PE firms launch effort to raise $10 mln for Puerto Rico relief


Hurricane Maria devastates Puerto Rico

A group of private equity firms, which include Clearlake Capital Group, Valor Equity Partners, StepStone Group, Palladium Equity Partners LLC and MoonSail Capital LLC, have formed Private Equity for Puerto Rico, an effort to raise funds to aid victims of Hurricane Maria on the Caribbean island.  The target is $10 million.

So far, the fund has raised $800,000 with a commitment of up to $500,000 from Clearlake and the Kwanza Jones and José E. Feliciano Supercharged Initiative, a philanthropic organization. Clearlake and KJSI will match all donations up to $500,000.

Also, Valor Equity is chipping in with a commitment of $200,000 while Stepstone has provided $100,000.

All funds raised for PE for PR will be donated to the Foundation for Puerto Rico, a non-profit organization involved in providing relief, recovery and rebuilding efforts on the island.

PE for PR is seeking donations via its Classy page at https://give.classy.org/peforpr.

Photo: A man stands inside of a destroyed supermarket by Hurricane Maria in Salinas, Puerto Rico, September 29, 2017 Reuters/Alvin Baez

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