2023 has been a challenging year on several fronts. Economic uncertainty, global political instability, rising interest rates, attacks on DEI efforts and other factors have made fundraising and dealmaking difficult. Despite these challenges, many member firms continue to outperform, raise oversubscribed funds and structure alpha-generating deals. The NAIC and the alternative asset management firms and financial services providers that comprise our network are stronger than ever.
As the year comes to a close, we would like to celebrate our 194 member firms that manage more than $406 billion in assets. These firms have a profound impact on the asset management industry and the economy. Their 2,200+ portfolio companies span every major industry and employ more than 2 million people globally.
Since NAIC was founded in 1971, we have focused on connecting diverse-owned managers to capital, helping them develop skills and competencies to succeed, providing industry data and insights, and propelling diverse careers in alternative investments.
There is strength in numbers, and it is always a privilege to do our part in helping firms succeed by increasing the asset flow to high performing alternative asset managers. Our innovative programs and initiatives have set the standard for the alternative investment industry in providing unmatched resources and connections to help firms succeed in an increasingly competitive market. We’re excited to share the impact our programs and initiatives had in 2023 and provide a glimpse of what’s ahead in 2024.
Connecting Managers and Capital
Facilitating access to capital is of NAIC’s core tenets. In 2023, we curated 544 one-on-one virtual meetings between member firms and capital allocators.
Facilitated Meaningful LP-GP Engagements at Institutional Investor Roadshows
NAIC brings investment managers and limited partners together regularly at our Institutional Investor Roadshows, where our member firms have the opportunity to share insights, market intelligence, and strategies during brief one-on-one meetings. At our 2023 Roadshows, we provided the opportunity for our members to meet one-on-one with 29 Institutional Investors seeking to expand diverse-owned firms in their portfolios: New York University Endowment, CalSTRS, Institutional Limited Partners Association (ILPA), New Jersey Division of Investment, BRK Capital, W.K. Kellogg Foundation, Investure, Kresge Foundation, Texas Children’s Hospital, Vancity, AIMCo, Margaret A. Cargill Philanthropies, Gates Capital Partners, UAW RMBT, Commodore Management Company, EDC Investments, Apogem Capital, UBS, U.S. Bank, BlackRock, AlpInvest Partners, Illinois Municipal Retirement Fund, Maryland State Retirement Agency, Minnesota State Board of Investment, Peninsula House, LLC, Pennsylvania Public Schools Employee Retirement System, Prudential, and Illinois State Board of Investment (ISBI)
Celebrated our Network at our 2nd Annual Midsummer VIP Reception
In July, we brought our network together once again for an elegant evening celebrating the industry’s diverse alternative asset management firms at our 2nd Annual Midsummer VIP Reception. Over 325 capital allocators, diverse investment managers, and corporate partners gathered in New York City to build new relationships and reconnect with friends and colleagues.
Our distinguished group of 2023 Midsummer VIP Reception honorary co-chairs included Kathleen Jacobs, CIO, New York University Endowment; Meredith Jenkins, CIO, Trinity Wall Street; Eneasz Kadziela, Deputy CIO & Head of Private Equity, New York City Employees’ Retirement System; Brad Lander, New York City Comptroller, NYC Office of the Comptroller; Kim Lew, President & CEO, Columbia Investment Management Company; Andrew Palmer, CIO, Maryland State Retirement and Pension System; and Anastasia Titarchuk, CIO, New York State Common Retirement Fund.
Set the Industry Standard at our Annual LP Meetup
We hosted our largest ever LP Meetup in October, with more than 50 LPs and 75 NAIC member firms participating in what has become the gold standard in the industry for LP-GP engagements. At this one-day virtual event, we facilitated almost 300 one-on-one meetings between NAIC members and LPs as well as 20 meetings with senior representatives from our service providers committed to helping our member firms succeed.
Developing Skills and Competencies
Empowered a New Generations of GPs through our NextGen Symposium
We continued our industry leading NextGen Symposium this year to equip 60+ women and diverse professionals who recently launched a firm or are preparing to start a firm with all the tools needed to start and scale an institutional-grade alternative investment firm. The nine-week virtual course was led by a blue-chip roster of successful firm founders, leading institutional investors, law firm executives and other service providers committed to educating and empowering a new generation of female and ethnically diverse founders. This year’s symposium concluded with an engaging in person session at Goldman Sachs in NYC and a networking reception celebrating the completion of the symposium.
Hosted Candid Conversations with Industry Leaders
We welcomed a stellar lineup of industry icons and thought leaders at our Industry Insights Webinar Series this year for engaging discussions about the current investing landscape and the challenges diverse managers face.
Special thanks to the distinguished leaders who shared their valuable insights with NAIC’s network: Kneeland Youngblood, Founding Partner, Chairman & CEO of Pharos Capital Group; Renae Griffin, Managing Director, GCM Grosvenor; Mina Pacheco Nazemi, Managing Director, Private Equity at Barings; Donald Cravins, Jr., Under Secretary of Commerce for Minority Business Development; Andrew Junkin, Chief Investment Officer of the Virginia Retirement System; Nicole T. Musicco, Chief Investment Officer of CalPERS; and Derek Jones, Vice Chairman, Private Equity Investments, GCM Grosvenor.
Providing Data and Insights
Grew Partnerships to Support our Members
NAIC leverages our 9 Multi-Year Corporate Partners, 11 Premier Sponsors and 4 Industry Alliances to offer valuable services and information to our member firms and support our suite of industry-reshaping initiatives throughout the year. In 2023, we welcomed U.S. Bancorp Impact Finance as a new partner. U.S. Bancorp Impact Finance is an industry leader in providing financial solutions that help create a positive impact on communities and the environment. Our partnerships help support NAIC’s signature events like NextGen, provide market intelligence, and provide additional opportunities for our member firms to interact with institutional investors.
