ATLalts

On this episode of the ATLalts podcast we explore the burgeoning opportunities in middle market private equity, particularly within the manufacturing sector in the United States, as articulated by the founders of Del Cam Capital. Joining us on the episode are Richard Gibble, Managing Director and Partner, Stephen 'Steve' Trotta, Managing Partner, and Stuart Chanin, Managing Director and Partner. I was joined this episode by the CEO and Founding Advisor of Gramercy Park Wealth Advisors, LLC, Brian Cote. Gramercy Park Wealth Advisors is where I recently affiliated and am building the Atlanta, GA market as a Financial Advisor and Head of Alternative Investments. Not included in the episode but a member of the Del Cam Capital team is Zachari Triner, Partner.

As Head of Alternative Investments at Gramercy Park Wealth Advisors, I meet with alternative investments managers throughout the course of my work to learn more about their strategies and approach to private markets. Brian Cote and I met the Del Cam team in 2024 and we continue to explore opportunities in middle market private equity. The middle market represented 60% of deal flow in 2024 and the U.S. middle market accounts for one-third of the nation's economic output. 99% of middle-market companies are privately held and much like our previous episode with Fruition Capital, bears understanding if you are an investor seeking alternative investment opportunities in equity and credit. It is our view at Gramercy Park Wealth Advisors that private equity focused in the middle market could be particularly well-positioned in a higher for longer interest rate environment and given the Trump administration's domestic policy and fiscal priorities.

On the episode with Del Cam Capital we delve into the concept of a "golden era" for manufacturing, driven by multiple macroeconomic factors and the strategic insights of our guests, Steve, Rich, and Stu. Their collective expertise reveals a transformative approach to private equity investment, emphasizing the importance of operational efficiencies, technological advancements, and the nurturing of enduring relationships within niche markets. Moreover, we examine Del Cam's distinctive methodologies for generating value post-acquisition, leveraging frameworks such as the Entrepreneurial Operating System (EOS) to foster accountability and drive employee engagement. Join us as we unpack these compelling narratives and gain invaluable perspectives on the future landscape of middle market private equity and its role in revitalizing American manufacturing.

The Discussion Covered the Following Topics

1. Introduction of the Team and Building Del Cam as a new Private Equity Platform Focused on Manufacturing
2. The Case for U.S. Manufacturing: A Golden Era
3. Macro Tailwinds for U.S. Manufacturing (particularly relevant with tariffs being enacted in February 2025 with Canada and Mexico)
4. Del Cam's Investment Processes including deal sourcing, due diligence, and post-acquisition value creation
5. Portfolio Highlights of The Shortening Shuttle and Space Age Electronics

Links referenced in this episode:

• delcamcapital.com
• gpwealthadvisors.com
• atlalts.com
• EOS Worldwide

Companies mentioned in this episode:

• Gramercy Park Wealth Advisors, LLC
• Del Cam Capital, LLC
• Fidelity Investments
• Space Age Electronics
• Shortening Shuttle
• EOS Worldwide

Learn more about DelCam Capital, LLC by contacting them:

Del Cam Capital, LLC

101 Arch Street

Boston, MA 02110

www.DelCamCapital.com

Disclaimer

The information provided in the ATLalts podcast and newsletter is for general informational purposes only and should not be construed as financial, investment, tax, or legal advice. This information provided should not be construed as a solicitation or offer to buy or sell any securities or any other financial instruments, financial products, or financial services. The views and opinions expressed in this podcast and newsletter are solely those of the speakers and do not necessarily reflect the official policy or position of ATLalts or its affiliates. All information or data provided is not warranted as to timeliness, completeness or accuracy and is subject to change without notice. Past performance may not be an indication of future results.

Listeners should consult with a qualified professional advisor before making any investment decisions based on the information presented. Gramercy Park Wealth Advisors, LLC and GPWA, LLC, Member FINRA/SIPC are not responsible for any errors or omissions in the content of this podcast and newsletter.

