|Nominee||Total AUM||Geographic focus||Fund sizes ($ and year)||# of women-led portfolio companies||# of female Partners||# of women on the IC||Why this firm deserves recognition|
|1315 Capital||$500mm+||North America||I $200mm+ |
|2||1 soon to be 2||1||– Adele is a rockstar!|
– Adele is a strong proponent via Project Pinklight for women who are establishing private equity firms. She is a mentor and role model, and many women have benefitted from her efforts.
– Adele Oliva is one of the most respected investors in the private equity industry. Her performance track record in healthcare growth investing is impeccable. I have watched Adele build her firm with her partner, Michael, and the additional team members that they have thoughtfully added to 1315 Capitals investment team. She has executed her vision almost without flaw, and is a GP that any institutional investor would be proud to have in their portfolio. Additionally, and importantly, Adele has supported and mentored many women who want to raise a fund. Adele has spearheaded Project Pinklight, to provide a platform for these women, and continues to build out the support services.
– 1315 has continued to grow in both aum as well as visibility throughout the country.
|Argand Partners, LP||$1,068,469,068 (as of 12/31/2021)||North America, global||Fund I: 2016, $440 million||0||2||1||Argand Partners was founded in September 2015 and is led by Heather Faust and Howard Morgan (both Managing Partners and Co-Founders). Argand is a women-led firm, and one of the core tenets of the firm is that differing perspectives and backgrounds lead to more robust decision-making. This is reflected in the composition of our firm, which is women- and minority-owned, and of our portfolio company management teams and boards, which include men and women of many different backgrounds and ethnicities. We actively promote diversity and inclusion within our firm and across our portfolio companies at all levels. During the early years of the firm, Joyce Schnoedl, Argand’s Partner, Business Development and Deal Execution, was invited to join the partnership. Further increasing Argand’s diverse ownership and senior female representation. Building a team to reflect our operating philosophy and investment approach was one of the things that excited our managing partners most about forming Argand, and we are proud of the team we have built. Our team is 50/50 women/men and mixes a multitude of demographic, cultural, personal, and professional backgrounds and experience.We seek to employ recruiting practices that produce diverse candidate slates for all levels and functions across our firm and our portfolio companies, and hiring processes that support the onboarding, inclusion, and retention of diverse individuals. We advocate for diverse candidate slates across our portfolio companies in general, and specifically when hiring for senior positions. Fifty percent of our portfolio companies have one or more women in the C-suite. Three of these positions were filled under Argand’s ownership. Furthermore, to increase the number of diverse individuals in our network and source diverse board candidates, last year we partnered with Diligent’s Modern Leadership Initiative.We are also focused on hiring and retaining diverse mid-level and entry-level individuals. We continually explore non-traditional pathways to recruit diverse talent. In 2021, we hired a female candidate with an exceptional, non-investment banking background as an Associate. We look forward to supporting her throughout her career at Argand. To further our impact and reach, last year we partnered with Seize Every Opportunity, to support its mission and increase access to private equity for underrepresented and underserved individuals. We also strive to provide experience and entry to the private equity industry on a programmatic basis, with a focus on diverse individuals. Joyce Schnoedl leads our internship program that has hired ~20 interns since 2016, ~25% of which were women and ~60% of which were diverse individuals. Finally, we believe that providing our team members with the flexibility to manage routine and extraordinary life circumstances and events, family, and health is fundamental to individual satisfaction and retention. Our experience demonstrates that this is transformative for supporting gender diversity in the private equity industry, and we are proud to lead a culture change across the industry. Active leadership and a deliberate vision are required to build diverse teams, and we take our responsibility to increase the presence and profile of women in private equity very seriously.|
