Some big changes over at Norwest Mezzanine Partners, as general partner Mike Hall and partner Bill Dietz have left to hang their own shingle. The move came as a surprise to other NMP pros, but is described as orderly and amiable. A spokeswoman says that it is unrelated to an announcement that Carter Balfour and Shani Graber have been promoted to partner and principal, respectively – although Balfour will become the group’s de facto head.
Minneapolis-based NMP receives all of its capital from sole limited partner Wells Fargo, as do affiliates Norwest Equity Partners and Norwest Venture Partners. It is currently investing out of a $400 million fund “raised” in 2004, and recently received approval from Wells Fargo for a $500 million third fund.
I should have more on Hall and Dietz’s new effort later today (had a quick cell phone talk with Dietz, but he was walking into a meeting). Check back here for updates.