As the year winds down, we would like to take a moment to
wish everyone a healthy, happy and prosperous holiday season and express our
sincere appreciation for your continued support. For us, 2019 was an incredible
year by every metric with many milestone achievements, exciting new initiatives
launched, and a growing suite of services we are proud to offer our member
firms and the market.
Below is a quick snapshot of what the NAIC team accomplished
in 2019 and underscores the dedication and commitment to assisting
diverse-owned private equity firms and hedge funds:
Grew membership by 42% to reach a modern era high
of 78 firms that collectively manage more than $155 billion in assets
Expanded our team with several new hires who
allow us to grow existing and develop future initiatives that will bring great
value to our members.
Hosted five Institutional Investors Roadshows
(Washington State Investment Board, Florida SBA, New York Common Retirement
Fund, New York State Teachers Retirement System, New York State Insurance Fund,
New Jersey Division of Investment and the Connecticut Retirement Plans and
Trust Funds, that paired our members with leading capital allocators representing
more than $854 billion in assets
Advanced our legislative efforts and met with the
U.S. House Committee on Financial Services to push for allocations to
diverse asset managers. On the local level, NAIC provided testimony at a
hearing for the New JerseyJoint Committee on Economic Justice and
Equal Employment Opportunity in Trenton, NJ to make recommendations on how
the state could increase its exposure with diverse investment management firms.
Formed multi-year partnerships with industry
leaders William Blair and Aon that position our members for
potential business collaborations and greater access to the best in class products,
services, and expertise.
In partnership with GCM Grosvenor and the
Diverse Asset Managers Initiative, we unveiled ENGAGE: Educating the Next
Generation of Allocators on the Growth of Emerging and Diverse Managers an
innovative program to educate institutional investors and other key
stakeholders about the stellar expertise and returns generated by diverse-owned
asset management firms and how to build effective small, emerging and diverse manager
Introduced the Next Generation Private Equity
Manager Symposia to enhance the pipeline of diverse-owned firms of scale by
educating diverse professionals on how to structure and fund-raise to position
their firms for future success
Reached an all-time high for attendees of the NAIC
Private Equity and Hedge Fund Conference where we introduced the LP
Meetup, one-on-one discussions between NAIC member firms and leading
Launched the game-changing Minority Growth
Equity Fund Initiative in which NAIC will facilitate the aggregation and
deployment of $1 billion in growth equity capital to ethnically diverse-
and women-owned businesses. This is one of the largest grants ever awarded by
the US Commerce Department’s MBDA.
As I mentioned earlier, this year we welcomed three new
members to the NAIC team: Carmen Ortiz-McGhee, Executive Vice President;
David Smith, Programs and Initiatives Manager; and brought on board our
first MBA Fellow, Peter Wright, a second-year MBA student at University
of Chicago’s Booth School of Business. They have all made significant
contributions and join Tina McIntyre, Chief Financial Officer; Dawn
Simmons, Office Manager, and our consultants and advisors in helping us
achieve our overarching goal of increasing the flow of capital to diverse-owned
private equity firms and hedge funds.
For 2020, we will continue our commitment to member services, while adding some exciting new initiatives designed specifically to increase the flow of capital to diverse asset management firms. We hope everyone will join us for the 50th Anniversary of the NAIC Annual Private Equity and Hedge Fund Conference. Set for October 2020 in New York City, it will be not only a celebration of this major milestone but also of our membership and the successes they have achieved over the course of half a century.
Again, thank you for your support and commitment. Without it
none of what we do would be possible. We wish everyone a joyous holiday season
and look forward to working with each of you to ensure a very Prosperous 2020!