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NAIC E-News Update

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


Texas TRS' Plan to Invest More Than $3 Billion With Emerging Managers

The Teachers Retirement System of Texas (TRS) announced plans last year to invest an additional $3 billion with Emerging Managers over 3-5 years. This came on top of an existing $5.8 billion TRS has already invested with emerging managers since 2005. In this installment of Perspectives, NAIC's online video series, Jarvis Hollingsworth, Chairman of the TRS Board of Trustees, explains how the program was structured and why a 'transition portfolio' was implemented for certain managers.


Investment Committee Trustees and Board Members Invited to ENGAGE Trustee Education Symposium

Representatives from institutional investors are invited to join NAIC, GCM Grosvenor and the Diverse Asset Managers Initiative (DAMI) at ENGAGE (Educating the Next Generation of Allocators on the Growth of Emerging and Diverse Managers) on March 24-25 in Oakland, CA. ENGAGE is a unique educational workshop designed to meet the growing interest of investors seeking to learn about the merits, best practices, and strategies for investing in small, emerging, and diverse managers (SEDMs). This initiative aims to provide programming tailored for investment staff and board trustees, familiarize participants with data that supports SEDM investing, address top objectives and roadblocks to capital allocations, and expand the universe of allocators and managers alike.

To register or for more information, contact

Bloomberg Report: Hedge Funds Not Led by White Men Outperform Peers Nearly 2 to 1

A Bloomberg analysis of hedge fund data concluded that hedge funds not controlled by white men had returned almost double their peers over the last three years – 6.6% compared to about 3.9%. The report also finds that the funds not managed by white men outpaced their peers by about 41% during the previous five years. These results also hold true during times of crisis, according to Bloomberg.


From William Blair: Incentivize Good

Known as the father of financial futures, Dr. Richard Sandor, Chairman and CEO of the American Financial Exchange, joins the William Blair Investment Management podcast, The Active Share, for an in-depth conversation about his journey to becoming a financial innovator. He discusses creating the Chicago Climate Exchange; his newest venture, Ameribor, an alternative to LIBOR; and why doing well and doing good don’t have to be exclusive. Sandor’s comments are edited excerpts from the podcast.


Fairview Capital Report: Number of Woman and Diverse-Owned PE and VC Firms Continue to Rise

The market supply of woman and diverse-owned private equity and venture capital firms rose to 394 at the end of 2019, compared with 312 at the end of 2018, according to Fairview Capital's 2019 Market Review of Woman and Minority-Owned Private Equity and Venture Capital Firms. The recently released report states that since 2014, this group has grown at a compound annual growth rate of 29%, implying a high rate of new firm formations by women and minorities. Nearly half of these firms are currently raising capital. However, these firms represented less than 10% of all private equity firms in the market as most continue to remain below the radar of institutional investors and are underrepresented in their portfolios.

New Job Opportunities Available at CalPERS

CalPERS has announced it has several job opportunities and invites qualified candidates to apply. For information about the responsibilities, benefits, requirements and how to apply, click on the position link.

Chicago Teachers Seeking MWDBE PE Managers

The Public School Teachers' Pension & Retirement Fund of Chicago has issued its RFP for minority-, women- and disabled-owned private equity managers. The plan is seeking closed-end strategies in a commingled fund structure and may split the allocation between multiple managers. Growth, lower middle-market buyout, middle-market buyout, co-investment, distressed and special situations strategies will be considered, and equity and equity-focused strategies are preferred.

A copy of the RFP is available through the plan's website ( and the deadline for proposals is March 6. Questions related to the RFP should be directed to Angela Miller-May at, Alternative Investments Portfolio Manager Andrew Kelsen at and Investment Portfolio Analyst Summer Qiu at


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Dynamk Capital Co-Leads Investment in Intracellular Delivery Platform Developer

CellFE, Inc., a startup developing a microfluidics-based device to deliver gene-editing molecules, announced it has raised $3.6 million in an initial Series Seed. The oversubscribed round is co-led by Cota Capital and Dynamk Capital and joined by Embark Ventures. The investment will be used to fuel the progress of the CellFE team towards the company mission of enabling the engineering of the next-generation cell therapies. This funding reflects the continued interest of the venture firms in the rapidly evolving cell therapy sector.

Clearlake Capital Acquires Pretium Packaging

Clearlake Capital Group, L.P. announced that it has acquired Pretium Packaging from Genstar Capital. Pretium is a leading full-service designer and manufacturer of rigid packaging solutions for specialized applications. Financial terms of the transaction were not disclosed. Headquartered in Chesterfield, Missouri, Pretium Packaging is a leading North American manufacturer of customized, short-to-medium volume, rigid plastic packaging solutions. The company produces containers, bottles, and closures for the food and specialty beverage, healthcare, sports nutrition, personal care, beauty, and household products end markets.

Palladium Equity Partners Acquires Accupac, Inc.

Palladium Equity Partners, LLC announced that it has acquired Accupac, Inc., a leading U.S. provider of outsourced manufacturing and packaging solutions for the personal care and beauty markets, from J.H. Whitney Capital Partners, LLC. Based in Mainland, PA, Accupac is a provider of outsourced manufacturing and packaging solutions to pharmaceutical and over-the-counter personal care product manufacturers. The company generated more than $200 million in revenue in 2019.

GenNx360 Capital Portfolio Company Acquires Environmental Products & Services of Vermont, Inc.

GenNx360 Capital Partners announced that its portfolio company, Miller Environmental Group Inc., a leading provider of environmental and emergency response services in the Eastern United States, acquired Environmental Products & Services of Vermont, Inc. (EP&S). Headquartered in Syracuse, NY, EP&S is a leading provider of emergency response, remediation, and environmental services and operates across 17 service locations along the eastern seaboard from Vermont to Florida. Terms of the deal were not disclosed. The combined company will now have more than 350 employees and a footprint of 25 locations across the Northeast, Mid-Atlantic, and Southeast regions.


Strait Capital Names New Managing Director and Head of Business Development

Strait Capital Company announced the appointment of James Davis as Managing Director and Head of Business Development. Davis will be responsible for growing STRAIT's business and delivering innovative solutions for the firm's existing and new clients. He joins STRAIT after several successful years of providing business growth and operational guidance at industry leading providers ALPS (a DST Company) and Kaufman Rossin Fund Services who was acquired by DST in 2016. Davis earned his Bachelor of Science in Mechanical Engineering from Vanderbilt University, his Masters in Mechanical Engineering from the University of Alabama at Birmingham, and his Masters in International Management from Thunderbird School of Global Management.

Palladium Equity Partners, LLC Promotes its Next Generation of Leaders

Palladium Equity Partners, LLC announced that it has promoted its next generation of leaders. Six Managing Directors – Chris Allen, Leon Brujis, Caleb Clark, Justin Green, Daniel Ilundain and Adam Shebitz – have been promoted to Partner and admitted to the firm's Management Committee. They will join Eugenie Cesar-Fabian, Susan Lyons, Kevin Reymond, and Suzanne Wong, as well as Mr. Rodriguez, who will continue to lead the Firm as Chairman and CEO, expanding the Management Committee to eleven members. Each of the six Partners sits on Palladium's Investment Committee, which leads the firm's private equity investing team.

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