Western Alliance Finalizes $9 Million Investment in FVLCRUM Fund
August 26 2021 - 3:18PM
Business Wire
- Aimed at closing U.S. racial wealth gap,
FVLCRUM Fund invests in lower middle market, minority-owned
companies-
Western Alliance Bancorporation (NYSE: WAL), today announced a
$9 million investment in FVLCRUM Fund. Developed by Clearinghouse
CDFI, the fund targets raising $250 million to invest as a
combination of equity and debt capital into proven, high-growth
minority-owned enterprises.
“FVLCRUM’s powerful mission of fostering wealth creation by
helping minority-owned businesses succeed makes great sense to us
at Western Alliance Bank,” said Dale Gibbons, Chief Financial
Officer, Western Alliance Bank. “This investment aligns with our
commitment to serving our communities and our ESG goals. We’re
proud to partner with FVLCRUM Fund.”
The new private equity fund was established in 2020 to invest in
lower middle market, minority-owned companies in the United States,
principally in government contracting, healthcare and franchising
sectors. FVLCRUM will provide a range of financial structures,
including equity financing, mezzanine and venture capital as well
as debt, to support selected enterprises.
A key goal for FVLCRUM is to create $10 million of new net worth
for the minority owners of a business following the fund’s
investment.
Developed in concert with the Minority Wealth Commission,
FVLCRUM is endorsed by the Aspen Institute, U.S. Minority Chambers
of Commerce, National Urban League and the National Minority
Supplier Development Council, among others.
Western Alliance Bank received regulatory approval from the
Federal Reserve for its investment in FVLCRUM Fund as a public
welfare investment.
About FVLCRUM Fund and Clearinghouse Community Development
Financial Institution
FVLCRUM is an off-balance sheet private equity fund affiliated
with Clearinghouse CDFI, a 24-year-old institution that has
invested nearly $2 billion into minority and underserved
communities. As a CDFI Private Equity fund, FVLCRUM focuses on both
social impact and investor returns in the execution of the mission.
More information is available at: www.ccdfi.com.
About Western Alliance Bank
With approximately $50 billion in assets, Western Alliance
Bancorporation (NYSE: WAL) is one of the country’s top-performing
banking companies. The company is again #1 best-performing of the
50 largest public U.S. banks in the new S&P Global Market
Intelligence listing for 2020 and ranks high on the Forbes “Best
Banks in America” list year after year. Its primary subsidiary,
Western Alliance Bank, Member FDIC, helps business clients realize
their ambitions with teams of experienced bankers who deliver
superior service and a full spectrum of customized loan, deposit
and treasury management capabilities. Business clients also benefit
from a powerful array of specialized financial services that
provide strong expertise and tailored solutions for a wide variety
of industries and sectors. Most recently, the bank added to these
capabilities with the acquisition of AmeriHome Mortgage, a leading
national business-to-business mortgage platform. Serving clients
across the country wherever business happens, Western Alliance Bank
operates individual, full-service banking brands and has offices in
key markets nationwide. For more information, visit
westernalliancebank.com.
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MEDIA CONTACT: Robyn Young Chief Marketing Officer
ryoung@westernalliancebank.com
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