For fifty years, NAIC has represented a vibrant and growing population of diverse-owned private equity firms and hedge funds, with a track record and ongoing performance that is competitive with the broader market.
1971: The Founding
The NAIC was formed in 1971 as the American Association of MESBICs, with early members joining from diverse communities including: Asian, Hasidic Jewish, Orthodox Jewish, African American and Latino communities.
1972-1979: Historical Firsts
Legendary businessman Reginald F. Lewis served as the association’s General Counsel. His law firm specialized in venture capital transactions for small and medium-sized businesses.
The 1980s: SBA Buyback
The American Association of MESBICs lobbied successfully for legislation that would allow diverse firms to repurchase SBA’s preferred stock while raising funds that were not SBA regulated. Funds began approaching pension funds and other institutional investors to raise larger pools of capital.
The 1990s: NAIC
In the 1990s many members pulled away from the SBA to become independent private equity firms. Subsequently, the American Association of MESBICs was renamed the NAIC and focused on increased access to institutional capital and best practices for the next phase of growth for the industry.
1994: Historical Firsts
In 1994, NAIC Board Members and industry executives spawned the formation of a diverse-owned fund of funds, Fairview Capital, which was a pioneer and industry leader for investment in diverse asset managers.
2020: Celebrating 50 Years
NAIC represents a vibrant, diverse industry where members are growing, high-performing, and becoming household names in business and financial circles.