Norwest Equity Partners (NEP) has formed Norwest Equity Partners X, LP (NEP X), a new $1.6 billion fund and Norwest Mezzanine Partners IV, LP (NMP IV), a new $800 million fund formed by NEP’s affiliated mezzanine investment firm, Norwest Mezzanine Partners (NMP).
“It would be an understatement to say that this is an exciting time for our firm,” said Tim DeVries, NEP Managing General Partner. “In addition to raising $2.4 billion of new capital, we are also celebrating our firm’s 54th anniversary and the long and distinguished history we’ve built over the years. NEP X and NMP IV are tremendous new opportunities and position us for great investments in the future.”
NEP invests $50 million to $200 million per transaction across a variety of sectors, including agriculture; applied technology; consumer; distribution; diversified industrials; energy; healthcare; and technology and business services. NMP makes junior capital investments of $20 million to $75 million to support private equity-sponsored transactions in sectors similar to NEP.
In addition to the capital raise, Norwest has made a number of recent personnel changes.
- Brian Allingham has been promoted from Principal to Administrative Partner and will be primarily responsible for all operational, administrative, and compliance responsibilities for both buyout and mezzanine funds. Mr. Allingham will continue to source NEP investment opportunities and work with portfolio company management teams to develop and execute growth and operational improvement plans.
- Jack Dempsey, a Senior Advisor Consultant at NEP since 2011, has been named Senior Vice President of Strategy and will continue to work directly with the firm’s portfolio company management teams to develop and execute strategies to grow revenues and EBITDA.
- Sean Stevens has joined NMP as its newest investment Partner and is tasked to broaden NMP’s relationships with private equity sponsors and grow its portfolio of investments. Prior to NMP, Mr. Stevens worked at KKR, KeyBanc Capital Markets, and Bank of America Merrill Lynch.
Norwest Equity Partners and Norwest Mezzanine Partners are headquartered in Minneapolis (www.nep.com).
© 2015 PEPD • Private Equity’s Leading News Magazine • 4-14-15