Securities are offered through GPWA, LLC / Member: FINRA & SIPC

The podcast features a deep dive into the world of small business acquisitions, highlighting the significant opportunity presented by the ongoing transfer of ownership from retiring Baby Boomers.

What is acquisition entrepreneurship? It is the practice of searching for and buying established, profitable small businesses - usually from a retiring owner. Fruition Capital invests in these businesses.

I invited Jason Ehrlich, Managing Partner of Fruition Capital on ATLalts to discuss why he believes investing in the acquisition of small businesses can allow investors to take advantage of what he believes are four key factors:

1. Generational transfer of US small businesses owned by Baby Boomers is underway. Greater then 3 million profitable businesses owned by 65+ year-old owners will change hands in the next 5-10 years
2. Attractive acquisition prices of 3x-5x avg. acquisition multiples (of EBITDA) for target businesses.
3. Probability of failure is low as only 2.1% of SBA 7a Business Acquisition Loans defaulted in 2023
4. The Chance of attractive performance is high as 75% of sesarch entrepreneur investors achieved an IRR of 20% according to one study.

Jason Ehrlich, Managing Partner of Fruition Capital, discusses how his firm focuses on investing in B2B companies with stable earnings and a repeat customer base, which he refers to as "enduring profitability." The conversation emphasizes the attractive valuations available in this space, often at 3x-5x multiples of EBITDA, and the low failure rates associated with these businesses, particularly in the context of SBA 7a loans. Ehrlich also elaborates on the unique structure of Fruition Capital, which differentiates itself by partnering closely with entrepreneurs while providing significant capital and operational support. As the episode unfolds, listeners gain insights into the strategies and criteria that make Fruition Capital a leader in this niche market, ultimately aiming to preserve and grow local businesses in communities across the U.S.

The impending retirement of Baby Boomer small business owners creates a unique landscape for investment, one that Fruition Capital is keen to navigate. Jason Ehrlich, managing partner of Fruition Capital, discusses the firm’s distinctive approach to acquiring established B2B companies that showcase not only a history of profitability but also a strong customer base. The podcast sheds light on the economic opportunities that arise from the generational shift in business ownership, particularly in light of the favorable valuations available—typically three to five times EBITDA for these enterprises. With a low default rate of approximately 2.1% on SBA 7(a) loans, the primary financing method for such acquisitions, investors are presented with a compelling case for entering this market.

Ehrlich elaborates on Fruition Capital's stringent investment criteria, underscoring the firm’s commitment to stability and enduring profitability. By intentionally avoiding tech-heavy or cyclically volatile industries, Fruition ensures that its investments are grounded in businesses that have demonstrated resilience over time. The conversation also touches on the structural elements of deals, such as seller notes and equity rollovers, which serve to align the interests of the sellers and the new owners, thus facilitating a seamless transition of leadership while preserving the legacy of these local businesses. This model not only safeguards the interests of investors but also places the entrepreneurs in a position to succeed as they take the reins of these established firms.

Furthermore, the episode highlights the broader societal impact of Fruition Capital's investment strategy. By empowering a new generation of entrepreneurs to take over small businesses, Fruition aims to keep jobs within local communities and foster economic stability. This commitment to community revitalization aligns perfectly with the firm’s investment philosophy, showcasing that financial returns and social responsibility can go hand in hand. As listeners delve into this discussion, they gain a deeper understanding of how strategic investments can not only yield strong financial outcomes but also contribute to the health and vibrancy of local economies.

Takeaways:

• The transfer of small business ownership from Baby Boomers is creating unique investment opportunities.
• Fruition Capital focuses exclusively on B2B companies with established customer bases for stability.
• Investors can benefit from attractive valuations, often at 3x-5x EBITDA multiples.
• The default rate for SBA loans used in acquisitions is impressively low at 2.1%.
• Jason Ehrlich emphasizes the importance of investing in enduringly profitable businesses with longevity.
• The podcast highlights the need for experienced entrepreneurs to guide successful acquisitions.

