Two Madison Capital execs move to Ares: UPDATED

  • Veterans of New York Life unit pursue another opportunity
  • Madison Capital Funding CEO ousted last year
  • Long-time executive Hugh Wade named CEO in January

Grant Haggard and Brian Moncrief resigned on March 20, according to a media representative from New York Life. The spokesman declined to comment on any hiring plans to replace the pair or where they are now working. The duo are now employed at Ares Management, according to two separate sources.

Haggard was a managing director and Moncrief a mid-level executive at Madison Capital Funding. A source told Buyouts the pair specialized in loan origination. Haggard had worked for Chicago-based Madison Capital Funding since 2008, while Moncrief started his job there in 2010, according to their LinkedIn profiles.

Previously, Haggard had worked at GE Antares, Linsalata Capital Partners and CapitalSource, according to a 2008 report by sister publication Moncrief’s experience includes senior positions at Victory Park Capital and Fortress Investment Group, according to his LinkedIn profile

Madison Capital Funding named Hugh Wade, a co-founder of the firm, as chief executive officer in January. Wade also serves on an executive committee with Thomas Klimmeck and Devon Russell, both senior managing directors

In September, New York Life named Wade as interim CEO and said it fired Trevor Clark as CEO and another executive, Christopher Williams, for allegedly violating policies on personal investments and personal business activities, according to a company statement. Buyouts wasn’t able to reach Clark or Williams for comment.

Based in Chicago, Madison Capital Funding lists 36 people on its team of professionals. It’s completed at least 14 transactions so far this year, according to its website.

Madison Capital Funding works mostly with sponsors managing funds ranging from $50 million to $2 billion in size, according to its website.The firm’s financial activities support acquisitions, recapitalizations and growth investments, mostly in the middle market.

Since its launch by New York Life in 2001, Madison Capital Funding has closed more than 719 transactions totaling more than $16.2 billion in net funded commitments with more than 205 different sponsors, the firm said.

(This story has been updated to include information about the current employer of Grant Haggard and Brian Moncrief.)