Shundrawn A. Thomas and Anthony D. Hoye launched The Copia Group, a diverse-owned private equity firm, on Wednesday.
Mr. Thomas is the founder and managing partner of the Chicago-based firm, which will provide debt and equity products and services to privately held U.S. companies with a focus on the lower middle-market. Copia looks to "provide a distinct combination of growth capital and the support and resources needed to develop scalable, sustainable business models that generate equity and impact," a news release from the firm said.
Messrs. Thomas and Hoye, a partner and managing director of private credit at Copia, have partnered with Morningstar Sustainalytics to develop a proprietary social-impact framework, according to the release.
"We see a need in the market for more bespoke financing services tailored to the needs of private companies. There is also a need and opportunity to provide greater access to capital for women and ethnically diverse business operators, which is core to our mission," said Mr. Hoye, in the release, adding "we believe that full inclusion provides the greatest long-term value for our clients and the communities we serve."
Mr. Thomas has not been replaced as president at Northern Trust, said spokesman Tom Pinto in an email.
As of June 30, Northern Trust's assets under management totaled $1.3 trillion.
Mr. Hoye was director, senior credit officer in the global and corporate and investment banking group at Bank of America Merrill Lynch.