Companies mentioned in this episode:

• Fruition Capital
• Gramercy Park Wealth Advisors, LLC
• GPWA, LLC, Member FINRA/SIPC

Drew Holley, Managing Partner of BIS Benefits, emphasizes the critical importance of employee benefits and health insurance in today's competitive business landscape, where retaining top talent is paramount. With a focus on serving clients with excellence, BIS Benefits has evolved into a one-stop shop for group health and business insurance since its inception in 1997. Drew shared how investing in growing and developing people and the organizational focus on mission, vision, and core values at BIS has allowed the firm to grow significantly. Drew shares insights on the growing need for businesses to review and adapt their insurance strategies, start the renewal process early, especially in a time of rising costs and changing market dynamics, and work with a trusted advisor. He highlights the significance of fostering strong relationships between business owners and their insurance advisors, ensuring proactive communication and support during critical moments. Listeners will gain valuable advice on navigating the complexities of employee benefits and the impact of proper coverage on workforce satisfaction and retention.

Takeaways:

• Understanding the true costs of health insurance is essential for business owners today.
• Drew explains that affordability of healthcare plans directly impacts employee satisfaction and retention.
• People are everything to a business and by far the most critical asset. One of the most important factors employers can easily overlook is the importance of employee benefits.
• The insurance industry is evolving, with technology playing a crucial role in operations.
• More private equity has entered the space than ever before on both the brokerage and client side.
• BIS Benefits focuses on building relationships and providing exceptional service to their clients.
• Becoming the trusted advisor transforming each organization's approach, design and implementation of healthcare is the vision of BIS
• BIS seeks to be a place where growth on the professional and personal level can take place and puts a significant emphasis on community, giving back, family, and more
• Hiring for values and personality fit is more important than industry experience in the insurance field.

Links referenced in this episode:

• bisbenefits.com

Companies mentioned in this episode:

• BIS Benefits
• State Farm
• Liberty Mutual
• Blue Cross
• Aetna
• United
• Travelers
• Hartford
• Innovative Outsourcing
• United Benefit Advisors

Unlocking financial value through alternative credit is a central theme in this engaging conversation with Sreeni Prabhu, co-founder, Managing Partner, Co-CEO, and Group Chief Investment Officer at Angel Oak Capital. With a keen focus on the structured credit space, Sreeni discusses how Angel Oak, one of the largest securitizers of non-qualified mortgages in the nation, skillfully navigates market dynamics to create strategic long-term value for investors. He highlights the current opportunity in mortgage-backed securities (MBS), as inflation stabilizes and interest rates are expected to decline, presenting a historic chance to enhance fixed-income allocations. Furthermore, Sreeni elaborates on the burgeoning second lien mortgage market, emphasizing the significant equity homeowners possess and the untapped potential for strategic financing solutions. Through this episode, listeners will gain insights into the evolving landscape of fixed income and the innovative approaches that Angel Oak employs to meet the needs of both institutional and individual investors.

Sreeni Prabhu, co-founder, Managing Partner, Co-CEO and Group Chief Investment Officer of Angel Oak Capital, shares his insights on alternative credit and the unique opportunities within the non-qualified mortgage sector during his conversation with ATLalts host and creator Andres Sandate. Beginning with his personal journey, Srinivas recounts his transition from a tennis player in India to a prominent figure in finance, highlighting the importance of networking, resilience, and a willingness to pursue an unconventional path. He emphasizes Angel Oak's strategic positioning as a leader in the mortgage-backed securities market, particularly in non-QM loans, and how the firm's comprehensive investment platform creates long-term value for its clients.

As the discussion progresses, Sreeni delves into the current economic landscape, noting the potential for fixed-income investments amid declining interest rates and controlled inflation. He points out that mortgage-backed securities are trading at historically attractive spreads, presenting a compelling case for investors. The conversation underscores the significance of education in the financial sector, with Sreeni advocating for transparency and trust-building between Angel Oak and its clients. This commitment to educating advisors and investors is a cornerstone of the firm's strategy.

