Private Equity for Puerto Rico, formed by a group of private equity firms announced that the fund has reached its first major milestone of $1 million in donations since its launch on Oct 11.
Fund participants include Clearlake Capital Group, Valor Equity Partners, StepStone Group, Palladium Equity Partners, LLC and MoonSail Capital, LLC, along with the Kwanza Jones and José E. Feliciano Supercharged Initiative.
All donated funds are immediately provided 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.
Private Equity for Puerto Rico seeks to raise $10 million to aid victims of Hurricane María in Puerto Rico, and to do so is calling on its network, including legal and accounting firms, banks and advisors, and friends and family, to donate via its Classy page.
Rafael Ortiz, CEO of Private Equity for Puerto Rico and managing director at MoonSail Capital, who has been on the ground in Puerto Rico since the hurricane hit working to assist in the recovery efforts, said, “Make no mistake, the situation in Puerto Rico is dire. What we see day and night here is a humanitarian crisis that most of us can’t imagine.”
“Every day with no clean water the risk of disease and a deepened crisis grows. With no electricity, life-saving prescriptions cannot be preserved and people remain isolated and worried. But we can help untangle this web of devastation,” he said.
“The Foundation for Puerto Rico is working in at least 70 percent of the island. They have the local expertise and presence, and, with more than 500 volunteers, the people to help end the suffering. Starting with basic needs, they are bringing people up to livable conditions,” Ortiz added.
“Once basic needs are met, the Foundation turns to helping the broader communities, places like elderly care homes and small businesses, to create a path to full functionality. The Foundation is also sharing intelligence and helping other aid teams mobilize. This is how we will operate until our beautiful Puerto Rico is restored and better than ever,” Ortiz concluded.
“The best way to help right now is through donations, and the Foundation for Puerto Rico is making a real impact today, delivering goods and services efficiently, without red tape and unnecessary delays,” said José E. Feliciano, co-founder and managing partner of Clearlake Capital Group.
“We thank all of the donors to date from the bottoms of our hearts. While we understand there are many worthy causes, we ask anyone who is able to donate to join us in addressing the ongoing humanitarian crisis in Puerto Rico,” Feliciano said.
Clearlake, together with the Kwanza Jones and José E. Feliciano Supercharged Initiative, are anchor sponsors for Private Equity for Puerto Rico.