“Effective July 20, 2015 Devon Russell is no longer with Madison Capital Funding,” an automatic e-mail respone to Russell’s Madison account said. Messages were referred to Hugh Wade, Madison Capital’s CEO, co-founder and member of the firm’s executive committee.
When asked about Russell’s departure, Wade said: “We had a management realignment and promoted some people in certain positions.”
He declined to disclose who had been promoted. “We don’t comment on individuals,” said Wade, declining further comment.
It’s unclear why Russell left. He joined Madison Capital in 2003 and was responsible for capital markets activities, including loan syndications and third-party asset management, a 2013 biography said. Russell was previously with Banc of America Securities LLC.
Chicago-based Madison Capital provides financing for middle-market PE sponsors, focusing on industries including healthcare, insurance and consumer products. The lender, which is a unit of New York Life, had $7.5 billion in assets under management as of March, its website said.
Madison Capital has experienced several personnel changes of late. In June, Joshua Niedner joined Vista Equity Partners as co-head of Vista Credit Opportunities, which closed its first fund earlier this year, according to the Wall Street Journal. Niedner was head of Madison Capital’s investment management group.
Likewise, Madison Capital Vice President Joe Tinaglia and Director Justin Bentley also have joined Vista Credit. Tinaglia is now a VP at Vista Credit, while Bentley is a director. according to the firm’s website.