The episode also explores the emerging second lien mortgage market, where homeowners can leverage their home equity for various financial needs. Sreeni highlights the substantial addressable market, estimated at $1.6 trillion, and discusses how Angel Oak is prepared to meet this demand with innovative financial products. As the episode concludes, Sreeni shares his vision for the future of Angel Oak Capital, emphasizing the need for a patient, long-term approach to investing in the ever-evolving financial landscape.

Takeaways:

• Sreeni Prabhu's journey from India to Milledgeville, GA to leading a $20 billion asset management firm is inspiring for anyone pursuing their professional and personal interests, regardless of industry or career.
• Angel Oak's unique position in the mortgage-backed securities market offers compelling investment opportunities.
• The firm emphasizes a long-term perspective, focusing on sustainable growth and risk management.
• Understanding the second lien mortgage market can provide valuable insights for financial advisors.
• Investing in non-qualified mortgages offers significant potential returns in the current economic climate.
• Angel Oak's commitment to education and transparency enhances relationships with investors and advisors.

Links referenced in this episode:

• angeloakcapital.com

Companies mentioned in this episode:

• Angel Oak Capital
• Angel Oak Mortgage REIT
• SunTrust Bank
• Washington Mutual
• Fannie Mae
• Freddie Mac

The primary focus of this discourse revolves around the intricate dynamics of life settlements as an alternative asset class with our guest Jay Jackson, the Chairman and CEO of Abacus Life. We embark upon a comprehensive exploration of the uncorrelated nature of life insurance products, which stand in stark contrast to traditional investment vehicles, thus presenting an opportunity for diversification within investors' portfolios. Jackson expounds upon the significant misconception that life insurance is merely a debt obligation rather than a tangible asset with a calculable net present value, a perspective that could fundamentally reshape financial planning practices. We delve into the regulatory advancements that have fortified the life settlement market, thereby enhancing consumer protections and enabling greater access for institutional investors. Ultimately, this episode serves as a clarion call for financial advisors and individual policyholders alike to recognize the latent value within life insurance policies, advocating for a paradigm shift in how these instruments are perceived and utilized in the broader landscape of wealth management.

Jay Jackson, Chairman & CEO of Abacus Life (NASDAQ: ABL) joined ATLalts today to discuss life settlements. Jay has deep expertise in alternative assets and leads a company that has purchased over $4.6 billion in life insurance policies and helped thousands of policy holders maximize their value. Jay is a life settlements industry trailblazer as Abacus Life is the ONLY pure play, publicly traded life settlement company. Abacus recently acquired Carlisle Management Company for $200 million, making ABL the largest life settlement company in the world. On August 7, 2024 Abacus announced the acquisition of FCF Advisors. Press release below:

https://www.globenewswire.com/news-release/2024/08/07/2926361/0/en/Abacus-Life-Announces-Agreement-to-Acquire-FCF-Advisors.html

Finally, Jay is an innovative thought leader and a contributing author of ‘Pursuing Wealthspan,’ a book that discusses how individual lifespan affects wealth, and recently hosted a longevity summit that brought together some of the top minds in the industry. To learn more about Abacus Life you can visit the company's website at: https://abacuslifesettlements.com/

The dialogue presented within the ATL Alts podcast encapsulates an exploration of the alternative asset landscape, specifically emphasizing the intricacies and strategic advantages of life settlements as a compelling investment avenue. With the distinguished Jay Jackson, Chairman and CEO of Abacus Life, as a guest, the conversation delves into the multifaceted aspects of life insurance as an asset class. Jackson articulates the concept of life settlements being inherently uncorrelated to traditional financial markets, thereby offering a unique risk-reward profile that can significantly enhance portfolio diversification. He elucidates the fundamental issues surrounding accessibility to these assets, highlighting the barriers that both investors and policyholders face. By employing sophisticated actuarial data and mortality projections, Jackson underscores the necessity for financial advisors to educate their clients on the value inherent within life insurance policies, which are often misperceived as mere liabilities rather than valuable assets.

