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NAIC E-News Update

The Largest Network of Diverse-Owned Private Equity Firms and Hedge Funds

Private Equity Leaders Working to Increase Gender Diversity

Private Equity Leaders Working to Increase Gender Diversity

On February 7th, the Private Equity Women’s Initiative hosted its second annual Forum at KPMG LLP headquarters in New York City with the aim of increasing gender diversity throughout the private equity industry. The Forum specifically included interactive discussions, case study analyses, networking opportunities, and insight from top industry executives. Over 80 top private equity professionals attended the Forum and worked to identify the best practices to recruit, retain, and advance women within the private equity industry. The Forum is part of the Private Equity Women’s Initiative, a partnership between the National Association of Investment Companies (NAIC) and the American Investment Council (AIC). Attendees heard from representatives of two of the largest public pension funds in the country, Ted Eliopoulos, Chief Investment Officer of CalPERS, and Scott Evans, Chief Investment Officer of New York City Retirement Systems.

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NAIC Compliance Corner

Private Fund Statistics for Q2 2017

Since October 2015 the SEC’s Division of Investment Management Analytics Office has published quarterly data and statistics related to private funds as reported on Form ADV and Form PF by SEC-registered investment advisers. In this installment of Compliance Corner, ICSGroup highlights some of the relevant statistics for private funds and hedge funds. The statistics are consistent with the SEC’s objective of providing the public with more transparency into the private fund industry. The types of private funds included in the report include private equity funds, hedge funds, real estate funds, securitized asset funds, liquidity funds, venture funds and other private funds. The data tracks the number of funds, the number of advisors advising each type of private fund, gross and net assets, the number of funds with parallel managed accounts, among other statistics more relevant to large hedge funds.

Heard Capital Joins NAIC

Heard Capital Joins NAIC!

he NAIC proudly announced that Heard Capital LLC ( has joined the trade association. Heard Capital is a global asset management firm based in Chicago, IL that invests in six sectors: technology, media, telecommunications, financial, industrial, and energy, guided by fundamental strategies. Heard's long/short strategy seeks to generate superior risk-adjusted returns while preserving capital in any market condition. Its high conviction long only strategy embraces concentration and reflects a long-term, private equity approach to public investing.


New MainStream Capital Completes Recapitalization of Dermatological Practice

New MainStream Capital announced that it has completed a recapitalization of Anne Arundel Dermatology Management (ADM) with participation from Pantheon, a global private equity, infrastructure and real assets investor. Pantheon has acquired a minority ownership interest in the company, and NMS will continue as the lead and control investor in ADM. Based in Severna Park, Maryland, ADM is the largest provider of dermatology services in the state of Maryland and has additional locations in Virginia and Tennessee. ADM employs 76 providers across a platform of 33 locations providing a comprehensive suite of dermatologic services, including general dermatology, advanced treatment for skin cancer and cosmetic procedures.

Astra Capital Management Company to Acquire Fiber Assets

LOGIX Fiber Networks announced a $10 million purchase and exchange of fiber assets with FiberLight, LLC, an industry leader in providing high-performance metro and long-haul fiber transport services. LOGIX, a portfolio company of Astra Capital Management, is the largest Texas-based independent fiber network. Through the purchase, LOGIX will gain nearly 400 route miles and over 5,000 miles of fiber in its markets of Dallas, Austin and San Antonio. The purchased fiber assets boost LOGIX's scale in these markets and will greatly expand the company's reach to hundreds of new commercial buildings and thousands of potential customers. Additionally, the two companies will exchange approximately 1,500 fiber miles within their respective Texas footprints, allowing them to better address specific growth opportunities and accelerate their respective expansion activities within the state.

Clearlake Capital’s ConvergeOne to Acquire Communications Assets

ConvergeOne, a leading global IT services provider of collaboration and technology solutions, announced that it has signed an agreement to acquire Arrow Electronics’ Systems Integration business, specializing in unified communications, contact center, and voice and data technologies. Completion of the transaction is expected to occur within 30 days. ConvergeOne is a portfolio company of Clearlake Capital. Arrow Electronics is a global provider of products, services and solutions to industrial and commercial users of electronic components and enterprise computing solutions.

Grain Management Acquires Controlling Stake in Fiber Optic WANs Provider

WANRack, LLC announced that Grain Management, LLC has acquired a controlling interest in the company. WANRack specializes in providing private fiber optic WAN solutions for K-12 school districts throughout the United States. Service offerings include E-Rate compliant lit fiber, dark fiber, and special construction solutions. Headquartered in Lenexa, Kansas, WANRack’s executive management team has been providing Fiber Optic WANs to school districts since 2005.

RLJ Acquires Stake in New England-Based Foodservice Distributor

RLJ Equity Partners and SJ Partners LLC have acquired Native Maine Produce and Specialty Foods LLC, Maine’s largest fresh foodservice distributor. No financial terms were disclosed. Native Maine Produce & Specialty Foods provides its foodservice clients fresh, high quality produce and leading specialty products. With 3,000+ quality items in stock, 1,500+ New England customers have access to an impressive selection of local, regional & hard to find specialty foods and produce. In addition, NM offers a growing line of 450+ privately labeled, Native Maine branded products.


Siris Capital Group Adds Executive Partner

Siris Capital Group, LLC announced that Bethany Mayer has joined Siris as an executive partner. Ms. Mayer was most recently senior vice president of Keysight Technologies and president of Keysight’s Ixia Solutions group. In her new role at Siris, Ms. Mayer will work closely with the firm’s investment professionals and other executive partners to identify and validate potential investment opportunities for Siris as well as assist in the oversight and operations of Siris’ portfolio companies. Ms. Mayer holds a bachelor’s degree from Santa Clara University and an MBA from California State University, Monterey Bay.

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