Month: July 2021

NAIC poised to launch boot camp for women raising debut funds

Many associations try to attract new members. The National Association of Investment Companies is determined to help create them.

This fall the 51-year-old association, which counts some 130 minority-owned and women-owned managers of alternative assets as members, plans to offer 15 to 20 women-founded firms a leg-up in raising their maiden funds.

The new boot camp marks the third and culminating component of the "in, up and beyond" strategy that Carmen Ortiz-McGhee, chief operating officer, helped formulate for the "Women in Alternatives Initiative" after joining two and a half years ago.

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The Sterling Group seeks a director, operations: Sponsored

It’s a pleasure to present another great job opportunity—the role of director, operations—from Houston, Texas-based mid-market firm The Sterling Group.

The Firm: Founded in 1982, The Sterling Group invests in mid-market manufacturing, distribution and industrial services businesses. It is known for its hands-on approach to improving operations at its portfolio companies. The firm closed on its fifth investment fund last year, which was oversubscribed at $2 billion.

The Role: Working with the deals team, portfolio company executives and third-party consultants, you’ll be responsible for supporting the portfolio companies in the identification and execution of three to four major operations projects at any given time. Your responsibilities will include:

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Audax hires Cory Mims as managing director of business development

Audax Group has brought aboard one of the industry's highest-ranking Black Americans, Cory Mims, as managing director of business development.

The hiring of Mims comes amid a push by the Boston-based buyout and credit shop to advance diversity, equity and inclusion at the firm. It also highlights the work left to be done by Audax Group and other firms in drawing minorities, as well as women, into their executive suites.

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Scandal-rocked Apollo beefs up credit business with three senior hires

Apollo Global Management has bolstered its vast credit business with the addition of Partner Earl Hunt, Managing Director Jasen Yang, and Managing Director Subbu Alagappan. The hires take place against the backdrop of continued scandals enveloping co-founder Leon Black.

Hunt joins the firm as a partner in the credit group, according to his LinkedIn profile. He also serves as the chief executive officer of Apollo Debt Solutions and co-head of credit secondaries. Hunt previously served as a partner in the global markets division of Goldman Sachs, and in a previous role acted as co-head of U.S. distressed and loan sales, an area that Apollo specializes in.

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Siris Capital, Gauge Capital hire talent managers as trend builds steam

Two more private equity shops, Siris Capital and Gauge Capital, have brought aboard full-time talent management executives. It's part of a hiring trend that shows no sign of ebbing.

In a story last year on how the chief talent officer role was becoming a mainstay of payrolls, Private Equity Career News identified more than a dozen firms, including Alpine Investors, Blue Wolf Capital, and Charlesbank Capital Partners, that have them on staff. Helping portfolio companies conduct executive searches is typically a big part of the job; so can be executive coaching, on-boarding and other activities. Some chief talent officers also conduct internal searches for talent.

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Roanne Daniels steps down as partner at Hellman & Friedman

One of the industry's highest-ranking women, Roanne Daniels, has stepped down as partner at Hellman & Friedman as the firm reports having raised more than $23 billion for its tenth fund.

Her next career move will be eyed carefully. Few women have climbed to the senior ranks of buyout shops, particularly in dealmaking and portfolio operations roles. At the same time, women are in high demand in a heavily patriarchal industry under pressure from investors to do more to advance their careers.

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Veteran-founded firms work to close funding gap

Veterans face extra hurdles in landing capital from private equity and venture capital shops, but a new generation of veteran-founded firms is working to right the imbalance.

Most entrepreneurs spend their early years building a network and making connections. But those in the military are often overseas serving our country.

This puts veteran-founded businesses at a potential disadvantage to their non-veteran competitors, said Derren Burrell (pictured), a 21-year active-duty Air Force veteran whose venture capital firm Veteran Ventures backs veteran-affiliated businesses with promising technology or innovative business concepts. Burrell said “veterans are in that underrepresented group as they are 30% less likely to receive venture funding.”

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Sophia Lee departs as head of investor relations at Golden Gate

Sophia Lee has stepped down as principal and head of investor relations at San Francisco-based private equity firm Golden Gate Capital, Private Equity Career News has learned.

Lee was promoted to the role in April after serving as a vice president for the past two and a half years. Prior to joining the firm as an associate in 2015, she served in the tech investment banking branch of J.P. Morgan.

Lee’s departure marks at least the sixth mid-level professional to leave the firm in the past year. Private Equity Career News recently published an article describing a new firm founded by four of the professionals that left last June.

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