Takeaways:

• The discussion emphasizes the significance of comprehending the true market value of life insurance policies, as most individuals perceive them erroneously as mere debts rather than legitimate assets.
• Jay Jackson elucidates on the critical nature of lifespan data in financial planning, asserting that it fundamentally alters how advisors should approach their clients' future needs and investments.
• Listeners are informed that a staggering $13 trillion is currently in force within the life insurance market, yet only a mere 10% of policies are projected to ever pay a claim, highlighting the necessity for increased awareness and education.
• The podcast underscores the transformative potential of alternative assets, particularly life settlements, which are presented as uncorrelated investment opportunities that can substantially diversify portfolios for investors.
• Abacus Life's innovative approach aims to empower policyholders by elucidating the net present value of their insurance contracts, thereby fostering a paradigm shift in how these assets are perceived and utilized.
• The conversation reveals how regulatory changes over the past two decades have enhanced consumer protections in life settlements, encouraging institutional interest and investment in this previously obscure asset class.

Links referenced in this episode:

• abacuslife.com

Companies mentioned in this episode:

• Abacus Life
• Franklin Templeton
• BlackRock
• FCF Advisors

Marissa Kim is Head of Asset Management at Abra Capital Management (ACM), a SEC-registered investment advisor and subsidiary of Abra, a global platform for digital asset prime services and wealth management. In April 2024, Abra announced the launch of Abra Private (led by Marissa), which provides HNWIs, financial advisors, trusts, and family offices with a comprehensive suite of digital asset & wealth management solutions (all of which are powered by their expertise in DeFi – a key differentiator of the firm:

Trade & Invest

Clients can buy and sell 100+ digital assets with deep liquidity and low slippage through Abra including both crypto/fiat and crypto/crypto pairs

Earn Yield

Abra offers a variable yield on BTC, ETH, SOL and stablecoins through separately managed accounts (SMAs).

Borrow

Clients can borrow against their digital asset collateral to unlock liquidity.

Customized Investment Strategies

For more sophisticated clients, Abra can create customized delta-neutral portfolio strategies combining DeFi trading, lending and market-making.

Abra’s RIA operates a separately managed account model, this is crucial for transparency and security, as clients are not liabilities on Abra’s balance sheet, and they retain title to their assets (i.e. they are never commingled – which has been a historic issue in crypto).

Before Abra, Marissa founded Quantum Global Management, an investment firm focused on thematic investment in the building blocks of Web 3 and lending and DeFi strategies in digital assets and cofounded Ark Advisors, an advisory and investment firm focused on the digital asset space.

Many HNWIs and accredited investors investing in crypto either hold bitcoin/ether or the spot ETFs, however, Abra Private is trying to educate sophisticated investors on how DeFi is powering a holistic set of asset and wealth management solutions that are better suited to the needs of sophisticated investors.

Firm Summary

Abra is a global platform for digital asset prime services and wealth management, leveraging trusted DeFi expertise to connect the on-chain and off-chain ecosystems for private clients and institutions. By integrating trading, borrowing, lending, yield services, and asset management into one offering, all underpinned by institutional risk management, Abra provides clients with actionable insights and a competitive edge. Abra’s client base includes a diverse range of private clients, family offices, hedge funds, venture capital, and crypto infrastructure firms.

The salient point of this discourse revolves around the critical role that alternative investments, particularly through the lens of Crystal Capital Partners, play in diversifying portfolios and enhancing risk-adjusted returns for financial advisors and their clients. We engage with Alan Strauss, a senior partner and head of investor relations, who elucidates the evolution of his firm from a hedge fund-centric model to a comprehensive alternative investment platform that prioritizes due diligence and alignment of interests. Our conversation delves into the intricate dynamics of the alternative investment landscape, emphasizing the necessity for advisors to not merely seek access to premier managers, but to cultivate a nuanced understanding of the products and strategies that best serve their clients' needs. Furthermore, Strauss articulates the significance of technological advancements in facilitating transparency and operational efficiency, thereby empowering advisors to navigate the complexities of alternative assets with greater efficacy. As we explore various investment themes, including private credit and venture capital, we underscore the imperative for advisors to build diversified portfolios that mitigate risk while seizing opportunities inherent in this multifaceted asset class. Through this dialogue, we aim to equip financial professionals with the insights necessary to thrive in a rapidly evolving investment environment.

