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NAIC Members Meet with Los Angeles Pension Plans

The NAIC and several members held a series of meetings on April 11 and 12 with institutional investors in the Los Angeles area — the Los Angeles County Employees Retirement System (LACERS), Los Angeles Fire and Police Pensions (LAFPP), and Los Angeles County Employees Retirement Association (LACERA). The meetings provided an excellent opportunity for each institutional investor to share information about their program, network and get to know NAIC and its participating members.

LACERS, a $14.1 billion diversified plan discussed its retooled emerging investment manager policy. The plan has 12% allocated towards Alternative Investments that allocates $325 to $350M per year. LAFPP has $18.36B in assets with a 10% allocation target for private equity. While they do not have a formal program, an emerging manager policy is in place. LACERA is a $46.8B plan with a 9% private equity allocation. Their target for 2016 is 10%. It also has a $250M Emerging Manager program managed by JP Morgan in two separate accounts. We will be certain to keep our members apprised of dates and locations of all future Roadshows.

ICS Group Offers Complimentary Mock Exams Exclusively for NAIC Members

The SEC expects to increase the number of investment adviser examinations in 2016. The SEC's Office of Compliance Inspections and Examinations is also increasing the number of examiners by almost 20% this year to 630 examiners and pushing for third-party examiners to supplement the work conducted by the OCIE. For the next 30 days ICSGroup is offering a fully complimentary limited mock exam for all NAIC members. This limited exam will assess four compliance policies and procedures to enable you to determine your firm's need for a full mock exam.

Connect with Us on LinkedIn

Join the NAIC online and join the diverse managers' conversation by becoming a member of our Linkedin group. We will be discussing industry news, deals, trends and other topics to keep our members informed: linkedin.com/groups/4605855

2016 NAIC Members Performance Survey

As we continue with our preparations for the 2016 Performance Survey is under way, we want to remind NAIC members to complete the questionnaire at their earliest convenience. The last survey, completed in 2012, was instrumental in informing the industry, institutional investors, and the public at large of the value diverse managers. We are certain the 2016 study will continue to serve as a resource about the expertise and performance of NAIC members.

Registration will open shortly for the NAIC Annual Private Equity and Hedge Fund Conference, to be held October 3-4, 2016 at Bank of America Tower in New York City. This is the premiere event for diverse-owned and emerging investment managers that offers vital industry information, contacts and networking opportunities for professionals in all areas of the private equity industry. Please contact the NAIC office for more information and to learn more about additional sponsorship opportunities: info@naicpe.com

Click below to view the highlights of last year's event:

NAIC Members in the News

Cvent Enters into Definitive Agreement to be Acquired by Vista Equity Partners for $1.65 Billion

Cvent Inc. (NYSE: CVT), a leading cloud-based enterprise event management company, entered into a definitive agreement to be acquired by affiliates of Vista Equity Partners in a deal valued at approximately $1.65 billion. Cvent stockholders will receive $36.00 in cash per share, representing a premium of approximately 69 percent over Cvent's closing price on April 15, 2016 and a 70 percent premium to Cvent's average closing price over the past 30 trading days. Cvent is a leading cloud-based enterprise event management company, with approximately 16,000 customers and 2,000 employees worldwide. Cvent offers software solutions to event planners for online event registration, venue selection, event management, mobile apps for events, email marketing, and web surveys.

Clearlake Capital Acquires Maker of Premium Branded Snacks

Clearlake Capital Group, L.P. announced that it has acquired That's How We Roll, LLC, a leading provider of high quality, branded, better-for-you snacks in North America. Based in Fairfield, New Jersey, That's How We Roll products include Dippin Chips and Mrs. Thinsters. Distribution can be found in over 10,000 locations within grocery, club and mass. The acquisition was completed as part of Clearlake's recently announced Better For You Holdings platform. Transaction terms were not announced.

TSYS Completes Acquisition of Vista Equity Portfolio Company

TSYS announced it completed its acquisition of TransFirst, a leading U.S. merchant solutions provider. TransFirst previously operated as a privately held company, under the ownership of Vista Equity Partners. TransFirst is a market leader with its partner-centric distribution model supporting more than 1,300 integrated technology and referral partners in strategically attractive areas that include integrated software vendors (ISVs), healthcare, not-for-profit, referral banks, associations and e-commerce. The combined businesses serve some 645,000 merchant outlets in the U.S. with approximately $117 billion in transaction volume.

Siris Capital Co-Founder and Managing Partner Donates $7M for Low-Income Students

The University of Chicago announced that it is naming its new dormitory dining hall for Frank Baker, Co-Founder and Managing Partner of Siris Capital, for his contribution of $7 million for scholarships for low-income students. The university's dining hall at its new dorms will open in the fall and be named Frank and Laura Baker Dining Commons in honor of the gift. Baker’s donation will fund scholarships for seven students through the university's New Leader Odyssey scholarship program, which also underwrites a portion of tuition and includes a stipend for summer research, travel and internships.

New MainStream Capital Promotes David Peterson to Principal

New MainStream Capital announced the promotion of David Peterson to Principal. Mr. Peterson joined NMS in 2012 as an Associate and was promoted to Vice President in 2014. He is responsible for identifying and evaluating investment opportunities, conducting due diligence and monitoring the firm's investments. He currently sits on the boards of ettain group, inc. and Anne Arundel Dermatology Management, LLC. Prior to joining NMS, Mr. Peterson was an Associate at a Chicago-based, middle-market private equity firm focused on healthcare and business services investments.

Industry News

The Los Angeles Fire and Police Pension Plan (LAFPP) is seeking proposals from qualified firms to provide non-discretionary private equity investment management services for the Plan’s Specialized Private Equity Manager Program. The Specialized Private Equity Manager Program is for private equity funds that are first, second or third-time funds and around $500 million or less in fund size. The funds may or may not include some of these characteristics: invested in underserved areas; invested in California or Los Angeles; have minority, woman, Lesbian, Gay, Bisexual and Transgender (LGBT) or disabled veteran ownership.

Qualifying firms must have at least five years of experience providing discretionary or non-discretionary private equity investment management services to large public pension plans, at least one of which must have total plan assets of at least $5 billion and a private equity program with a minimum commitment value of at least $500 million. For more information: https://www.lafpp.com/about/requests-for-proposals/specialized-private-equity-manager-services.

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