The PFM Group, an independent financial and investment adviser to state and local governments and not-for-profit institutions, has received an investment from a group led by ICV Capital
The PFM Group, an independent financial and investment adviser to state and local governments and not-for-profit institutions, has received an investment from a group led by ICV Capital, a private investment firm, to enhance its future growth and development.
ICV Capital’s equity investment is joined by that of the Michigan Employees Retirement System Strategic Opportunity Fund.
The PFM Group’s two primary businesses include Public Financial Management, which offers a complete scope of services and products to meet all of its clients financial advisory needs, and PFM Asset Management, which provides investment advice and portfolio management for governmental and not-for-profit organisations, corporations, pension funds and other institutions.
F. John White, chief executive of The PFM Group (pictured), says: "We are delighted with this investment and with our new investors. PFM has gone from strength to greater strength at a time when much of the market faces capital difficulties. This investment will accelerate our efforts to expand our business. It is a major step in our long range strategic plan and will support expansion of existing services to clients, investments in cutting edge technology, data services and training, and hiring of outstanding professionals, all of which benefit our clients. It will also provide funding for potential acquisitions, which have been an important contributor to our growth and success over more than 30 years."
Tarrus Richardson, managing director of ICV Capital, says: "We are delighted to partner with a world class management team that has built the market leading municipal finance and investment advisory business in the US. We look forward to providing the management team with growth capital for strategic initiatives such as lift outs of high quality professionals and acquisitions of asset management businesses. We have had the privilege of getting to know all 54 Managing Directors and are thrilled to be their partners going forward."
PFM’s senior professionals will remain in place to provide client services and management. Each managing director will maintain a significant equity position in the firm and will continue to be employed by the PFM Group companies.
Debt financing for the transaction was provided by two Pennsylvania community banks, Susquehanna Bank of Lancaster and TriState Capital Bank of Pittsburgh.
