Living Cities Announces Capital Investment in Jacmel Growth Partners to Help Scale Lower Middle Market Businesses While Benefiting Employees and Communities
- Investment in Jacmel Growth Partners will advance Living Cities' Blended Catalyst Fund's commitment to closing racial income and wealth gaps in U.S cities and further extend its support of fund managers of color
NEW YORK, Dec. 17, 2020 /PRNewswire/ -- Today, Living Cities' Blended Catalyst Fund ("BCF"), announced a capital investment in Jacmel Growth Partners ("Jacmel"), a growth private equity firm targeting family-operated, lower middle market companies, whose investment approach combines traditional private equity best practices with low-cost, high-impact strategies to address ESG issues. Since inception, Jacmel has deployed $45 million of capital into five companies across two platforms, delivering robust shareholder returns while also implementing a range of inclusive economy initiatives, including workforce development, increased Board representation of BIPOC leaders, and educational benefits for employees.
BCF's investment in Jacmel Growth Partners is the result of Living Cities' Capital for the New Majority strategy, a multi-faceted, long-term vision for how capital can be used to address the challenges faced by Black and brown fund managers and improve their ability to make equitable capital allocation decisions to, ultimately, increase support for founders of color and achieve better outcomes for all people living in U.S. cities. The BCF team was introduced to Jacmel Managing Partner Nick Jean-Baptiste through Living Cities' Builders & Benefactors network, a community of fund managers of color in the private equity and venture capital ecosystem.
Nick Jean-Baptiste, Managing Partner for Jacmel Group Partners, said: "Jacmel Growth Partners is excited to partner with Living Cities to further demonstrate our shared thesis that high-growth, scalable businesses can provide attractive shareholder returns while also benefiting employees and their families. The Builders and Benefactors network has played an important role in advancing Jacmel's thesis and continues to shape our thinking about how private equity managers can play an important role in addressing wealth equity issues at scale."
Demetric Duckett, Managing Director at Living Cities, added: "Living Cities' Blended Catalyst Fund deploys innovative capital to close racial income and wealth gaps, including investment in emerging managers seeking to address growing generational wealth inequality for people of color. We believe Jacmel Growth Partners' innovative approach to modifying the traditional private equity model has the potential to create more equitable outcomes and close wealth gaps."
About Living Cities
Founded in 1991, Living Cities is a collaborative of the world's largest foundations and financial institutions. Living Cities fosters transformational relationships across sectors to connect those who are willing to do the hard work of closing racial income and wealth gaps. The organization partners with cross-sector leaders in cities across the country to imagine and create an America in which all people are economically secure, building wealth and living abundant, dignified, and connected lives. To learn more, visit www.livingcities.org.
About Jacmel Growth Partners
Jacmel Growth Partners is a growth private equity firm targeting family-operated, lower middle market companies, with a focus on combining traditional private equity best practices with low-cost, high-impact strategies that benefit employees and their communities. Since inception, Jacmel has deployed $45 million of capital into five companies across two platforms, delivering robust investor returns while implementing a range of inclusive economy initiatives, including workforce development, increased Board representation of BIPOC leaders, and educational benefits for employees. The firm is led by Managing Partner Nick Jean-Baptiste, who developed the firm's differentiated approach after nearly fifteen years of Wall Street and Private Equity experience and during participation in the Living Cities' Builders and Benefactors network. To learn more, visit www.jacmelgp.com.
Media Contacts
Jeff Raderstrong
Living Cities
[email protected]
646-442-3236
Aduke Thelwell
Jacmel Growth Partners
[email protected]
347-464-8510
SOURCE Living Cities
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