Greeting from the COO Jose Guzman |
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Hola NAA familia,
This year is going very fast. I cannot believe it has been over four months since I joined the organization as Chief Operating Officer. It has been great to get to know many of the members, learn about the different aspects of the NAA and help drive its mission. The organization is more necessary than ever as we strive to make a larger impact within the Latino community.
I am extremely proud of the 2022 CIO meetings to date. We have had over 10 LPs present to the membership this Spring and expect to have several more meetings over the next month. I have been impressed with the entire membership and its level of engagement during these sessions. This type of exposure will definitely pave the way for the fund managers of the next generation.
From NAA Voices, Solange Brooks, our CEO is adding to this success by bringing a summary of her 5-Point Plan. Solange discusses the five steps to create an ecosystem that is welcoming to diverse managers, including how to approach a fund CIO, a favorite topic of GPs. She offers practical advice on how to obtain the most traction when engaging with LPs and position yourself for success during these meetings. Her piece continues adding value to the NAA membership. I hope you find it useful and reach out to her with your comments.
Leon Brujis, NAA Board Member, brings his perspective about the Capital Campaign, its fundraising success last year, and why we need to continue and increase this effort, not only for us but for years to come into the next generation of diverse industry leaders.
In May, we are celebrating Asian-American Pacific Islanders Heritage Month (AAPI Heritage Month) in partnership with our sister organization the Association of Asian American Managers (AAAIM). It is an annual celebration that recognizes the historical and cultural contributions of individuals and groups of Asian and Pacific Islander descent to the United States. The AAPI umbrella term includes cultures from the entire Asian continent—including East, Southeast, and South Asia—and the Pacific Islands of Melanesia, Micronesia, and Polynesia.
As of 2019, there were about 22.9 million people of Asian or Pacific Islander descent in the United States. According to the Pew Research Center, AAPI people are a diverse and growing population that makes up about 7 percent of the total U.S. population. AAPI Heritage Month will take place from Sunday, May 1 to Tuesday, May 31. We stand with AAAIM this month and throughout the year as it has been a valuable partner over the last several years.
On another note, we congratulate Joseph “Joe” Acevedo, a long-time NAA member, and the team at BlackRock for closing on its Impact Opportunities Fund that targets $1 Billion to invest in communities of color across the U.S.
We welcome new members Anisa Keith, from Madison International Realty, and Shareholders Nanette Aguirre and Peter Tsirigotis from Greenberg Traurig, LLP. We hope you find great value in developing a strong relationship with the NAA family.
Lastly, we have an exciting Town Hall this month when we will host a virtual interview with Thomas Edward Perez, candidate for Governor of the great State of Maryland. He will share his perspective on access to capital for Latinos and other unrepresented diverse businesses. In addition, he will share his views on transparency and his personal story. The son of Dominican parents, his life is a testament to the American dream and reflects the ethos of the New America Alliance by being a champion for American Latinos. Please register now as attendance is limited.
In June, we are partnering with The Blackstone Group to help educate young and mid-level Latino professionals (21 – 35 years old) about careers in financial services organizations, and help build a pipeline of talent into the buy-side. You will hear from a panel of insiders about the different roles and responsibilities in private equity – from finding investments, to how they are reviewed and approved, to creating value in businesses. The session will provide a good understanding of the different entry points and paths for young and mid-career professionals.
The in-person event is on Wednesday, June 1, 2022, from 5:30 pm to 7:30 pm EST in NYC, and by invitation only so do not delay to register.
Please continue to peruse our May B&B for other important information about CIO Asset Class Connections, upcoming events, and job opportunities. Once again, we want to give thanks to all who contribute to this effort and encourage you to send your news so we can brag about you!
Un abrazo,
Jose M. Guzman
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NAA Voices
By Solange F. Brooks - NAA CEO
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The 5-Point Plan: The Creation of an Ecosystem for Success
The New America Alliance (NAA) is dedicated to advancing the economic development in communities of color. The issue of inclusion in financial services – or giving a fair chance to any diverse fund by institutional investors – is a complex issue; however, it is the right thing to do, it is the smart thing to do. It is also a long-term endeavor that has become part of the NAA fabric.
