NAIC Members in the News
Fairview Capital Appoints New Partner
Fairview Capital announced that it promoted Cynthia H. Tseng to Partner of the firm. Tseng is a member of Fairviews investment team. She is involved in research, due diligence, investment monitoring, and business development for Fairviews venture capital and private equity partnership and direct co-investment portfolios. Prior to joining Fairview, she was an investment banking associate at JPMorgan. Tseng joined JPMorgan in 2000 and focused on convertible bond and equity origination in the retail, media and chemical industries. Tseng received her MBA from The Wharton School at the University of Pennsylvania. She holds a B.A. in Applied Mathematics / Economics from Brown University and graduated Phi Beta Kappa.
Stellex Capital Management Closes Debut Middle Market Fund at $870 Million
Stellex Capital Management announced that it closed its debut fund, Stellex Capital Partners LP, at $870 million, exceeding its $750 million target. Stellex invests from $25 million to $100 million per transaction in companies experiencing some form of financial, operational or industry-driven distress. Stellexs target investment size is $25 million to $100 million, with additional capacity as needed. Stellex primarily focuses on manufacturing and service businesses within sectors such as automotive, aerospace, building products, defense, industrial equipment, metal fabrication and transportation.
New MainStream Capital Invests in Optometric Referral Practice
New MainStream Capital announced that, in partnership with Drs. Christopher Quinn, Douglas Grayson, Burton Wisotsky and Michael Veliky, it has made a strategic investment in Omni Ophthalmic Management Consultants, LLC and its affiliates to provide practice management services to Omni Eye Specialists P.A. and, following receipt of the necessary consents and approvals, to acquire a majority interest in Essex Specialized Surgical Institute, LLC. In connection with the transaction, New MainStream will invest in Omni alongside management, and provide additional capital to further support Omnis future growth through acquisitions, de novo office openings, provider recruitment and investment in infrastructure. Founded in 1998, Omni is an optometric referral practice providing a full range of specialty services for the advanced treatment of eye diseases through a network of six offices.
Clearlake Capital to Sell Software Providers in $1.26B Deal
Clearlake Capital Group, L.P. announced a definitive agreement to merge enterprise software providers Syncsort Incorporated and Vision Solutions, Inc. as well as the simultaneous sale of a significant ownership position in the combined company to Centerbridge Partners, L.P. Upon completion of the $1.26 billion transaction, Clearlake, which acquired Syncsort in 2015 and Vision in 2016, will retain a meaningful ownership stake. The transaction is expected to close in the third quarter of 2017, subject to customary closing conditions and regulatory approvals. Syncsort is a provider of enterprise software and the global leader in Big Iron to Big Data solutions. Vision Solutions is a leading provider of business resilience solutions high availability, disaster recovery, migration and data sharing for IBM Power Systems.
RLJ Equity Partners Completes Sale of Cleaning and Maintenance Services Provider
Audax Private Equity announced that it has acquired EnviroVac, a provider of industrial cleaning and maintenance services, from RLJ Equity Partners. EnviroVac utilizes state-of-the-art equipment to provide industrial vacuuming, hydroblasting, watercutting and inspection services for customers who participate in the pulp and paper, chemical, steel, oil and gas, power generation and other industrial business sectors. No financial terms were disclosed.
Upcoming Industry Event
AAAIM Conference to Honor NYSTRS
The AAAIM National Conference, held September 6-7 at The Harvard Club of New York City, is the national platform for Asian American investment managers across the major asset classes to meet, conduct business and learn from insightful leaders and each other. The conference will also recognize the New York State Teachers' Retirement System (NYSTRS) for its commitment to greater diversity of race, gender and thought within the industry. NYSTRS will be honored with the 2017 AAAIM Champion's Award during a special luncheon ceremony. The pre-conference activities on September 6th include a special session calling all Young Professionals to join in for a half-day discussion focused on professional development.
For more information, visit http://www.aaaim.org/events/#upcoming-events.