Mr. Blumenthal is a founder and Managing Partner of Partnership Equity. Partnership intends to make structured control investments in companies with sound businesses at the lower end of the middle market. Partnership focuses on companies facing complex challenges which impair value or prevent an owner from selling or accessing capital. The Fund seeks to resolve governance, market, regulatory, financial and operational challenges through a carefully structured transaction, a detailed business plan, an effective incentive program, and a clear route to investment exit.
Prior to founding Partnership Equity, he served from 2002 to 2005 as
First Deputy Comptroller and Chief Financial Officer for New York City
Comptroller William C. Thompson, Jr. In this capacity he oversaw the
capital markets activities of the Comptroller’s office, including
management of the assets of the New York City Retirement Systems,
issuance of budget, financial, and economic analysis, and oversight of
the City’s debt issuance. During his tenure, the City’s pension assets
increased from $65 billion to $85 billion. Blumenthal also led a
restructuring of the Funds’ operations and investment strategies,
including the establishment of multi-billion dollar allocations to
private equity, real estate, and inflation-linked securities, and
securing funding from the pension funds to hire professional investment
staff for the first time.
Prior to this position, Blumenthal served in positions including
President, Chief Operating Officer, Chief Financial Officer, and Vice
Chairman of American Capital Strategies, a publicly traded buyout and
mezzanine fund (NASDAQ: ACAS). Blumenthal joined ACAS in 1989, when it
had one other employee and before it raised institutional capital, and
helped build it into a publicly traded business development corporation
with a portfolio of over $1 billion invested in sixty-three companies
when he left in 2002.
• Blumenthal has led or managed twenty-four transactions, totaling approximately $300 million of invested capital. Fourteen of these investments, representing $234 million of invested capital, were made subsequent to ACAS’s IPO and have been fully realized. These investments returned 1.5x capital, net, to ACAS. Blumenthal served on the boards of directors of seven of these companies.
• Blumenthal has led leveraged buyout transactions in complex situations in industries including environmental services, food processing and distribution, specialty vehicle manufacturing, automotive subcomponent manufacturing, and retail, and has made mezzanine investments in countless industries.
• During Blumenthal’s tenure, ACAS returned 22%, or 2.7x capital invested, to investors in its initial $150 million IPO.
Adam received a BA, magna cum laude, from Harvard College, and an MBA
from the Yale School of Management. He serves on the Alumni Advisory
Board of the Yale School of Management.
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