A landmark appointment.Francisco Borges tapped as new head of investment management firm The University of Connecticut's men's basketball team weren't the only Huskies who celebrated a notable achievement this past March. On March 1, UConn law school alum alum (ăl`əm), any one of a series of isomorphous double salts that are hydrated sulfates of a univalent cation (e.g., potassium, sodium, ammonium, cesium, or thallium) and a trivalent cation (e.g. Francisco L. Borges was appointed president and a managing partner of Landmark Partners Inc., a Simsbury, Connecticut Simsbury is a suburban town in Hartford County, Connecticut, United States. The population was 23,234 at the 2000 census. The town was incorporated as Connecticut's twenty-first town in May 1670. , investment management firm. It's a move that Landmark expects will push forward its transition into direct equity markets. With this new appointment, Borges becomes Landmark's first African American African American Multiculture A person having origins in any of the black racial groups of Africa. See Race. president--a position that was created specifically for him. Among his primary duties will be expanding Landmark Partners' exposure on the West Coast, in Europe and Asia. "My role is to help lead the growth of this firm, leveraging on its success and performance over the past 14 years." Though many investment management firms choose to expand by moving from equity investments into secondary markets, Landmark is doing just the opposite. The firm, which opened its doors in 1984, manages investments for a variety of institutional clients--including public and private pension funds, insurance companies, private foundations and endowments. It currently specializes in so-called "alternative investments," such as venture capital, buyouts and mezzanine financing Mezzanine Financing A hybrid of debt and equity financing. Mezzanine financing is typically used to finance the expansion of existing companies, and it is basically debt capital that gives the lender the rights to convert to an ownership or equity interest in the company if the (investments in the subordinated debt Subordinated Debt A loan (or security) that ranks below other loans (or securities) with regard to claims on assets or earnings. Also known as "junior security" or "subordinated loan". of privately owned companies). As Borges sees it, a combination of his experience, leadership and strategic planning Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. background is what attracted Landmark Partners to him. Indeed, Borges' background in both the public and private sector makes him uniquely qualified to take Landmark's experience in secondary markets to the next level. He spent six years in the upper ranks of Financial Guaranty As a verb, to agree to be responsible for the payment of another's debt or the performance of another's duty, liability, or obligation if that person does not perform as he or she is legally obligated to do; to assume the responsibility of a guarantor; to warrant. Insurance Co. (a GE Capital Services subsidiary), where he oversaw everything from FGIC's secondary markets programs to the strategic guidance of its government services companies. A former politician, Borges also has hands-on experience steering public pension funds--a key client for Landmark Partners. During his two terms as treasurer for the state of Connecticut, from 1986 to 1994, Borges more than doubled the size of the state's pension and trust portfolio from $4.5 billion to nearly $10 billion. |
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