Harbert Management Corp., an independent investment management firm in Birmingham, Alabama, said on Friday that it has named David Crosland as managing partner of Harbert Private Equity Fund III, LP. Also, Steve McGrath is joining Crosland as a principal. Both will be based in the firm’s Atlanta office. Prior to joining the company, Crosland was founding partner of Atlanta Equity Investors. McGrath, also formerly with Atlanta Equity Investors, will be joining Crosland as a principal.
BIRMINGHAM, AL–(Marketwired – June 07, 2013) – Harbert Management Corporation (“HMC”), an independent investment management firm based out of Birmingham, Alabama, is pleased to announce the addition of David Crosland as Managing Partner of Harbert Private Equity Fund III, LP (“HPEF III”). Crosland was previously a founding partner of Atlanta Equity Investors, LLC, a middle market growth equity and buyout fund. He is based out of Atlanta and will be expanding the HPEF III Investment Team into the Atlanta market. Steve McGrath, also formerly with Atlanta Equity Investors, is joining Crosland as a Principal.
HPEF III is looking for enhanced visibility in the Atlanta market. The goal is to strengthen HPEF III’s rank as an emerging frontrunner in the Southeast with continued high-growth potential in executing private equity transactions.
“David knows this market and its submarkets extraordinarily well and has what it takes to increase our visibility and help us succeed in the region,” said Mike Luce, President and Chief Operating Officer of HMC.
Crosland has 28 years of private equity and banking experience. Prior to joining HMC, Crosland spent six years with Atlanta Equity Investors. Prior to Atlanta Equity, Crosland was a founding partner of Arcapita Inc., which became a major private equity firm in the Southeast under his leadership. He began his private equity career with Investcorp International, Inc., based in New York. Prior to Investcorp, Crosland worked at Morgan Stanley & Co. in the firm’s Mergers and Acquisitions department and Manufacturers Hanover Trust Company in the Energy Division.
Crosland is Chairman of the Board of Airo Wireless, LLC and Vice Chairman of the Board of Atlanta Ballet. He earned a Bachelor of Arts degree, magna cum laude, from Duke University and an MBA from Harvard Business School.
Steve McGrath will also be joining David in the Atlanta office. McGrath’s career spans private equity, mezzanine lending, transaction advisory, management consulting and operating experience. Before joining Harbert, he was a Principal with Atlanta Equity Investors, where he worked with Crosland for five years. Prior to Atlanta Equity, McGrath worked with the private investment group, Liberty Lane Partners. Prior to Liberty Lane, he gained investment banking and mezzanine experience at Royal Bank of Canada and Chatham Capital, respectively. McGrath’s early career included experience with Andersen Consulting (Accenture) and two technology start-ups.
McGrath earned a Bachelor of Arts in Economics and a minor in History from Miami University (Ohio) and an MBA, with honors, from the Goizueta Business School at Emory University.
Crosland and McGrath will be an addition to HMC’s Atlanta office, which includes Melissa Babb, Senior Managing Director of HMC and Graham Dugoni, Marketing Associate. The office has recently relocated to One Buckhead Plaza.
HMC, an alternative asset management firm with approximately $3 billion in assets under management as of May 1, 2013, is a privately-owned firm formed in 1993 to sponsor alternative asset investment funds. Based in Birmingham, Alabama, HMC serves foundations and endowments, funds of funds, pension funds, financial institutions, insurance companies, family offices and high net worth individuals across multiple asset classes. Investment strategies include European and US real estate, venture capital, mezzanine debt, independent power, US and Australian private equity, and public securities.