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The latest news and updates from NAIC, the largest network of diverse-owned private equity firms and hedge funds.
NAIC E-News Update

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


Heard Capital Joins NAIC

NAIC to Celebrate Outstanding Accomplishments at Welcome Reception

The National Association of Investment Companies will celebrate the accomplishments of outstanding diverse industry professionals during our Awards and Welcome Reception 6:30 pm October 24 at Tao Chicago, 632 N. Dearborn Street. During the Reception, the NAIC will honor the following young professionals with the Rising Star Award for their accomplishments:

Heard Capital Joins NAIC Also honored will be investment management firm, Neuberger Berman, who will receive the NAIC Pacesetter Award. This award recognizes those individuals and organizations whose tireless efforts towards supporting diverse investment managers have created new paradigms, accelerated the flow of capital to diverse-owned firms and demonstrates a clear recognition of the talent, leadership, and capabilities residing within these businesses.

The Welcome Reception is the kickoff to the NAIC Annual Private Equity and Hedge Fund Conference, which will take place October 24–25, 2018 at the global headquarters of William Blair in Chicago. Titled The Crossroads of Commerce and Capital, this is the largest gathering of diverse-owned private equity and hedge funds. It will be attended by leading general partners, chief investment officers, limited partners, and influential decision-makers. Register Now! Time is running out!




NAIC Perspectives

NAIC Perspectives: More 'Jackie Robinson Moments' for Diverse Managers Ahead

Looking to the future of the industry, John W. Rogers Jr., Chairman, CEO & Chief Investment Officer of Ariel Capital Management, hopes to see more universities, hospitals and other private institutions working with diverse money management firms. In this installment of Perspectives, NAIC’s online video series, Rogers surmises that if more of the non-profit institutions begin to live the values they claim to espouse with regards to inclusion, they would embrace inclusion for diverse firms beyond the typical areas of construction and catering and the like to include such professional services as information technology, advertising, accounting, legal and money management.




NAIC Compliance Corner

Best Practices Guide for Solicitation of Investors

Investment advisors are permitted to engage in private or general solicitation with respect to private placement of interests in a fund. Previously, private funds were prohibited by Rule 506 from publicly offering and conducting general advertising or general solicitation in offering and selling the private fund’s securities. The type of solicitation used should be determined and maintained throughout the capital raise process. In this installment of Compliance Corner, NAIC partner, ICSGroup provides some best practices with regards to public and private solicitations for investors as well as tips on how to maintain compliance with SEC regulations.




NAIC Compliance Corner

Exaltare Capital Partners Joins NAIC!

Exaltare Capital Partners (- https://exaltarecapital.com/, a private equity firm that invests in companies in the consumer sector with a particular focus on franchisor, franchisee, and multi-unit businesses, has joined the National Association of Investment Companies. Based in Boston, Exaltare Capital looks at companies with defensible market positions and identifiable growth levers in fragmented markets with consolidation opportunity. The firm's goal is to preserve what has made these companies niche-leaders while simultaneously adding value to help take portfolio companies to another level of performance. Exaltare’s contributions to the plan may include upgrading the financial function, providing analytical support, leading acquisition strategy, managing IT transformation, investments in adjacent markets, customer introductions, and adding strategic direction.



NAIC Compliance Corner

Got News? Let Us Know!

Whether your firm has closed on a big deal, a new fund or brought in a new executive, the NAIC wants to know! Please share the important happenings at your firm with us for inclusion in our e-newsletters and let your colleagues around the industry know of your successes. Please send news releases to Alan Hughes: ahughes@naicpe.com



MEMBERS IN THE NEWS


Clearlake Capital’s Sale of Sage Automotive Results in 10X gain

Clearlake Capital recently closed its sale of Sage Automotive Interiors to Asahi Kasei of Japan for $1.06 billion, representing a gain of $800 million, 10X the initial investment made four years ago. In 2014, Clearlake purchased Sage Automotive for $270 million from Alec Gores’ Gores Group private equity firm. Concurrently, Clearlake announced that it agreed to purchase ASP Unifrax, a manufacturer of specialty fibers used in industrial applications, from private equity firm American Securities. Unifrax is a leading global supplier of high-performance specialty fibers and inorganic materials used in emission control, thermal management, filtration, battery and fire protection applications.



RLJ Equity Partners Acquires Majority Stake in Crossfuze

RLJ Equity Partners LLC announced that it has acquired a majority interest in Inergex Holdings, LLC d/b/a Crossfuze, a leading provider of consulting, design, implementation services, and resale of the ServiceNow technology platform. Financial terms of the transaction were not disclosed. Founded in 2000, Crossfuze is an independent ServiceNow pure-play company. The company has deployed over 1,200 successful projects that have helped companies of all sizes achieve digital transformation with The company is headquartered in Buffalo, New York with additional locations in Boston, Dallas, Dublin, London, Manila, New York, Orlando, Ottawa, Salt Lake City, San Diego, Sydney, Tampa, and Toronto.



Wicks Group Portfolio Company Acquires IdentityForce Inc.

EZShield, a portfolio company of The Wicks Group, announced that it has acquired IdentityForce, the top-rated identity theft protection provider for businesses and consumers. The acquisition expands EZShield’s identity protection ecosystem by nearly 50 percent, providing partners in every industry, businesses of all sizes, and consumers with the most secure capabilities and rapid restoration services. For 40 years, IdentityForce, Inc. has provided best-in-class, highly scalable, award-winning identity theft, privacy and credit protection solutions to consumers, businesses, and government agencies.



Vista Equity Partners to Acquire Starhome Mach

Starhome Mach, the leading global provider of SaaS wholesale and retail roaming, clearing, settlement and fraud prevention technology, announced that its existing owner, Fortissimo Capital has entered into a definitive agreement to sell 100% of the company to Vista Equity Partners. Fortissimo is selling Starhome Mach after successfully working with management to build the business since it was acquired in 2012. Vista’s simultaneous acquisition of Starhome Mach and merger with existing portfolio company Telarix brings together two leading software providers to the global telecommunications industry. The combined business will serve thousands of customers across over 130 countries globally. Terms of the transaction have not been disclosed.



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