Raising capital is a core element of the private equity model, but a group of investors has recently turned its attention to a different type of fundraising, one aimed at disaster relief and rebuilding efforts in Puerto Rico in the wake of Hurricane Maria.
Private Equity for Puerto Rico—a campaign initiated by Clearlake Capital Group, Valor Equity Partners, StepStone Group, Palladium Equity Partners and MoonSail Capital—aims to raise $10 million from the private equity and financial community for Foundation for Puerto Rico, a nonprofit engaged in relief, recovery and rebuilding efforts on the island.
“Many in the private equity industry have asked how they can help, and donating to PE for PR is just one easy way,” said Juan Sabater, a partner with Chicago-based Valor Equity Partners.
The fund has raised nearly $850,000 as of Friday morning from donations made through online fundraising site Classy.
Clearlake Capital Group and the Kwanza Jones and José E. Feliciano Supercharged Initiative, a philanthropic group, have committed to match donations up to $500,000. Meanwhile, Valor Equity and StepStone have also committed $200,000 and $100,000 respectively.
“In the face of so much anguish and devastation as a result of this unimaginable event, we wanted to find a way to assist the people of Puerto Rico,” said Jose Feliciano, co-founder and managing partner of Clearlake Capital Group.
According to the initiative’s Classy page, donations will “not only fund immediate mission critical efforts, but also will help shape key, high-impact initiatives that will drive the long-term economic viability and success of Puerto Rico.”
Visit the campaign page to donate to the effort.
Kathryn Mulligan is the associate editor of Middle Market Growth.