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Something to Prove

Howard Sanders, Founder and Managing Director of Auldbrass Partners, says diverse managers work harder, longer and put more research in than others. In this installment of Perspectives, NAIC’s web video series, he adds that many diverse managers view their firms as a mission and have something to prove to the general market. As a result, they put in best efforts in producing higher returns and greater alpha. Click below to view our Perspectives videos.

REGISTER NOW! NAIC Private Equity and Hedge Fund Conference in Washington, DC

Registration is now open for the NAIC Annual Private Equity and Hedge Fund Conference October 11-12, 2017 at the Georgetown University McDonough School of Business in Washington, DC. This year, the premier thought leadership event in alternative investments offers several new members-only events.

In Built to Last: Proven Strategies for Deal-Making and Creating Value learn the strategies used by NAIC member firm founders who have successfully raised and deployed capital, employed creative and successful deal structures and generated superior returns. CIOs Convene: The State of Private Equity and Hedge Fund Allocations will provide valuable insight into the great successes within and state of the private equity and hedge fund industry. The Rise of the Corporate Allocator: What’s Up, What’s Next offers an inside look at how decisions are made, how teams divvy up duties and what trusted influencers are providing entrée. The Perfect Storm: What’s Ahead for Hedge analyzes some of the recent changes within the business and what they mean for emerging or diverse managers.

The conference will kick off with the NAIC Awards and Welcome Reception at the Smithsonian Institution National Museum of African American History and Culture. The NAIC is also accepting nominations for the NAIC Rising Star Award, which recognizes outstanding young professionals in the financial industry. Nominations can be sent to

Award Nomination Form Register Today

New Disclosures for Form ADV

The SEC recently released additional guidance for investment advisers and compliance professionals in the form of frequently asked questions to help answer any remaining questions advisers may have on how to comply with the new amendments to Form ADV. Beginning on October 1, 2017, investment advisers will be expected to comply with the various new disclosures required on the form. In this installment of Compliance Corner, NAIC’s partner, ICSGroup, has summarized some of the important changes to the Form ADV along with highlights associated with that change from the SEC’s most recent guidance.

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 Fairview’s investment team. She is involved in research, due diligence, investment monitoring, and business development for Fairview’s 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. Stellex’s 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 Omni’s 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.

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