Crystal Capital Partners is a portfolio-centric alternative investment platform allowing financial advisors to seamlessly customize portfolios of industry-leading alternative investment funds with low minimums and operational simplicity.

Alan Strauss joined me to discuss the evolution of Crystal Capital Partners, how the firm partners with financial advisors and wealth management professionals to construct portfolios for discerning accredited investors and qualified purchasers, and where advisors are currently looking for exposures.

Crystal Capital Partners has more than 30 years of alternative investment experience, works with 200+ financial advisory firms, has created 500+ bespoke portfolios through their platform and has a curated roster of 50 private equity, private credit, venture capital, and hedge fund offerings available to clients.

Takeaways:

• In the ever-evolving landscape of alternative investments, the significance of robust due diligence cannot be overstated, as it is pivotal for maintaining fiduciary responsibility and ensuring optimal client outcomes.
• The dialogue surrounding the allocation towards private credit has intensified, particularly in a rising interest rate environment, which necessitates a nuanced understanding of yield generation in relation to traditional fixed income alternatives.
• As the independent advisory space grows, the importance of aligning with a partner that provides comprehensive educational resources and technology-driven solutions becomes paramount for advisors aiming to enhance their service offerings.
• The discussion about the burgeoning field of venture capital highlights the critical need for advisors to identify established fund managers capable of navigating market cycles, thereby ensuring sustained access to innovative investment opportunities.

Howard Abrahams is an entrepreneur and founder of Morewood Funding, which handles complex situations for companies looking for debt financing and loans. After earning his BA from Binghamton University and Juris Doctorate from the Benjamin Cardozo School of Law, he spent 25 years on Wall Street at major investment firms like MAN Group working with complex investment strategies.

Morewood Funding helps businesses access capital when conventional lenders can't or won't lend. Howard helps companies secure loans ranging in size from $100,000 to $10,000,000. Companies seeking one or more of the following are typical clients of Morewood: purchase order financing, inventory financing, direct-to-consumer inventory financing, accounts receivable financing, lines of credit, term loans, SBA loans, startup loans, CRE loans, equipment financing, RIA loans for acquisitions and working capital, and acquisition financing.

Ron Geffner, Partner, Sadis

Ron is a founding member of the firm’s Executive Committee and also oversees the Financial Services group. He regularly structures, organizes and counsels private investment vehicles, investment advisory organizations, broker-dealers, commodity pool operators and other investment fiduciaries. Ron also routinely counsels clients in connection with regulatory investigations and actions. His broad background with federal and state securities laws, and the rules, regulations and customary practices of the SEC, Financial Industry Regulatory Authority, Commodities Futures Trading Commission and various other regulatory bodies, enables him to provide strategic guidance to a diverse clientele. He provides legal services to hundreds of hedge funds, private equity funds and venture capital funds organized in the United States and offshore.

Ron began his legal career with the SEC, where he investigated and prosecuted violations of the federal securities laws with an emphasis on enforcement in connection with violations of the Investment Advisers Act of 1940 and the Investment Company Act of 1940. He also assisted federal and state criminal agencies, such as the Federal Bureau of Investigation, the U.S. Attorney’s Office and the Attorney General’s Office, in their investigations of possible criminal violations of federal and state securities laws.

Prior to starting Sadis & Goldberg, Ron was associated with two other New York City-based law firms, where he represented domestic and offshore private investment vehicles, as well as broker-dealers, registered investment advisers and registered investment companies.

He began his corporate legal career as in-house counsel in the Investment Management Industry Services group of PricewaterhouseCoopers LLP, where he provided legal advice regarding investment advisers, registered investment companies and broker-dealers.

