. During SEC Chairwoman Mary Jo White’s tenure two high profile cases sparked a conversation centering on CCO liability. The risk of personal liability continues to be a concern for CCOs under Chairman Clayton’s administration. Both SEC administrations have placed an importance on the protection of investors, the deterrence of violations, and increasing transparency. These priorities have led to rules, regulations and enforcement actions that have resulted in increased responsibilities for advisory firms and their CCOs. Here we take a look at several landmark cases involving CCO liability and explore the factors that lead to personal culpability for CCOs. In the Matter of BlackRock Advisors, LLC (April 20, 2015), the firm was charged with failing to disclose information about outside business activities as well as failing to adopt policies and procedures to
WASHINGTON, MARCH 29, 2018 – Some of the nation’s top-performing diverse investment managers met recently with institutional investors from the Detroit Metropolitan Area 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 Detroit Institutional Investor Roadshow included: UAW Retiree Medical Benefits Trust, City of Detroit General Retirement System, City of Detroit Police and Fire Retirement System, Michigan Department of Treasury, Kresge Investments, Rocaton Investment Advisors and DTE Energy. Collectively, the retirement plans represent more than $160 billion in assets under management. NAIC’s Institutional Investor Roadshows visit various US cities to meet with local institutional investors and government officials to discuss manager performance, investment strategies and emerging manager programs. Many diverse-owned investment firms have generated stellar returns despite being overlooked by many institutional investors – even those located in racially diverse
GenNx360 Capital Acquires Housing Solutions Provider
GenNx360 Capital Partners (“GenNx360”), a New York-based private equity firm which invests in middle market business services and industrial companies announced today its acquisition of CRS Temporary Housing (“CRS” or “Company”), a leading asset-light provider of professionalized relocation and temporary housing solutions. Terms of the transaction were not disclosed. Founded nearly 30 years ago and headquartered in Phoenix, Arizona, CRS employs over 100 highly trained professionals. The Company services the property and casualty insurance industry providing relocation and temporary housing solutions to dislocated policyholders. This dislocation typically results from fire or water damage with CRS assisting the policyholder from the time of initial loss through completion of repair and subsequent move-in. CRS provides a service that is deemed critical to the carrier as well as to the homeowner. Its customer base is diverse and includes many of the leading insurance carriers. Monty Yort, the Managing Partner at GenNx360 who led
Clearlake Capital Closes Fund V at Over $3.6 Billion
Santa Monica, CA – March 16, 2018– Clearlake Capital Group, L.P. (“Clearlake”), a leading investment firm with a sector-focused approach, announced today it has completed fundraising for Clearlake Capital Partners V (“Fund V”) with over $3.6 billion in commitments. Fund V exceeded its target and was substantially oversubscribed, reaching its hard cap. At over $3.6 billion, Fund V is Clearlake’s largest private equity fund to date. This brings Clearlake’s total cumulative capital commitments since inception to more than $7 billion. Fund V has already begun investing with several signed or closed transactions including Perforce Software, Diligent Corporation, Janus International, ProVation Medical, and Wheel Pros. “We are thankful and humbled by the opportunity to prudently invest on behalf of our prominent and expanding base of global Limited Partners,” said José E. Feliciano, Co-Founder and Managing Partner at Clearlake. “We believe that the interest in Fund V is an acknowledgment of Clearlake’s
One Rock Capital Partners Sells Airxcel
NEW YORK, March 14, 2018 – One Rock Capital Partners, LLC (“One Rock”) announced today that one of its affiliates has signed a definitive agreement to sell AXL Holdings, Inc. (“Airxcel”) to L Catterton. Airxcel is one of the largest suppliers of industry-leading branded products to the RV industry and niche segments of the industrial and commercial HVAC market. Financial terms were not disclosed. “Since our acquisition in 2014, Airxcel has nearly doubled earnings through strong organic growth, internal operational improvements and the acquisition and integration of three highly complementary businesses. The business is well-positioned to continue on that trajectory under the leadership of CEO Jeff Rutherford and his management team,” said One Rock Managing Partner Tony W. Lee. “During One Rock’s ownership Airxcel reduced working capital by half, implemented lean manufacturing practices throughout its production footprint and successfully integrated three acquisitions, while building an active pipeline of future opportunities.
Summary of 2017Q2 Private Fund Statistics
About our Contributors ICS Group is a regulatory compliance consulting firm specializing in providing compliance support to the financial services and insurance industries. We help our clients comply with regulatory requirements and industry standards. Our clients include: registered investment advisers, private equity funds, hedge funds, mutual funds, broker-dealers, insurance companies and state pension plans. Our team of highly experienced compliance professionals know from first-hand experience what regulators are looking for, the industry standards that apply, and how to develop and implement cost-effective business-oriented solutions. Form PF went into effect in 2012 and provides risk exposure statistics including, but not limited to the type and size of assets held by private firms. Since October 2015 the SEC’s Division of Investment Management Analytics Office has published quarterly data and statistics related to private funds as reported on Form ADV and Form PF by SEC-registered investment advisers. Unregistered advisors, exempt reporting advisors and
Clearlake Capital’s ConvergeOne to Acquire Communications Assets
EAGAN, Minn., February 15, 2018 — ConvergeOne, a leading global IT services provider of collaboration and technology solutions, today announced that it has signed an agreement to acquire Arrow Electronics’ Systems Integration business, specializing in unified communications, contact center, and voice and data technologies. Completion of the transaction is expected to occur within 30 days. This acquisition further solidifies ConvergeOne’s position as a leading provider of collaboration and IT-enabled solutions in the market today. “This acquisition will be an ideal addition to ConvergeOne, supporting our continued strategy to grow customer relationships by providing comprehensive solutions, services, and support,” said John A. McKenna Jr., chairman and CEO, ConvergeOne. “Arrow’s Systems Integration business shares our customer-focused approach, and brings a strong portfolio of cloud services as well as business expertise in the federal, state and local government, and healthcare industry verticals. This acquisition will enable us to increase our national presence and expand
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