Private equity firms launch relief fund with $10M goal
Private Equity for Puerto Rico, formed by a group of leading private equity firms, including Clearlake Capital Group, Valor Equity Partners, StepStone Group, Palladium Equity Partners, LLC and MoonSail Capital, LLC, announced an effort to raise significant funds from the private equity and financial communities to aid victims of Hurricane María in Puerto Rico.
Private Equity for Puerto Rico seeks to raise $10 million for the hurricane-ravaged island by encouraging the diverse private equity network, including banks and advisors, to donate via its Classy page, at https://give.classy.org/peforpr.
All funds raised will be donated to the Foundation for Puerto Rico, a nonprofit organization on the ground in Puerto Rico that is focusing all of its efforts and resources on relief, recovery and rebuilding efforts on the island.
The Fund has already raised $800,000, anchored by a commitment of up to $500,000 from Clearlake Capital Group and the Kwanza Jones and José E. Feliciano Supercharged Initiative.
“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. Our beloved island needs our help now and going forward in what will undoubtedly be a long path to recovery,” said Feliciano, managing partner of Clearlake Capital Group.
“As a native of Puerto Rico, I hope this donation from Clearlake and KJSI serves as a seed that helps us achieve our $10 million goal in collaboration with the Foundation for Puerto Rico and our friends in the private equity and broader financial community,” he said.
Under the commitment, KJSI and Clearlake together will match all donations up to $500,000. Valor Equity Partners is also anchoring the Fund with a $200,000 commitment, and StepStone has committed $100,000.
“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, partner of Valor Equity Partners.
“The Foundation for Puerto Rico is already helping in cities and rural areas across the island. They are getting basic necessities, such as water and food, to those who are on the brink,” he said.
“They are also helping with energy and communication initiatives. We at Valor and I, as a proud Puerto Rican, are grateful for their work and we look forward to getting available funds to them as quickly as possible,” Sabater added.
Funds will be given to the Foundation for Puerto Rico on a rolling basis as donations are received.
“This is a critical time for Puerto Rico, and getting funds to the island and a proven aid organization is the best way to help,” said José Fernández, COO at StepStone Group.
“Our goals are not only to eliminate the suffering, but to provide the backing that will enable a stronger Puerto Rico to emerge,” Fernández said.
Meanwhile, Marcos A. Rodríguez, CEO of Palladium Equity Partners said, “While some assistance has arrived in the bigger cities, it’s important to keep the smaller municipalities in mind.”
“Relief just isn’t getting there. We’ve set up the Fund and the Classy page, and will be working with the well-respected Foundation for Puerto Rico to make it as easy as possible for firms and individuals to donate to this worthy cause. In just a few clicks everyone can help a little, and together, we can help a lot,” Rodríguez added.
Rafael Ortiz, managing director of MoonSail Capital said, “The devastation in Puerto Rico is widespread and much more help is needed. While today people require basic necessities to survive, the focus will ultimately move to reconstruction of this island that has endured more than $90 billion in damage.”
“Together with the Foundation for Puerto Rico, we can help ensure safety, recovery, and the best future for Puerto Rico,” Ortiz said.