Ron is often interviewed as a legal expert in the securities industry. He has appeared on Fox News, CBS Morning Show, CBS Evening News with Dan Rather, Squawk Box, Power Lunch and Closing Bell on CNBC, British Broadcasting Channel and Bloomberg Radio. He is regularly quoted in The New York Times, The Wall Street Journal, Bloomberg News, Barron’s, Barron’s Online, Reuters, Dow Jones, Financial Times, New York Newsday, London Daily News, TheStreet.com, Private Equity Week and other national and international publications.

https://www.sadis.com/professionals/ron-s-geffner

https://www.linkedin.com/in/rgeffner/

Robert Swarthout, Founder, CEO, and Portfolio Manager of Teton Crypto Capital

Robert, the Founder, CEO & Portfolio Manager of TCC, is a cryptocurrency veteran. He has been investing in the cryptocurrency space for over five years with a full-time focus for over three years. He is a calculated investor that understands that this new emerging market is a marathon rather than a sprint. By taking the long view he focuses on the tokens that will solve large problems over the long term rather than the flavor of the current news cycle.

In the first chapter of Robert’s career, he founded and sold two software businesses. The most recent venture (ShootProof.com) is a SaaS business that enables professional wedding and portrait photographers to serve their clients better. He co-founded ShootProof in 2009 and grew it to 43 employees, 43,000+ paying customers and $10M+ in annual recurring revenue, all with no outside funding. Being a multi-time founder, he is experienced in starting and scaling businesses and teams. He prides himself on building teams that thrive on adjusting to challenges in front of them. As of late 2018, a private equity group took a controlling interest in ShootProof.

https://www.linkedin.com/in/robertswarthout/

XAI is focused on closed-end funds and helps clients build permanent capital vehicles including U.S. Listed CEFs, Interval Funds, CEF/REITs, London Listed Investment Companies, Tender Offer Funds and Auction Funds. XAI Consulting clients leverage XA's experienced team to launch innovative closed-end funds (CEFs) in traditional and alternative asset classes. In this interview, Kimberly and I walk through a typical client's feasibility assessment step-by-step before launching a CEF.

Kimberly Ann Flynn is a Managing Director at XA Investments. She is a partner in the firm and is responsible for all product and business development activities. Kim is responsible for the firm's proprietary fund platform and consulting practice. Kim has developed an expertise in closed-end fund product development and is a frequent contributor to media and industry events on topics including interval funds, alternative investments and London-listed investment companies. Kim has earned the CFA designation and is a member of the CFA Institute and CFA Society Chicago. She is also Series 7, 63 and 24 licensed.

Previously, Kim was Senior Vice President and Head of Product Development for Nuveen Investments' Global Structured Products Group. In her 11 years at Nuveen, she helped develop over 40 closed-end funds, raising approximately $13 billion in capital. In her leadership role at Nuveen, Kim was responsible for asset-raising activities through the development of new, traditional, and alternative investment funds, including CEFs, ETFs, UITs, and commodity pools.

Kim received her MBA degree from Harvard University, where she was a William J. Carey scholar and President of the HBS Volunteers. Before attending Harvard Business School, Kim spent three years working in Morgan Stanley's Investment Banking Division (1999-2002) in their Chicago office. She earned her BBA in Finance and Business Economics, summa cum laude, from the University of Notre Dame in 1999 where she was a valedictorian candidate, Rhodes Scholar finalist and the first recipient of the Paul F. Conway Award, given to a senior in the Department of Finance who embodies Notre Dame's tradition of excellence and who enriches the ideals of the university.

Kim was recently selected to serve on the Notre Dame Wall Street leadership committee. She also serves on the board of the Women in ETFs Chicago chapter as Head of the Mentorship Committee and on the advisory board of Youth Guidance's Becoming A Man program. She is an active member of the University Club of Chicago and the Harvard Club of New York City, where she conducts regular business. Kim and her family - husband, Leo; son, Teddy; and daughter, Rose - live in Lincoln Park.