In 1999, the NAA was founded with a mission to advance the Latino community in (1) education, (2) political awareness, (3) economic empowerment, and (4) philanthropy. The NAA continues to be predominantly Latino, but diverse – very much following the demographic trends of our country as we become more and more multi-ethnic, and multi-racial.
The successful and popular, virtual CIO meetings and the Dealmakers Forums are a great way to continue engagement with institutional investors and keep abreast of best practices and trends in the space. However, they are only part of the entire five-point plan aimed at continuously preparing an ecosystem that lends itself to diversity and inclusion. Thus, the approach is long-term, but actively doing something daily that builds the right ecosystem for success. Specifically:
Point 1 -- Meetings: CIO & Asset Class Connection meetings are rich with information via presentations from institutional investors and the question-and-answer session that follow. We strive to maintain a friendly, casual ambiance in order to facilitate the free flow of information; however, the meetings are private in that only NAA members are in good standing and the institutional investor guests are present and what is shared in the meetings is for the participants only. This allows all involved to keep track of what is said and what is done.
Dealmakers Forums, a Voice for the NAA, are public discussions on topics of interest, not only to our NAA members but to our larger investment/financial audience. The discussions serve to educate and become aware of economic issues that affect our industry in profound ways. The content may include business, investment market, and industry trends, as well as other general interest topics aligned with the NAA mission and priorities. Speakers include leading business and finance industry leaders such as institutional investment professionals, trustees, consultants, asset managers, dealmakers, and leaders from the public sector and corporate America.
Point 2 --Follow Up: The CIO & Asset Class Connection meetings, serve as an introduction, but also have an educational component. It is followed by a thank you note by the NAA CEO with a list of all member firms that were present with contact information. It is the responsibility of the NAA member to follow up with an email or a short call letting them know that (1) they were present at the NAA/CIO meeting and (2) they want to follow up to present their investment opportunity more fully (with a short deck).
Point 3 -- Legislative education: A key point of this plan is to educate state Legislatures about financial services, access to institutional capital by diverse people, and the opportunity to add value. Promoting transparency facilitates this education as many are not aware of the missed opportunity it represents. In 2021, the NAA successfully introduced a transparency bill in California that became law and is currently collaborating with Senator Kaine from Virginia on a federal transparency bill.
Point 4 -- Compile/Measure: It is of utmost importance to gather and measure data that results from our efforts. This is the way a healthy organization can grow its initiatives and projects from year to year and continue adding value to the NAA membership. There are plans for an ongoing longitudinal study by a professional researcher firm and/or a research consultant by 2023.
Point 5 -- Ongoing Research: Lastly, an essential part of creating an ecosystem that will seriously engage with diverse firms is ongoing research. Analysis of facts revealed via firsthand research, with credible sources, by a trustworthy and respectable institution, speaks loud and clear and can send a powerful message to the industry. NAA can be the voice that contributes to the understanding of this space, and the wealth of opportunities being missed due to lack of understanding and/or biases. NAA continues the search for a partner for this endeavor in the next couple of years.
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Leon Brujis - NAA Board Member
Palladium Equity Partners
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NAA Capital Campaign Remarks
Dear fellow New America Alliance members and extended family,
I believe the NAA’s mission is as important today as it has ever been. There are significant changes currently taking place in our country that require our collective active voices.
In today’s economy, capital catalyzes change and creates opportunity. To that end, we launched an ambitious campaign to raise funds for the NAA to take the organization to the next level in order to build and deliver programs that address this gap in representation.
Last year we raised nearly $1.5 million in multi-year donations and pledges to both the NAA Inc. as well as our sister organization NAA Institute, a 501(3)(c) nonprofit focused on providing scholarships, internships, and other programs to young Latinos and Latinas. This allowed us to pursue an aggressive agenda supporting our mission.