|Dynamk Capital||$65M firm AUM||$62.5M Dynamk Life Sciences Fund LP (I) final close April 2021||3/7||1||1 woman. There is also a woman non partner member of the firm.||– In a few short years, Dynamk Capital has established itself as the leading source of funding for Life Science Industrials. Dynamk was created by Founding Partner, Daniella Kranjac, who as an operator and business development leader, observed a severely underserved funding landscape for the tools, tech and services that biopharmaceutical companies rely on to support their discovery, development and manufacturing. The pandemic has only served to highlight the attractiveness of this segment and the need for experienced investors in the sector. Having attracted institutional family office and strategic investor support from industry leaders such as Pfizer Ventures, Lonza, JSR Corporation among others, Dynamk is currently deploying out of their Fund I, and continues to build their team. Beyond being a women-led fund, half of Dynamk’s current portfolio companies are led by women CEO’s in an industry still struggling to achieve representation of women and diverse leaders at the c-suite and at senior leadership levels. Dynamk was an early participant of Project Pinklight and is proud to be part of the PEWIN network.|
– After 30 years in life sciences, I believe Daniella Kranjac has achieved something remarkable in a few short years that deserves recognition. She launched Dynamk Capital to focus on the one sector of life sciences that continues to be overlooked by other investors – life science industrials. The firm focuses exclusively on the enabling tools, technologies, and services. These are critical to biopharma companies’ discovery, development and manufacturing needs. Dynamk is the first of its kind to focus exclusively on the enabling tools, technologies and services that are critical to biopharma companies’ discovery, development and manufacturing needs. She successfully closed a significant funding round in 2021. Several leading biopharma and life science strategic partners, including Pfizer Inc., through its corporate venture capital arm, Pfizer Ventures, participated in the round. Dynamk’s consortium of Biopharma and Life Sciences investors and companies all seek to promote disruptive and innovative technologies and include JSR Group, Lonza AG and others.Since its inception, the Dynamk Capital team has expanded, adding industry leaders to provide the experience, networks, strategic advice and support portfolio companies need as they commercialize and scale their technologies. The Dynamk model is a powerful differentiator to innovators in Life Science Industrials. Dynamk achieves first line of sight of investment opportunities through its vast network and invests from Seed through Series A, B and growth stages. Dynamk’s investment returns are driven by the hyper-pace of innovation in this space and the unique insulation life science industrials have from the discrete outcomes typical of actual therapeutics. Consisting of a team of entrepreneurs and industry executives, Dynamk provides engaged support to its portfolio companies as they navigate through commercialization and exit.
|H Venture Partners||$20MM (SPVs, Fund I, part of Fund II)||North America||Fund I $10.1M;|
raising Fund II
|9/10||1/1||2/3||H Venture Partners closed its maiden $10.1MM fund in April 2021 with 90 executives of consumer and retail. The firm is invested in 10 science-based consumer brands led by female, Black, Hispanic, and LGBTQ founders. In June 2021, the firm received a contract from Chicago Teachers Pension Fund, an investor in its newly-launched Fund II. H Venture Partners is 100% female-founded, owned, and controlled. H Venture Partners is a graduate of Project Pinklight.Total AUM: $20MMGeographic focus: North AmericaFund sizes: Fund I $10.1MM, newly launched target $20MM Fund IINumber of women-led portfolio companies: 9/10 (1/10 is male/LGBTQ)Number of female Parnters: 1/1Number of women on the Investment Committee: 2/3|
|Lake Country Capital||$182MM, SBIC fund (Small Business Investment Company) that closed in 8/19.||National, with targeted focus in the Midwest and West coast serving US lower middle market businesses with $10MM-$200MM in revenue.||This is LC2’s inaugural fund. At the current investment pace, we expect to be raising Fund II, in 2022. At the time of its licensure, LC2 was one of ~5 private funds to have a female owner/managing partner in a SBIC universe of ~300 licensed funds.||4 of the 12 portfolio companies/sponsors have c-suite female executives or owners involved with the Companies. Most of the businesses we back are receiving institutional capital for the first time and are/were family-owned and operated businesses at the time we invested.||1/4; all four partners are founding partners, with equal economics. Eight finance professionals in total of which 50% are women. SBIC summer scholar intern is a woman.||1/4; all founding partners are Principals on the SBIC license.