Madison Capital Funding’s Klimmeck, Marks to exit at end of 2017

  • Klimmeck, Marks will retire from Madison at end of 2017
  • Klimmeck was one of six Madison Capital co-founders
  • Marks is leaving Madison and leverage finance industry

Two senior Madison Capital Funding executives, including a co-founder and the recently promoted head of capital markets, are exiting the firm.

Thomas Klimmeck, a Madison Capital senior managing director, and Tricia Marks, a managing director and head of capital markets, will both retire later this year, the firm said in a statement.

Klimmeck helped start Madison Capital in 2001 and has served on the firm’s investment committee since its inception. Marks joined Madison Capital in 2003 and helped create the firm’s loan-syndication business.

Both Klimmeck and Marks will stay in their roles until the end of 2017. As part of the transition, Robert Douglass, a managing director, is joining Madison Capital’s investment committee, effective immediately. Douglass helps manage Madison Capital’s $8.2 billion portfolio.

Marks will work through the year to transition her daily responsibilities to other members of the senior management team, according to Chris Taylor, a managing director and head of relationship management.

Madison Capital is giving the market 12 months’ notice about the retirements, Taylor said. “Tom and Tricia were key contributors to the evolution and success of Madison Capital,” Taylor said. “We wish them well as they enter a new phase of their lives after the end of this year.”

Chicago-based Madison Capital provides financing for PE firms. It operates as a unit of New York Life Insurance Co and had $8.2 billion in assets under management as of Sept. 30.

Klimmeck’s retirement was expected. Several executives left Madison Capital in a 2015 generational shift, which also saw the promotion of several junior executives.

Among those departing were Devon Russell and Joshua Niedner. Russell was a senior Madison Capital managing director; he was responsible for capital-markets activities. Niedner, who was head of Madison Capital’s investment-management group, has since joined Vista Equity Partners. Klimmeck has been expected to depart since the reorganization in 2015, Buyouts reported.

Marks was also elevated in 2015 and tapped to replace Russell as head of Madison’s Capital Markets Group.

Like Klimmeck, Marks’s retirement was not a surprise, Taylor said. Years ago, the executive told Madison Capital Management that when she reached a certain “personal milestone” in 2018 she would retire, Taylor said. It’s unclear what that milestone is, but Marks is leaving both Madison Capital and the leverage finance industry, he said.

Taylor declined to provide ages for Klimmeck or Marks.

Action Item: To contact Madison Capital Funding email  Christopher_Taylor@mcfllc.com

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