When we partnered with Solange more than 2 years ago, we did it knowing that in order for her to accomplish all the great initiatives on her agenda, she would need all of our organization’s collective support. At that time, we could not have predicted that as soon as we brought her in, a worldwide pandemic was going to ensue. Even so, despite the great challenges we faced, I believe the NAA grew even stronger.
In the last two years, we have had multiple accomplishments Including:
- 55 CIO & Asset Class Connection meetings giving our members an opportunity to meet with institutional investors representing trillions of investment dollars.
- We conducted 10 Dealmakers Forums – our national NAA voice– with thought leaders across the country discussing important matters of the day.
- We collaborated with like-minded organizations on many efforts that pushed the NAA agenda of creating an ecosystem where diverse firms get an opportunity to compete, perform, and thrive.
- We advocated for and worked with California Assemblywoman Cervantes to pass, without opposition, important legislation creating transparency around who is managing CalPERS and CalSTRS investments.
- We hosted 8 guests to our Town Halls, typically reserved for NAA members only, including SEC officials, CIOs, advocacy activists, and elected officials such as U.S. Senators Kaine and Menendez to discuss, listen and promote the mission.
Our strategy paid off. We are extremely proud to report that these efforts also led to legislation introduced in the U.S. Senate with the aim to increase transparency on the allocation of capital requiring federally-controlled trusts and retirement plans to report annually on the usage of diverse-owned and run-asset management firms.
We have also established two programs with the vision of fostering and accelerating youth leadership among American Latinos, women, and people of color in entrepreneurship, corporate America, and public service. The Pathway Fellowship Program provides the next generation of diverse young Americans exposure to careers in business and finance with an introduction to the asset management industry.
The Gateway Scholarship Program helps those young people with the financial college burden. Last year the 12 Fellows who completed the Pathway Fellowship Program received a total of $60,000 from the Gateway Scholarship Program towards their college expenses. We are building our own diverse pipeline.
But there is a lot more work that needs to be done – work that we want to do – because, again, our mission is as important as it has ever been.
There remains a severe lack of women and minority representation in the senior ranks across a variety of asset classes, private equity, hedge funds, real estate, etc. Time and time again, research has shown that investing in diverse managers does not come at the expense of great returns. Given this fact, it is striking the level of under-representation we see today. A recent study released by the National Association of Investment Companies (NAIC) reveals that diverse- and women-owned firms only manage 1.3 percent of the $69 trillion in assets under management, despite that they had historically outperformed their benchmarks in the investment industry.
Moctezuma Esparza, one of the first chairmen of the NAA, echoed and amplified the words of the late California senator Nell Soto, “Access to capital is the last frontier of the civil rights movement.” As I noted above, capital catalyzes change and creates opportunity.
I believe our efforts have a multiplier effect that reverberates through the entire community. Providing minorities and women-owned investment managers access to capital creates a virtuous cycle.
These groups are more likely to invest in minority and women-owned businesses and hire and support minorities and women inside their organizations, as advisors, executives, and employees of their portfolio companies.
The benefits of NAA’s support go far beyond making a few minority investment managers successful; the positive impact extends to the entire community. This virtuous cycle starts with us. WITH YOU AND ME.
American MWBE business leaders have a special responsibility to lead the process of building the forms of capital most crucial to progress. And so today, we work to create a stronger NAA, that will lead to new generations of emerging managers, initiating a virtuous cycle that builds human capital within our community and extends the NAA legacy.
We are not stopping here. This year, we are focusing on a new program to help strong Latinos/Latinas to join the NAA through sponsorships at their current organizations. I invite you to join in the effort!
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NAA Members Recognitions
BlackRock Impact Opportunities Fund
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BlackRock closes on the first-of-its-kind multi-alternatives fund with more than $800 million to date to invest in companies and projects owned, led by, or serving diverse communities. Congratulations to the entire BlackRock team and a special congrats to Joseph "Joe" Acevedo, long-time NAA member!
BlackRock Impact Opportunities Fund Targets $1 Billion to Invest in Communities of Color Across the U.S.
