Saturday, 28 March 2015
Last updated 17 hours ago
Dec 6 2010 | 4:23am ET
Goldman Sachs has spun off a private equity group specializing in inner-city investing.
The Urban Investment Group was reborn last week as New MainStream Capital. The new firm has about $250 million in assets under management and was backed in the spin-off by Pantheon Ventures, which helped the new firm buy its old portfolio and which will be a significant investor in its fund.
Goldman has retained Urban Investment's real-estate business.
Like Urban Investment, New MainStream will focus on middle-market companies in healthcare, business services and food and consumer products. The firm specializes in companies it believes are poised to profit from the ageing and cultural diversification of the U.S. population.
The new firm is headed by Urban Investment's Kevin Jordan and Martin Chavez. It also features three members of Dallas-based private equity firm Haas Wheat & Partners, with co-founder Bobby Haas becoming chairman of its strategic advisory committee. Haas Wheat's two other general partners have also been named partners of the new firm, and MCCI Holdings CEO Jose Armas chairman of its operating executive committee. New MainStream has offices in New York and Dallas.
The spin-off has been in the works for some time. Jordan and Chavez considered raising a new fund for outside investors, but in August decided to seek secondary p.e. investors to buy the assets of its current fund.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…