Ex-Navab Capital Partner Hires Carlyle Exec for New Firm
Robert Berlin’s LongRange Capital also snagged a $1.5 billion investment from CalPERS.
An investment firm founded by an ex-Navab Capital Partners executive has tapped a senior Carlyle Group employee to work as its chief financial and operating officer.
Michele Reing, who has been at Carlyle since 2011, most recently as its deputy head of fund management, joined LongRange Capital in October, its form ADV shows.
Navab’s team, which included ex-employees of KKR and Kraft Heinz, had largely picked up the pieces following the fund closure, landing at Blackstone, TPG Capital, and Mantle Ridge. In November 2019, when Institutional Investor last reported on Navab, Berlin’s plans were still not publicly known.
According to his LinkedIn profile, Berlin officially launched LongRange in December 2019.
The firm’s first fund has since garnered a $1.5 billion investment from the California Public Employees’ Retirement System, a document for the retirement system’s upcoming November 16 meeting shows.
CalPERS is the sole investor in LongRange’s first fund, a person familiar with the matter confirmed.
“Our investment team has acted within their delegated authority and has fully briefed the board on this investment,” CalPERS board president Henry Jones said in a statement. “Working together, the board and investment team continue to evolve our private equity portfolio to drive value for our members and beneficiaries.”
In addition to the capital contributed by CalPERS, the firm’s owners have put up an additional $15 million to invest, the firm’s form ADV shows.
LongRange will invest between $50 million and $400 million in target companies via majority, minority, and joint venture stakes. The fund seeks to invest in European and North American companies with revenues of more than $200 million, the firm’s website shows. A spokesperson for LongRange declined to comment.
Reing brings significant industry experience to LongRange. During her time at Carlyle, Reing first oversaw the firm’s global real assets partnership accounting team. After four years, in 2015, she became the company’s global corporate controller, a bio on the private equity firm’s website shows. A spokesperson for Carlyle declined to comment.
Before joining Carlyle, Reing worked in the hotel investment industry, holding senior roles at Interstate Hotels & Resorts and CapStar Hotel Company.
[II Deep Dive: Navab’s Former Team Picks Up the Pieces]
Berlin isn’t the only ex-Navab employee to recently launch an investment firm. In September, Annette Rodriguez, who was a partner at Navab, co-founded MKH Capital Partners, a private equity firm backed by two families: the Mottas and the Kazmas.
The Motta family’s patriarch, Stanley Motta, is the son of Alberto Motta Cardoze, who was considered one of the founding fathers of duty-free shops in South America. Stanley Motta is a lead investor in Copa Airlines’ parent company, according to MKH’s website.
Meanwhile, the Kazmas developed and operated cable systems in North and Latin America. Today, Mike Kazma runs the family’s investment firm, Amzak Capital Management.
A spokesperson for MKH did not return an email seeking comment.