David Fann tried something completely different in TorreyCove Capital Partners LLC's search for the best and brightest new private equity firms.
Mr.Fann, president and CEO of the private equity consulting firm, used a speaking gig at the Dow Jones Private Equity Analyst Conference in New York, Sept. 26-27, to spread the word.
Speaking on a panel about fundraising — “Crashing the Gate: Inside the Minds of Private Equity Consultants” — Mr. Fann took a moment at the end of his remarks to make a business pitch. He announced that La Jolla, Calif.-based TorreyCove is putting together an emerging markets managers portfolio for the Overseas Private Investment Corp., a development agency of the U.S. government. Then he asked for solicitations.
On Oct. 23, OPIC launched a “call for proposals” seeking one or more private equity emerging markets funds managers. The agency plans to commit $35 million to $150 million to each fund. TorreyCove executives will help them sort through investment proposals.
The pitch at the conference seemed to do the trick. When the panel ended, Mr. Fann was swarmed by a crowd of hopeful executives with business cards at the ready.
“My announcement at PEA was to pre-market the call. Anyone meeting the OPIC requirements is encouraged to apply,” Mr. Fann said in an e-mail in response to questions.
This article originally appeared in the October 28, 2013 print issue as, "TorreyCove's Fann goes to the source for a new portfolio".