Verite Investors Network Fund I LP Announces: Targeting $100 Million to Fund Women & Minority-owned Businesses
DALLAS, Texas, October 11, 2018 – Verite Investors Network Fund I LP (VIN), an impact domestic private equity fund has been established to provide access to growth capital for high-potential companies which are women and minority-owned. For its initial fund, VIN will endeavor to complete a $100 million-dollar capital raise.
Accessing growth capital for minority business owners has proven to be a challenge, despite growing demand from Fortune 500 companies and OEMs who have now allocated over $100 billion to be spent with suppliers who are certified minority businesses. To capitalize on this opportunity, a group of investors, entrepreneurs, business owners, philanthropists, athletes and entertainers have come together to form Verite Investors Network Fund I LP.
Through its various partnerships and well-established networks, VIN’s strategy is to identify high-potential and scalable businesses which might have been overlooked by traditional financial institutions and whose owners may lack the knowledge for tapping into mainstream options for growth capital. As Lynda Davey, a VIN Founder and Managing Partner states, “VIN is focused on ‘doing good by doing well’ by providing capital and tools that allow individuals to build value for themselves and their investors, while strengthening their communities at the same time.”
Rodney Woods, a VIN Founder and Managing Partner, points out, “We know that major corporations, such as those in the Billion Dollar Roundtable who spend in excess of $1 billion annually with minority-owned businesses, have quantitative goals for growing their supplier base among these companies, yet they often struggle with finding qualified suppliers of scale.” BDR members such as Apple, Toyota and CVS acknowledge the value of cultivating success within these groups. According to Adrienne Trimble, General Manager, Diversity & Inclusion at Toyota North America, “It is our desire to support economic solutions that strengthen and drive economic development for minority businesses.”
For automotive peers, like Volkswagen Group of America, Inc., ambitions for supplier diversity will be realized to the extent policies and procedures to position minority/women-owned enterprise for success are in place. As Kee Kee Mathis, Supplier Diversity Manager at Volkswagen, states, “My role is to ensure fairness, transparency, and to have our supplier base reflect what our communities and our customers look like. We must be deliberate and intentional to be inclusive of all great minds no matter our differences.”
As an extension of its presence at the 2018 Volkswagen Chattanooga’s Partnering for Success Conference, VIN intends to work with corporate leaders and aspiring suppliers to help bridge this gap by identifying and connecting successful enterprises who can achieve scalability with a financial partner who can provide both capital and know-how. VIN’s well-developed platform of relationships can provide advantageous connections for qualified minority-owned businesses with corporate diversity supplier demand, and impact investors.
Gwyn Picerne, Playbook Investors Network's Managing Partner, Real Estate Developer, Restaurateur & Business Owner, has always been passionate about helping people. “I am pleased to be adding the VIN Fund to my portfolio because it fits perfectly with my goal of creating more opportunities for a sector that has been largely underserved by the equity markets,” says Gwyn. She recently hosted the Fund’s kick-off initiative in her home state of Florida. She believes in the VIN mission and vision and is attaching her name, time, and resources to make the Fund happen. She believes that VIN’s innovative approach will help businesses become more resilient in a rapidly changing economy, assisting them to not only operate outside the box but also equip them with the tools to reach their full potential.
From his own experience, Tracy McGrady, a VIN Managing Partner and Former NBA Hall of Fame Recipient, stressed the importance of educating others about business and the VIN Fund. McGrady said "My job with athletes and entertainers has been to help change the landscape by educating them on how all this stuff works. With VIN I hope to disrupt business as usual for minority-owned companies. I am all in and fully committed.” McGrady also expressed his gratitude to his business partner, Rodney Woods, for helping him on his own road to personally understand business.
The mission of Verite Investors Network Fund I LP is to create an investment platform committed to the financial success of our investors while delivering increased financial resources and market access to high-potential minority-owned enterprises.
To learn more about the Verite Investors Network Fund I LP and for ongoing updates please visit the VIN website at www.VeriteInvestorsNetworkFund.com.
This press release and announcement does not constitute an offer to sell, a solicitation of an offer to sell, or a recommendation of any limited partnership interests or any security in Verite Investors Network Fund I LP, a Texas limited partnership (the "Fund"), VIN Partners LLC (the “General Partner”) or VIN Management LLC (the “Management Company”) by any party regardless of whether such security, product or service is referenced in this announcement.
For further information please contact us by phone: 972-430-2300
Verite Investors Network Fund I LP
3710 Rawlins Street, Suite 1000
Dallas, TX 75219
Verite Investors Network Fund I LP
1001 Avenue of the Americas, 10th Floor
New York, NY 10018