A couple of quick New York City pension system updates. Two sources tell me that Horatio Sparkes – who recently resigned as deputy comptroller for pensions – will be taking an investor relations gig with Yucaipa Cos. He will be succeeded by Joseph Haslip, who had been his number two. Still no word on who will be taking over the private equity investment activities from Tim Kelly.
In barely-related news, Josh Wolf-Powers and Adam Blumenthal – two former NYC pension pros focused on private equity – have received the first institutional commitment for their new direct investment firm called Blue Wolf Capital Management (f.k.a. Partnership Equity). The $33.5 million to $43.5 million commitment comes from South Africa-based Johnnic Holdings, which is an affiliate of Hosken Consolidated Investments.
Blue Wolf will use its cash to make structured control plays of between $5 million and $30 million (overall transaction sizes of $10 million-$150 million). Target companies either have significant government involvement, have hourly workers represented by labor unions or are facing serious financial/operational distress. Expect formal fund-raising to follow.