Pomona hires GE pro to run co-investments

Pomona Capital has geared up its co-investing business over the last few years.

Now the New York-based manager of secondary funds and funds-of-funds has hired Lorraine Hliboki as partner and director of co-investments. Hliboki spent the last 15 years with General Electric as a senior managing director finding and structuring private equity transactions for the GE Equity division.

As a GE veteran, Hliboki has a strong business-building background, as opposed to a transactional background, says Pomona Capital founder Michael Granoff. He adds that her experience will come in handy in helping Pomona Capital pick the best portfolio companies to back.

Pomona Capital started business in 1994 as a secondaries investor, then branched into fund-of-funds. It owns partnership interests in more than 400 private equity funds, including ones managed by The Blackstone Group, Permira, Providence Equity Partners and Thomas H. Lee Partners. With its secondaries, funds-of-funds and now co-investments, Pomona Capital “really covers all of the things you can do with funds,” Granoff says.

Pomona Capital seeks to co-invest $10 million to $15 million in transactions through its $150 million co-investment vehicle, Pomona ING Co-Investment, which closed in 2006. Portfolio companies include Freescale Semiconductor, Harrah’s and Univision.

Separately, Pomona Capital is nearly finished investing secondaries fund Pomona Capital VI, which it closed in 2005 at $821 million. The firm will likely raise another fund in the latter part of this year. —Mark Cecil