The Cynosure Group, a Salt Lake City-based money manager for families, foundations and other institutional investors, has raised over half of the $400 million it’s targeting on a debut fund earmarked largely for minority positions in profitable founder and management-owned companies.
To help sustain the effort, the 22-person firm has an analyst slated to start in March and an associate in April. It may look to hire two additional deal professionals over the next year, possibly one at the junior level and one at the mid-level. The firm also plans to get in the habit of hiring a handful of rising-senior undergraduates as summer interns. Three are lined up for this year.
It was another banner year for U.S.-based woman and minority-owned firms–especially on the venture capital side of the market.
A just-released report by West Hartford, Connecticut-based money manager Fairview Capital Partners found 502 woman and minority-owned private equity and venture capital firms in operation by year-end, up from 394 the previous year.
Now in its seventh year, the report also found that, since 2014, the population of diverse firms has grown at a scorching 28 percent compound annual growth rate. Of the 502, 214 count as woman-owned firms.