$800,000 Already Committed; Led by Anchoring Commitments from Clearlake Capital Group and the Supercharged Initiative, Valor Equity Partners, and StepStone Group, with Committed Funds Including Palladium Equity Partners and MoonSail Capital, Effort Will Donate all Funds to the Foundation for Puerto Rico
SANTA MONICA, CA – October 11, 2017 – Private Equity for Puerto Rico (“PE for PR” or “the Fund”), formed by a group of leading private equity firms, including Clearlake Capital Group, Valor Equity Partners, StepStone Group, Palladium Equity Partners, LLC and MoonSail Capital, LLC, announced today an effort to raise significant funds from the private equity and financial communities to aid victims of Hurricane Maria in Puerto Rico.
Private Equity for Puerto Rico seeks to raise $10 million for the hurricane-ravaged island by encouraging the diverse private equity network, including banks and advisors, to donate via its Classy page, at https://give.classy.org/peforpr. All funds raised will be donated to the Foundation for Puerto Rico, a vetted non-profit organization on the ground in Puerto Rico that is focusing all of its efforts and resources on relief, recovery and rebuilding efforts on the island. The Fund has already raised $800,000, anchored by a commitment of up to $500,000 from Clearlake Capital Group and the Kwanza Jones and José E. Feliciano Supercharged Initiative (“KJSI”). Under the commitment, KJSI and Clearlake together will match all donations up to $500,000. Valor Equity Partners is also anchoring the Fund with a $200,000 commitment, and StepStone has committed $100,000. Funds will be given to the Foundation for Puerto Rico on a rolling basis as donations are received.
Feliciano, Co-Founder and Managing Partner of Clearlake Capital Group, stated, “In the face of so much anguish and devastation as a result of this unimaginable event, we wanted to find a way to assist the people of Puerto Rico. Our beloved island needs our help now and going forward in what will undoubtedly be a long path to recovery. As a native of Puerto Rico, I hope this donation from Clearlake and KJSI serves as a seed that helps us achieve our $10 million goal in collaboration with the Foundation for Puerto Rico and our friends in the private equity and broader financial community.”
Juan Sabater, Partner of Valor Equity Partners, commented, “Many in the private equity industry have asked how they can help, and donating to PE for PR is just one easy way. The Foundation for Puerto Rico is already helping in cities and rural areas across the island. They are getting basic necessities, such as water and food, to those who are on the brink. They are also helping with energy and communication initiatives. We at Valor and I, as a proud Puerto Rican, are grateful for their work and we look forward to getting available funds to them as quickly as possible.”
José Fernandez, Partner and Chief Operating Officer at StepStone Group, said, “This is a critical time for Puerto Rico, and getting funds to the island and a proven aid organization is the best way to help. Our goals are not only to eliminate the suffering, but to provide the backing that will enable a stronger Puerto Rico to emerge.”
Marcos A. Rodriguez, Chairman and Chief Executive Officer, of Palladium Equity Partners said, “While some assistance has arrived in the bigger cities, it’s important to keep the smaller municipalities in mind. Relief just isn’t getting there. We’ve set up the Fund and the Classy page, and will be working with the well-respected Foundation for Puerto Rico to make it as easy as possible for firms and individuals to donate to this worthy cause. In just a few clicks everyone can help a little, and together, we can help a lot.”
Rafael Ortiz, Managing Director of MoonSail Capital said, “The devastation in Puerto Rico is widespread and much more help is needed. While today people require basic necessities to survive, the focus will ultimately move to reconstruction of this island that has endured more than $90 billion in damage. Together with the Foundation for Puerto Rico, we can help ensure safety, recovery, and the best future for Puerto Rico.”
Founding members of Private Equity for Puerto Rico include Clearlake Capital Group’s Feliciano and Behdad Eghbali; Juan Sabater of Valor Equity Partners; Jose Fernandez of StepStone Group, Marcos Rodriguez and David Perez of Palladium Equity Partners; and Rafael Ortiz, Joseph Acevedo and Carlos Rodriguez of MoonSail Capital.
Clearlake is a leading private investment firm founded in 2006. With a sector-focused approach, the firm seeks to partner with world-class management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake’s operational improvement approach, O.P.S.® The firm’s core target sectors are industrials and energy; software and technology-enabled services; and consumer. Clearlake currently has over $3.5 billion of assets under management and its senior investment principals have led or co-led over 90 investments. More information is available at www.clearlakedev.wpengine.com.
The Supercharged Initiative, founded by Kwanza Jones and José E. Feliciano, is a philanthropic organization focused on grant-making and strategic impact investing as well as policy and advocacy work. The focus of KJSI is education, entrepreneurship, equal opportunity and empowerment. We aim to positively transform the future by powering possibilities. More information is available at www.kjsi.org.
Valor Equity Partners is an operationally active private equity firm focused on making expansion, growth and buyout investments. The firm partners with talented management teams, providing active operational support to assist in accelerating growth and improvement within their companies. www.valorep.com
StepStone is a leading, global private markets firm that oversees over US$120 billion of private capital allocations, including more than US$32 billion of assets under management. It has offices in Beijing, Dublin, Hong Kong, La Jolla, London, New York, Perth, San Francisco, São Paulo, Seoul, Sydney, Tokyo, Toronto and Zurich. For more information, please visit www.stepstoneglobal.com
Palladium is a middle market private equity firm with over $2.0 billion in assets under management. The firm seeks to acquire and grow companies in partnership with founders and experienced management teams by providing capital, strategic guidance and operational oversight. Since its founding in 1997, Palladium has invested over $1.9 billion of capital in 33 platform investments and more than 100 add-on acquisitions. The principals of the firm have significant experience in food, consumer, financial services, business services, healthcare, industrial and media businesses, with a special focus on companies they believe will benefit from the growth in the U.S. Hispanic population. Palladium is based in New York City. For more information, visit www.palladiumequity.com.
MoonSail Capital, LLC is a Los Angeles and San Juan based private equity firm that invests in well-positioned, privately-held companies in the US and Puerto Rico. In particular, MoonSail seeks to invest in and grow founder and family owned companies with an emphasis on value creation and positioning for liquidity. MoonSail is led by a team of seasoned investors that have executed more than 20 lower middle market private equity transactions with over $1 billion in aggregate enterprise value, delivering superior returns for investors. More information is available at www.moonsailcapital.com.
Foundation for Puerto Rico (FPR) is a 501(c)(3) local non-profit organization incorporated in 2011 with over 15 employees. FPR’s mission is to transform Puerto Rico into a premier destination for the world by developing and implementing sustainable strategies that drive the visitor economy in the island. Due to the devastating impact hurricane María had in Puerto Rico, FPR has shifted its work to focus on relief efforts that will boost the recovery of the island and help those in need. For the time being, FPR’s work will focus on rebuilding the island.
OWEN BLICKSILVER PUBLIC RELATIONS, INC.