Navab Capital Partners, the private equity firm launched in April by the late Alexander Navab, is winding down, according to a written statement from the firm.
"All of us were committed to help make Alex Navab's vision a reality, however, we have determined it does not make sense to go forward without him at the helm," the statement said.
Mr. Navab died suddenly on July 7.
"Navab Capital Partners will not pursue plans to raise a fund and will wind down in an orderly fashion," the statement said.
Mr. Navab aimed to have a firm that not only provided growth capital for upper mid-cap and larger companies but also had corporate philanthropy as a key component to its mission.
To that end, the firm hired as one of its inaugural executives Georgia Levenson Keohane, managing director, leading environmental, social and governance initiatives and president of the Navab Capital's philanthropic foundation.
The seven firm executives hired by Mr. Navab included Robert Berlin, partner, who joined from The Baupost Group; Ram M. Jagannath, partner who joined from The Carlyle Group; and Annette K. Rodriguez, partner, who joined from Warburg Pincus.
Goldman Sachs Asset Management's Petershill private equity seeding program was a strategic partner in the development of the firm.
"We continue to grieve this terrible loss, and in our individual ways, we will cherish Alex's memory and support his legacy of business and community leadership," the statement said.