The first-of-its-kind multi-alternatives fund has raised more than $800 million to date to invest in companies and projects owned, led by, or serving Black, Latinx, and Native American communities.
Initial investors include Anthem, Costco Wholesale, Johnson Controls, Lincoln Financial Group, PayPal, State Farm, and W.K. Kellogg Foundation, demonstrating broad-based institutional demand for differentiated investment opportunities in undercapitalized communities
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Seated (L to R): Joseph Acevedo, Ladell Robbins, Pam Chan, Douglas McNeely, Derrick Weatherspoon; Standing (L to R): Haley Schaffer, Susie Qian, Brian Mwarania, Aarthi Sowrirajan, Brian Grossman (Photo: Courtesy of BlackRock) |
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Strategic Partnerships
Jim Park, AAAIM CEO
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Celebrating Asian American & Pacific Islander Heritage Month and the Power of Partnership
Have you heard of Larry Itliong? If you haven’t, you are not alone. Yet, he was as influential as the prominent Mexica-American Civil Rights Leader Cesar Chavez for changing the working condition of agricultural workers during the early part of the farm worker’s movement. In September of 1965, Larry Itliong, a Filipino-American organizer, led a group of Filipino-American grape workers to demand higher wages and basic rights. That year, he encouraged an alliance with Cesar Chavez and the Mexican-American farmworkers to push for greater change. The alliance between those two leaders led to the Delano Grape Strike which became the impetus for a series of significant improvements for farm workers for many years to come.
The untold story of Larry Itliong is not surprising to many Asian Americans who continue to face a sense of disconnect and invisibility from the contribution we have made to American society and economic well-being. This month’s celebration and recognition of Asian American and Pacific Islander accomplishments is partially about telling OUR story and reclaiming OUR position in American history.
The story of Larry Itliong and Cesar Chavez alliance is also a powerful reminder of what’s possible when diverse communities work together. I am proud of the partnership between AAAIM and NAA. Last year, Solange Brooks approached AAAIM about partnering to support AB890 to create greater transparency around who is receiving CalPERS and CalSTRS allocations. Through our partnership, that bill became law. There is much more to be done to expand access and opportunities for diverse asset managers, but when we work hand-in-hand like AAAIM has done with NAA over the years, great progress can be made.
As the CEO of AAAIM, Jim has the day-to-day oversight of the organization’s key initiatives and works closely with AAAIM’s board to deliver on the critical mission of the association. Jim brings extensive corporate and business experience to AAAIM. He has founded and served as CEO of several companies including the Mortgage Collaborative and New Vista Asset Management and served as an executive at Freddie Mac. Additionally, Jim has significant experience in Washington, DC, as an advocate for issues affecting the
AAPI community for several decades. His work in DC also included serving as a political appointee at the Department of Housing and Urban Development and chairing the Federal Reserve’s Consumer
Advisory Council.
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New Members Spotlight
Anisa Keith, Director, Equity Capital Markets
Madison International Realty, LLC
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Anisa Keith is the Director of Equity Capital Markets at Madison International Realty, a commercial real estate investment manager founded by Ronald Dickerman in 2002. The firm's global platform is built around acting as a liquidity provider to real estate owners who otherwise have few options for facilitating early exits from their illiquid real estate positions. Madison also provides growth capital to leading sponsors and operators looking to scale their businesses. The firm is currently active across several high conviction sectors (what they refer to as “tactical tilts”), such as Multifamily and Single-Family Rental, Industrial/Logistics, Life Sciences, Cold Storage, Data Centers, and Generational Office.
Having recently joined Madison, Anisa returned to the New America Alliance as a member. "I sat in for another member on several occasions at my previous firm, and was immediately drawn to the sense of community and solidarity that emanated from the NAA gatherings - which made me want to come back and participate," Anisa said.
With offices in New York, London, Frankfurt, Luxembourg, and Amsterdam, Madison invests through a strategy known as ‘direct secondaries,’ and has traditionally acquired ownership interests in Class A properties and portfolios in the US, UK, and Europe. The firm’s approach is guided by an internal Data Analytics function, which seeks to identify high growth, recession resilient asset classes in prime geographic locations benefitting from transformational trends and long-term tailwinds.
