Former Pension Execs Start Firm

Two executives who helped diversify New York City’s pensions with greater investment in private equity have launched their own investment firm.

Adam Blumenthal and Josh Wolf-Powers have started Partnership Equity, a New York-based private equity firm. Blumenthal is the former deputy comptroller and CFO for the New York City Comptroller’s office, and Wolf-Powers was previously managing director of private markets for the New York City Comptroller.

The firm will invest in structured control investments in middle-market companies. It hopes to invest between $5 million and $30 million in transactions that range between $10 million and $120 million.

Partnership Equity’s focus is on late stage companies with revenue between $25 million and $250 million. The founders say their strategy is well suited for applied technology, distribution, engineering and manufacturing companies.

Wolf-Powers declined to say if the firm would raise a fund. He says the firm can finance deals without a fund of its own.

“We have good relationships with a couple of one-stop shops and business development corporations,” says Wolf-Powers. “We’re focused on pursuing the business plan. We’re not trying to look too far ahead.”