- Why this is important: New family office brings on former Goldman Sachs exec from prominent local firm.
Chaya Slain joined AdCap Management as chief investment officer this month, she confirmed for Buyouts.
The Cleveland firm is run by Joel Adelman, who previously founded Advance Partners and then sold it to Paychex in 2015. Adelman started AdCap in April 2018, according to his LinkedIn page.
Described by Crain’s Cleveland Business as a “family office, alternative lender hybrid,” AdCap has as its mission to “unlock quick access to alternative sources of capital to support the success of growth-stage businesses that are emboldened with energy, passion and viable ideas,” its website says.
Slain, a 1998 graduate of Columbia University, out of school worked for Goldman Sachs for more than four years, her LinkedIn page says. She’s a chartered alternative investment analyst and a chartered financial analyst. She previously worked as a director of Cleveland-based Parkwood LLC.
“[Slain] brings a wealth of experience and knowledge. With over a decade of experience at a large well-established family office, she will adeptly build out a thoughtful and efficient infrastructure for our office,” Adelman told Buyouts in an emailed statement. “She has the network and expertise necessary to create a best-in-class portfolio including both traditional and alternative investments.”
Family office Parkwood was co-founded by Premier Industrial Corp Founder and CEO Morton Mandel in the 1990s. Premier went public in the 1960s, and in 1996 merged with Farnell Electronics in a $3 billion deal, according to Parkwood’s website.
Parkwood, which employs about 70 in Cleveland and Delaware, in 2017 purchased a 10 percent stake in Riverside Co.
Slain’s hiring was first reported by Institutional Investor.
Update: This story was updated with a quote from Joel Adelman and confirmation from Chaya Slain that she has accepted the new position and left her old one.