After having spent most of the pandemic in the Pacific Northeast (where she grew up), Anisa is excited to be relocating from New York to Los Angeles to open the firm’s West Coast office later this year, a significant expansion as Madison enters into the next phase of growth.
"Coming to Madison has been a great opportunity for me to work at a larger platform with a global client base. I was able to build on my success at previous firms and translate that into the next step in my capital-raising career. It is also an interesting time to join, as our direct secondary investment strategy is countercyclical, having typically found attractive opportunities in times of market dislocation, like the GFC, the Euro Crisis, and now Covid-19 and the geopolitical and humanitarian tragedy in Ukraine – all of which creates underlying dislocation in the market. As such, we continued to serve our investment partners well over the last 24 months by providing liquidity to sellers looking for early exits and flexible capital solutions in highly sought-after real estate sectors like cold storage, multifamily, data centers, logistics, and senior living.”
And she continued, "I've known the person that I report to for ten years. He's beloved in our little corner of the real estate capital world, and the rest of the team from the CEO down are intelligent, welcoming, and provide a terrific environment in which to work.”
Anisa changed careers a few times until she found her real calling. "I got into the investment management business because I was offered an internship at Alliance Capital through the Robert Toigo Foundation, as an MBA student at Columbia Business School.” Building on this opportunity, she was hired upon graduation at TIAA-CREF Investments.
"Early on in the role as an equity analyst, I was invited to attend my first annual meeting for one of the companies in my coverage area. I got to the check-in desk at the venue and was asked if I was sure that I was in the right place because they didn't think I was supposed to be there," she recalls.
According to Anisa, there were about 300 people in the room, and "I was the only Black person. I don't even remember seeing any people with brown hair. However, the waitstaff serving coffee were people of color, and they were so excited to see me there that they were practically high-fiving each other! They were smiling at me and I could tell that it made their day to see that one of us was at the table. I was happy to provide that positive influence and, fortunately, my attendance at that meeting was a preview of what was to come as the business world has slowly opened up for more diverse professionals and MWBEs to have a seat at the table as well.”
Anisa further shared that “Looking back on that day, another lesson learned is that people can be a positive influence just by showing up as one’s best self. I had the pleasure of having this concept reflected back to me last month while spending time with a dear friend's 14-year-old daughter who is developmentally challenged. I learned so much from this open and loving girl. She has been through a lot, but she still approaches all aspects of life with such gratitude and excitement that one can't help but be swept up in her world. Every sentence seems to have an exclamation point. Even mopping the floor can be performed with enthusiasm.
Every day is "the best day ever", every meal is the "best meal", and every outing is an "adventure" - all is a source of wonder or fun or learning and can be appreciated just because it is there, in existence. Most importantly, if my friend’s daughter doesn't like something, she doesn't make a fuss, ruminate or complain, but instead focuses on the good of the situation. She was so appreciative that I came to visit and thanked me in a way that was both thoughtful and thought-provoking.
Anisa continued “In 3 days she taught me so much about the attitude with which we approach life, and how reaching for positivity, gratitude, and the joy of being feels so much better than complaining. That may be a bit philosophical for Bulls & Bears – but, I think I am more of a swan.”
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Greenberg Traurig, LLP is a global firm with more than 2400 attorneys in 43 locations in the United States, Europe, Latin America, Asia, and the Middle East. Diversity is a centerpiece of the firm’s origin story. Its commitment is evidenced by the fact that Greenberg Traurig is Mansfield Rule 4.0 Certified Plus by The Diversity Lab. As of Dec. 31, 2021, 65% of the firm’s U.S. employees were women or ethnically diverse; 47% of its attorneys were women or ethnically diverse, and 35% of its U.S. attorneys were women. The firm is consistently listed among the largest and most diversity-oriented firms by key global media and legal guides.