||PEWIN member Ann Ferreira is a co-founding partner of Lake Country Capital, a private debt and equity investment firm based in Minnesota. LC2 deserves the PEWIN award based on their success as leaders, investors, and mentors. LC2 was one of a handful of firms within the SBA’s SBIC program with a woman managing partner/owner at the time of its licensure by the Small Business Administration SBA in 2019. This represented a remarkable achievement in an industry with over 300 private funds serving the middle market. As a co-founder Ann, with her partners, raised $182mm in 2019, from a combination of institutional, bank, family office and private investors to close the LC2 fund. The fund was meaningfully oversubscribed. LC2 serves the U.S. lower middle market as part of the SBA’s efforts to support U.S. small businesses. Ann is an active leader in all aspects of fund management from fundraising, limited partner relations, deal sourcing, diligence, structuring, negotiations, closing, and portfolio management, along with recruiting, training and managing investment staff. She is part of a four-member investment committee. In 2020 Ann and her team sourced the fund’s investment in Sila, a provider of HVAC, plumbing, and home automation systems, through LC2’s deep proprietary network, and worked to deliver a compelling exit. LC2 sourced the deal through a trusted lead sponsor relationship. LC2 invested subordinated debt and equity to support an acquisition led by buyout firm Dubin Clark, and LC2’s equity investment was the largest in a single portfolio company to date for the Fund. Ann held an observer seat on the board of directors. Ann has been a valued friend to the firm for over a decade. Ann and her team at LC2 have been great partners with our firm on several investments including our recent success together in Sila|
— Brent Paris, Managing Partner Dubin ClarkThe capital investments and value-added partnership was transformative for Sila. The investor group supported the Company in two add-on acquisitions which more than quadrupled the size of the company — all during COVID. The growth markedly increased jobs, and Sila benefited from the investor group’s support, competencies, and access to best-in-class software that allowed it to elevate its skills and resources to take the Company to the next level. As a result of the growth and improvements, the Company was recently sold at a purchase price that was approximately 18 times pre-tax earnings, or EBITDA, one of the highest ever achieved by the principals of the firm and which resulted in a return to LC2 of 100% IRR, 2x Multiple of Invested Capital (MOIC) overall, and a 5x MOIC on the LC2 equity alone. In addition to working together on firm leadership and investment success, the LC2 team also drives a culture of giving back and mentoring. Ann spear-headed hiring the firm’s first college intern during COVID. With a focus on skills, culture fit and diversity, she achieved her goal of hiring a highly qualified young woman, Maren O’Shea. Ann proactively mentored Maren, including bringing her into all aspects of fund management and into critical meetings including those on Sila. (Influenced in part by her work with Ann, Maren has accepted a full time offer with Goldman Sachs in New York starting in the fall.) Ann has also been highlighted in McGuire Woods’ Series Women in PE to Know.Ann and the LC2 team have demonstrated the leadership, investment success, and values worthy of the PEWIN award.
|Mizzen Capital||$265M||US-based small businesses||$265M & 2020||Mizzen capital is a start-up SBIC fund licensed in Dec. 2020 with 6 deals funded till date, haven’t funded in women led portfolio companies yet.||3||3||– Mizzen is one of two SBIC funds founded by women out of 300 funds awarded by the SBA. Marilyn and Libby have a long track record of success in investing in middle-market businesses. They joined forces two years ago to raise a $250MM SBIC fund. So far in 2021 they have made 10 investments in 6 companies in alternative energy, health care services, and business services. Mizzen focuses on US-based businesses with $1M – $10M of EBITDA and mostly provides term loans from $2 million to $15 million but will syndicate for larger deals. As a diverse and inclusive team, they value honesty and integrity in everything and strive to act responsibly and to communicate clearly. They build long-term relationships based on trust and respect. Small businesses in the U.S. are the structural foundations of communities. and Mizzen is committed to uphold the U.N. Principles of Responsible Investing.|
– Mizzen Capital, the second woman owned credit SBIC out of 300 SBICs, launched in December 2020 and persevered to raise a $250 million fund during covid. It’s always challenging to raise a fund but to do so when LPs can’t meet in person is even more challenging.Mizzen is focused on lending senior debt, first lien and second lien, to companies under $10mm of EBITDA. The fund has closed 10 deals so far and has a strong pipeline.