This year, we partnered with many of these companies to provide exclusive, informative online and in-person engagements for our members:
- “Accelerating Diversity for Impact and Returns” Fireside Chat with TPG, TRS, and CalPERS
- Two Korn Ferry Member Webinars designed to help members maximize opportunities with talent
- Four AWS-NAIC Investor Connection sessions designed to connect venture capital firms with underrepresented founders
- Akin Junior Associate Bootcamp, a full day in-person program for early career non-lawyer professionals
- William Blair DealTalk providing M&A insights in the current market and year ahead
Spreading the NAIC Message
President & CEO Robert L. Greene and Chief Operating Officer Carmen Ortiz-McGhee represented NAIC at dozens of industry events throughout the year, speaking on the state of diversity in the industry, the performance of diverse asset managers and sharing NAIC’s mission. Through their leadership, NAIC continues to reach new and broader audiences.
Bob and Carmen were featured as keynote speakers and participated in panel discussions at the Office of the New York State Comptroller’s 16th Annual Emerging Manager & MWBE Conference; GCM Grosvenor Consortium; The Black Owner and Women’s Collective Capital Conversations event; New Jersey Division of Investment Emerging Managers Virtual Symposium; PEI Investor Relations, Marketing & Communications Forum; and the 2nd Annual BOW Collective Capital Conference. In addition, NAIC co-hosted a Welcome Reception at the Congressional Black Caucus Foundation’s Annual Legislative Conference for the 2nd year.
Propelling Diverse Careers
Developed a Pipeline of Diverse Talent Pursuing Careers in Alternatives
Our Women in Alternatives (WIA) initiative continues to pave the way for diverse females to enter and excel in the industry.
- In: Our Paradigm Changers Internship Program provided career development and 10-week paid internships for 17 ethnically diverse college women from a broad range of academic backgrounds. These women gained hands-on experience and mentorship in the alternative investments industry. Special thanks to our member firms that hosted 2023 interns: 1863 Ventures, Argand Partners, Avance Investment Management, Avante Capital Partners, GCM Grosvenor, Hamilton Lane, IMB Partners, L’ATTITUDE, Palladium Equity Partners and TPG Capital.
- Up: Our 2023 Up Fellowship program provided targeted skill building and overall career guidance for 14 mid-career women. Participants were mentored by senior women and participated in nine interactive professional development webinars.
- Beyond: We piloted our Beyond program in July, gathering dozens of women-led GPs together to learn from and network with each other.
We expanded our MBA Fellowship Program in 2023 by welcoming six young professionals into the 2023-2024 cohort: Ana C. Barrera, Harvard Business School; Anisha Khosla, University of Chicago, Booth; Rosie Gonzalez, University of Chicago, Booth; Trey Ferguson, Vanderbilt University, Owen; Wasim Ottman, University of Pennsylvania, Wharton; and Willis Wilson, Harvard Business School.
Over the course of 10 months, our Fellows will take on exciting challenges, including conducting research and analysis, enhancing the member experience, and providing invaluable support for our programs and initiatives and more.
Expanded NAIC Team to Support our Mission and Members
We added 3 new team members in 2023, with skills and talent to drive success for all our mission objectives. This year, we welcomed Felina Martin as Director of Meeting and Event Logistics, Jacquaniese “Jaye” Washington as Operations Manager, and Harland R. Abraham as Vice President of Development.
Felina oversees the tactical planning and execution of all of NAIC activities, including our marquee events and partner events. Jaye helps execute activities related to operations and manages our talent-related programs including Women in Alternatives and the MBA Fellowship Program. Harland is responsible for new business development for NAIC, focusing on expanding our corporate sponsorships and new partnerships.
Looking Ahead
Every year the NAIC team assesses opportunities to improve and expand our programs and initiatives in order to further advance our mission. In 2024, we’ll launch a Portfolio Company Minority Business Enterprise (PCMBE) certification, which will provide portfolio companies owned by NAIC PCMBE-certified diverse private equity firms opportunities to participate in corporate supplier mandates that require diverse certification.
Engage LP Training will return in Spring 2024. We will partner once again with GCM Grosvenor and the Diverse Asset Managers Initiative (DAMI), on ENGAGE Trustee Education in Spring 2024. This program is tailored for investment staff and board trustees that familiarizes participants with data that supports investing with diverse managers, addresses top objectives and roadblocks to capital allocations, and expands the universe of allocators and managers.
Our Beyond program will launch in Summer 2024, providing training and support for women seeking to launch their own alternative investment firms.
The entire NAIC community will benefit from the experiences and insights of our newest board members, Ivelisse Rodriguez Simon, Managing Partner at Avante Capital Partners and Kathlika Fontes, Director of Investor Relations at Grain Management, LLC. Ivelisse and Kathlika have served on NAIC’s Women in Alternatives Advisory Committee since it launched, and we look forward to their contributions to our Board.
2023 has presented more than its fair share of challenges, testing members’ resilience and adaptability. Yet, it is in facing these challenges together that we have demonstrated the strength of our collective spirit. We remain optimistic that the new year will bring fresh opportunities and brighter horizons and look forward to continuing to play a meaningful role in our members’ success.
Best regards,
Joseph J. Haslip
Chairman of the Board
Robert L. Greene
President & CEO
Multi-Year Corporate Partners
Premier Sponsors
Industry Alliances
