Sr. Fund Accountant
San Francisco Metro Area, California
Growing SF-based VC firm seeks to add an additional team member due to the recent successful fund raise/close of new fund. The new fund accounting role will own the A-Z fund accounting functions for one of the firm' s funds and assist as needed for the management company accounting needs.
3-5 years in an audit practice in the Big 4 or large regional CPA firm or fund administrator
Strong interpersonal and written communication skills
TSG Sells Minority Stake to Wafra Deal values TSG at more than $1.5 billion, said people familiar with the matter By Dawn Lim March 3, 2017 5: 37 p.M. ET TSG Consumer Partners, one of the most recognized private-equity names in the retail and consumer space, sold a minority stake in itself to Wafra Investment Advisory Group Inc., a firm backed by the Public Institution for Social Security of Kuwait.
The deal values TSG at more than $1.5 billion, said people familiar with the matter, and comes as a wave of investors are seeking to tap into the fees and profits of private-equity firms.
Funds of Wafra hold less than 15% of TSG, according to a February filing with the Securities and Exchange Commission.
They now have a slice of a 30-year-old firm with about $5 billion in assets that has invested in well-known brands such as beer business Pabst Brewing Co., gourmet coffee chain Stumptown Coffee Roasters and health club Planet Fitness Inc. Wafra will also have a stream of fees and profits from a $1.3 billion fund that TSG raised in 2011 and a pair of funds that secured a total of $2.5 billion in 2015.
Investment bank Evercore ran the sale process. Wafra is among a crop of investors from a Goldman Sachs Group Inc. Unit to Hycroft Capital to Neuberger Berman Group s Dyal Capital Partners who are seeking noncontrol stakes in alternative asset managers. Private-equity firms can be lucrative targets because they lock in long-term commitments from pensions and endowments.
Wafra s portfolio of minority stakes in these managers has been expanding. The firm this year bought a position in energy investor ArcLight Capital Partners alongside Goldman Sachs Asset Management s Petershill arm. A fund of Wafra committed in 2015 to take a 10% stake in TowerBrook Capital Partners. Some firms have welcomed fresh capital to expand their businesses. But the arrival of a minority backer could present pressures for private-equity firms, who may have to balance a new stakeholder s expectations with the needs of investors in their funds.
TSG, in a February SEC disclosure on the potential risks it faces, said it has an incentive to provide more favorable terms to Wafra than to its other investors as a result of the deal. But the filing also states that Wafra doesn t have any authority over TSG s investment decisions and day-to-day operations.
CVPartners, an Addison Group Company, is an EEO employer. We consider for employment qualified applicants with arrest and conviction records.