|Supply Change Capital||Current: $10M, Target $40M||80% US||50%, Quantity 1; 75% of our 2021 deal flow (of over 500 companies to date) comes from women or people of color||100%, Quantity 2||100%, Quantity 2||“The ethnic aisle’s days are numbered. Re-envisioning food and supply chain solutions for an evolving “mainstream” requires innovations across the food and food tech ecosystem.” Supply Change Capital believes in a future of food that is sustainability mindful, supply chain efficient, better for you, and culture rich. We invest at the intersection of food, culture, and technology to catalyze early stage sustainable businesses that modernize the food system. The firm is led by two GPs who combine food domain expertise with tech and investing experience. Noramay Cadena is an aerospace engineer turned investor. She previously launched an early stage fund that invested in over 20 manufacturing and supply chain companies. Shayna Harris brings an insider’s eye to the industry, from architecting the 21st-century chocolate supply chain at Mars to building the groundbreaking food tech company Farmer’s Fridge. She advises Fortune 100 companies and startups on navigating the fast-changing food terrain, and writes for Forbes. The duo met in business school in 2009, share 4 degrees from MIT, have 40 investments between them and 2 investments in the Supply Change portfolio. The firm is based in Chicago and Los Angeles. More at www.supplychangecapital.fund|
|TMV (Trail Mix ventures)||$75M by Sept 2021 at the final close of Fund II;|
Currently TMV’s AUM is: $60M between Fund I, II and SPVs.
|Primarily US, opportunistically global.||$40M Target, 2021 vintage||27 of 37 total investments have at least one woman co-founder.||Both of TMV’s GPS are women, 2 total.||2 total, 100% female IC.||TMV is an early-stage holding company overseeing two venture funds and three investment vehicles. Since its creation in 2016 by co-founders Soraya Darabi and Marina Hadjipateras, the minority and female-led firm has continued to follow through on its mission to champion purpose-driven, nonobvious founders with ideas that will change the world – especially given Soraya and Marina’s distinct experiences as founder-operators within the tech/startup and shipping worlds, respectively. Today, with more than ~$40M AUM across two funds and a portfolio of companies that’s 75% female- and/or minority-owned, Soraya and Marina continue to be at the forefront of creating real, impactful change for the industry overall – and not because they have a mandate for diversity, but because they believe in investing based on data and, more importantly, how the world actually looks. This is a core reason they should be recognized in 2021. In addition, because they’ve reimagined how a VC firm should work with emerging startups and founders, the duo has garnered the attention of notable institutions, like Bank of America which recently invested in the firm as part of its larger, $1 billion racial equality and economic opportunity commitment. As a whole, and with unmatched access to a team of successful operators and network of expert collaborators, TMV offers a fundamentally new approach to catalyzing growth for startup founders. Simply put, they believe that making the future happen faster takes more than capital and a great ideaâ€”it takes investors who give a damn.It’s also worth noting that the firm’s impressive and continued growth over the years has included: dozens of direct investment opportunities for LPs, 27 portfolios and counting, plus the firm has aided in the raise of $400M+ in follow-on capital for Fund I portfolio companies. Since its earliest days, Soraya and Marina have built a team that believes strongly in investing in the untapped potential of startups that fundamentally changing the way people live and work. They do this by continually cultivating a cohort of former founders, LPs and advisors who have the ability to build bridges, provide access and help scale innovative business concepts from idea to exit. They truly believe in the power of community and, as a result, it comes as no surprise that their work has always been intentional when it comes to seeking diversity and representation in the makeup of both its team and portfolio. This includes being in the trenches alongside each of its startups, ultimately working to create best-in-class deal flow within each of its core sectors. As a firm, TMV seeks opportunities that other firms might have passed over or missed altogether, because they don’t see or hear ideas that tap into insights that only come from having diverse groups of people in a room together.|
|Turning Rock Partners||Total AUM – $650M||North America||2018 ($415M TRP I and Co-Investments)|
2021 ($300M committed to TRP II of $450M target)
|N/A||2 of 3 (67%)||2 of 3 (67%)||Turning Rock Partners is a principal investment firm based in New York which was founded by a female and is majority owned and operated by women. It focuses on a strategy of deploying capital into debt and equity securities tied to North American corporates and other special situations. The firm promotes diversity both within their own ranks and within those of their underlying portfolio company investments.|
North America – 2021 Female Founded Firm of the Year Nominations
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