Greenberg Traurig’s Investment Management Group counsels investment fund sponsors and investors throughout the fund and investment lifecycle. This group understands fund structures and securities, tax and ERISA issues, regulation, considering specific kinds of investor pools, target markets, and exit strategies. Members maintain critical institutional knowledge of constantly evolving trends in these areas. Members are committed to the emerging manager and MWBE community, regularly advising on business launches and compliance with the regulations affecting these.
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The New America Alliance continues its efforts to expand the pipeline of diverse talent on the buyside. To that end, we are excited to announce the following event in partnership with Blackstone to provide junior and mid-level Latinos and Latinas with insight on careers in private equity.
If you or a member of your network can benefit from this insight, please join the New America Alliance and Blackstone for an Emerging Leaders Reception and Panel Discussion: “Perspectives on Private Equity Career Pathways for Young Professionals” Wednesday, June 1 at 5:30 pm - 7:30 pm EST.
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We have partnered with Blackstone to help educate young and mid-level Latino professionals (21 – 35 years old) about careers in financial services organizations, and help build a pipeline of talent into the buyside. You will hear from a panel of insiders about the different roles and responsibilities in private equity – from finding investments, to how they are reviewed and approved, to creating value in businesses. The session will provide a good understanding of the different entry points and paths for young and mid-career professionals. Audience Q&A will immediately follow the panel. NAA members are encouraged to attend (if interested) and share this invitation with any individuals who would like to learn more about Blackstone.
Advanced registration is required and space is limited so register now.
Wednesday, June 1, 2022
5:30 pm — 7:30 pm EST
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Upcoming CIO & Asset Class Connections
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Fairview Capital Partners, Inc.
May 24, 2022 – 12 pm -1 pm ET
Rockefeller Foundation
May 26, 2022 – 12pm – 1pm ET
UC University of California
June 14, 2022 – 12pm -1pm ET
Crewcial Partners, LLC
June 16, 2022 – 12pm -1pm ET
HarbourVest Partners, LLC
June 21, 2022 – 12pm - 1pm ET
Cambridge Associates
June 23, 2022 – 12pm - 1pm ET
GCM Grosvenor
June 28, 2022 – 1pm-2pm ET
Hamilton Lane
June 30, 2022 – 12pm-1pm ET
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2022 Women Entrepreneurs Empowerment Summit |
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Latinas in Business Inc., a national non-profit 501(c)(3) membership organization that advocates for the economic empowerment of Latinas and other minority women entrepreneurs, announced that SBA Assistant Administrator, Office of Women’s Business Ownership, Natalie Madeira Cofield has been confirmed as Keynote Speaker for the in-presence Latinas in Business fourth annual 2022 Women Entrepreneur Empowerment Summit (2022 WEES), a unique event that year after year gathers successful Latinas and other minority women entrepreneurs in the region to Learn. Connect. Succeed!
The summit takes place on Friday, June 24, 2022, from 11:30 pm to 4:30 pm at Berkeley College’s Mid-Manhattan Campus. Registration is now open at https://2022wees.eventbrite.com/.
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RFPs and Career Opportunities |
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The Los Angeles County Employees Retirement Association ("LACERA") is requesting proposals from qualified firms interested in providing separate account manager services for a portfolio of emerging global equity managers. The separate account manager would source and select the emerging managers. The specific services requested are further described in the Request for Proposal “RFP” document.
If you are interested in responding, please submit your Intent to Respond (Attachment A) to Publicequities@lacera.com by 5:00 PM, PDT, Friday, June 3, 2022.
The completed proposal must be delivered to Publicequities@lacera.com by 5:00 PM, PDT, Friday, June 24, 2022. Any proposal delivered after the proposal deadline will not be considered. For additional information, visit LACERA.
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NAA supports matching high-quality professional talent with institutions across the United States. SEE CAREER OPPORTUNITIES HERE. Interested candidates, please reference New America Alliance in your application and notify Jodi Towner at jtowner@naaonline.org once submitted so we may be aware of your candidacy.
Employers, you may submit information on current high-level and high-impact job vacancies to Jodi Towner at jtowner@naaonline.org.
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