Norwest Mezz Shakeup

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.