LA-based private equity firm OpenGate Capital has partnered with Ownership Works, a nonprofit founded by KKR’s Co-Head of Global Private Equity Pete Stavros that is aiming to generate at least $20bn of wealth for employees over the next decade.
In a press statement, Andrew Nikou, Founder and Managing Partner at OpenGate, said: “Our partnership with Ownership Works reflects our long-held commitment to being part of the solution with respect to expanding economic opportunity. We look forward to empowering and incentivising employees with an equity sharing program that ultimately has the potential to improve company performance.”
OpenGate was established in 2005 and specialises in business acquisition and operation, having so far executed over 40 platform acquisitions across North America and Europe, according to a press release.
Ownership Works was founded in 2021 by Stavros, who is Chairman, alongside Executive Director Anna-Lisa Miller, with the aim of helping organisations to implement employee engagement and ownership programmes. Stavros developed a model to provide employees with an equity stake in companies that the firm had purchased, so they would benefit if profit was made, according to a report by the New York Times. Its consortium comprises foundations, corporations, labour advocates, investors, pension funds and private equity firms.
