PlanMember Financial, a financial services marketing and distribution company with $1 billion in assets under management, got $10 million in equity capital from private equity firm Lovell Minnick Partners and $10 million in mezzanine financing from Caltius Mexxanine Partners, said Robert Belke, a principal with Lovell Minnick. That $10 million equity stake gives Lovell Minnick a "significant minority interest" in the firm, said Mr. Belke.
PlanMember has logged annual growth of more than 20% a year over the past decade, providing plan members - with a focus on elementary and high school 403(b) plans - with retirement services such as asset allocation and asset management, Mr. Belke said.
