In the wake of its founder’s unexpected death, Navab Capital Partners will wind down, a spokesperson for the firm said Wednesday.
Alex Navab, the former head of Americas private equity at KKR & Co., started Navab Capital in April and had plans to raise $3 billion for the fund. He was 53 when he died on July 7 while on holiday with his family.
“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,” a spokesperson said via email. “Navab Capital Partners will not pursue plans to raise a fund and will wind down in an orderly fashion.”
Navab Capital would have targeted investments in the health care, technology, media, consumer, and financial services sectors, Institutional Investor reported when it launched.
Navab, who was a philanthropist, had plans to set up a foundation at Navab Capital, which employees could contribute to. It was to be led by Georgia Levenson Keohane, former executive director at the Pershing Square Foundation, Institutional Investor previously reported. Navab was on the board at the Robin Hood Foundation.
Partners at Navab Capital included Robert Berlin, who previously was responsible for private equity investments at Baupost; Ram Jagannath, formerly a managing director for Carlyle’s U.S. buyout fund; Annette Rodriguez, who previously served as a managing at Warburg Pincus; and Mark Schroeder, a former senior partner in mergers and acquisitions at Deloitte, according to Navab Capital's website.
It’s unclear at present what’s next for these employees.
[II Deep Dive: Alex Navab, KKR Breakout Star, Dies Unexpectedly]
Goldman Sachs Group’s Petershill private equity seeding program had planned to act as a strategic partner to Navab Capital, according to Navab’s initial announcement. A spokesperson for Goldman Sachs declined to comment on the matter.
“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 Navab spokesperson said in the email.