Minority-led firm launched by former Trivest, TPG execs

Former Trivest Partners Vice President Herby Raymond has teamed up with former TPG Vice President Matthew Lee to start a new private equity firm based in Miami.

Northern Yard Partners takes its place among just a handful of private equity firms to be co-founded by an African American (Raymond) or an Asian American (Lee). The founding pair have set out to invest in U.S. companies in the business services, residential services, consumer, industrial and distribution sectors generating EBITDA of up to $7 million.

Raymond co-founded the firm in April after spending the previous two years investing in small companies for the Trivest Discovery Fund, according to his LinkedIn profile. For his part Lee earlier this year joined New York City-based private family holding company BellTower Partners after spending five and a half years investing at TPG.

BellTower Partners, which is backing Northern Yard Partners, is itself new, having been founded last year to invest in growth-focused operating platforms. More about the founders:

Herby Raymond: While at Trivest Partners Raymond led investments in businesses such as Pave America and Pet Resort Hospitality Group. He also worked on the firm’s “OpenRoad” platform focused on collision repair brands. He previously worked as a private equity generalist at Crestview Partners and as an investment banker at Morgan Stanley.

Matthew Lee: Lee, who also serves as an advisor for Redwood Services, a provider of residential HVAC and plumbing services, became an investor with BellTower Partners earlier this year, according to his LinkedIn profile. Lee served at TPG from 2018 to 2024, investing in business services companies operating in fragmented industries, such as Halo Branded Solutions, Morrow Sodali and Keter Environmental Services. He previously worked as an investment banking analyst for Credit Suisse.

We were unable to reach Raymond and Lee by press time to learn more about the firm and any hiring plans.

Cystic Fibrosis Foundation lands PE specialist as director of investments

The Cystic Fibrosis Foundation has signaled a desire to back more alternative investments by hiring an emerging manager specialist and StepStone Group alum as its director of investments.

Michael Burgos announced his move to the Bethesda, Maryland-based, $5 billion foundation via a LinkedIn post on Monday, June 17. His job includes oversight of a rapidly growing private equity portfolio valued at approximately $1 billion.

A spokesperson for the Cystic Fibrosis Foundation told sister newsletter LP Allocator News that executives there would not comment for this story.

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More plum PE jobs open at public pension funds

Now Hiring Green Road Sign Against Sky.

Pensions in several states, including California, Pennsylvania and Texas, are searching for mid-level and senior-level investment officers to work on their private equity and other alternative asset portfolios.

Those with the most desirable openings include Pennsylvania Public School Employees’ Retirement System (senior manager of private markets); San Francisco Employees’ Retirement System (associate PE portfolio manager); and California Public Employees’ Retirement System (two sustainability-focused investment managers, both new positions).

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Tom Brady, Serena Williams, fellow partners raise at least $236M for debut

The Consello Group, where NFL Super Bowl champion Tom Brady and Grand Slam tennis winner Serena Williams serve as partners, is moving closer to its target of $500 million for its inaugural private equity fund.

The fast-growing, New York City-based advisory and merchant banking firm has raised at least $236.5 million from 24 investors for its Consello Investing I LP fund and parallel funds, a regulatory filing from May shows.

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Big Moves: Kain Capital, Deerpath Capital, Golub Capital

The following Big Move! items appeared in the June 14 edition of Private Equity Career News

Solomon Eskinazi joins New York City-based buyout firm Kain Capital as general counsel, according to a press release. Erskinzi previously served as general counsel and EVP of strategy and corporate development at Excelsior Medical. While there he worked on that company’s merger with Kain portfolio company Rendr.

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