Katrina Affects PE

Several private equity pros were directly affected by Hurricane Katrina.

New Orleans-based private equity advisor and fund-of-funds manager Advantage Capital reports that its main office is closed for several weeks and operations moved to its St. Louis locale. The firm added that “nearly everyone from Advantage left the city, and we believe all are safe.”

Enhanced Capital Partners, which manages a business development fund in New Orleans, likewise said that it believes most from its firm evacuated the city.

One private equity pro from an undisclosed firm sent an email to say he and his family evacuated New Orleans to the safety of Arkansas.

“It’s hard to tell what’s happened to our office and home back in New Orleans but I suspect it’s not pretty …We’ve set up a temporary office at a friend’s office in Little Rock. … I was supposed to draft and send out a letter of intent on a company this week that we are interested in acquiring but somehow it hasn’t quite seemed so important anymore to get this out pronto.”