Latest Round of Commitments to Siebert Williams Shank-Affiliated Fund Includes Northwestern Mutual and PayPal
The Clear Vision Impact Fund (Clear Vision) is pleased to announce its second closing with $140 million in total capital commitments overall. Northwestern Mutual and PayPal are among the three limited partners that participated in this closing and are supporting Clear Vision’s efforts in lending to sustainable minority-owned businesses, businesses working in underserved markets, and businesses fostering inclusive growth.
"Clear Vision's investment team and limited partners are pleased to welcome our three new limited partners to the fund, including Northwestern Mutual and PayPal,” said Christopher J. Williams, principal of Clear Vision’s general partner and Chairman of Siebert Williams Shank & Co., LLC. “The support of this diversified group of organizations enables Clear Vision to continue lending to quality small businesses that meet our fund's social impact requirements. Through this lending activity, we look forward to enhancing the economic vibrancy of, and improving the quality of life in, underserved communities nationwide."
"Funds like these are important to help meet the capital needs of underserved small businesses,” said Aaron Anderson, Senior Vice President and Treasurer of PayPal. “Siebert Williams Shank and the Clear Vision Impact Fund are leading the way and we are confident this effort will have an impact on wealth creation opportunities for many diverse entrepreneurs."
“Aligned to our Sustained Action for Racial Equity initiative, we are pleased to invest in the Clear Vision Impact Fund which deepens our commitment to closing the racial wealth gap and eliminating systemic barriers to capital access,” said Ray Auth, Vice President, Investment Strategy at Northwestern Mutual.
“Diverse entrepreneur-led firms often find themselves in situations with attractive growth opportunities, but limited opportunities to execute on those plans due to capital constraints from both traditional and non-traditional debt sources,” said Kyle C. Sligar, Chief Credit Officer and Portfolio Manager of the Clear Vision Impact Fund. With the Clear Vision Impact Fund, we aim to change this dynamic by providing much needed flexible capital to our portfolio companies to make a lasting, positive impact.”
To date, Clear Vision has provided loans to African American-owned businesses, including Medi-Fare Drug and Pharmaceutical Compounding Company (Medi-Fare), IT managed services provider Valeo Networks, and specialized disaster remediation/cleanup company A-1 Disaster Resources (A-1). In addition to providing loans, Clear Vision seeks to support portfolio companies by introducing them to new customers to scale into multiple markets, and helping them develop impact initiatives, among other things.
Medi-Fare is the only minority-owned 503b pharmaceutical compounding facility registered with the Federal Drug Administration as an Outsourcing Facility. Medi-Fare serves as a partner to hospitals and other healthcare providers to supply much needed medications to help improve positive outcomes for their patients and fulfill the need for the ever-growing number of medicines in shortage or backorder situations. Headquartered in Blacksburg, South Carolina, it serves a range of medical facilities and acts as a health care partner for hospital systems, surgery centers, clinics, and doctor’s offices. Learn more at www.medifaredrug.com.
Valeo Networks is a full-service, award-winning Managed Security Service Provider (MSSP) that serves state, county, and municipal markets; small-to-medium businesses; and non-profit organizations. Firmly seated in the top 5% of revenue generating MSSPs nationwide—making it one of the largest MSSPs nationally—Valeo Networks provides solutions in the areas of cybersecurity, compliance, cloud, network infrastructure, and managed IT services. With over 20 years of industry experience, Valeo Networks is headquartered in Rockledge, FL, with additional locations nationwide. Learn more at www.valeonetworks.com.
A-1 is an established and fast-growing disaster-response company which provides on-demand resources, services, and logistics during catastrophes. Services include large-loss restoration services, commercial construction, staffing, restoration equipment rental & monitoring, as well as time and material documenting and preparation during natural disasters such as hurricanes, tornadoes, and freezing and flooding events that cause property damage. Headquartered in Charlotte, North Carolina, A-1’s extensive experience and seasoned personnel have allowed it to create a first-of-its-kind national network and partnership program that brings together service providers, supplies, equipment and labor. Learn more at www.a1disasterresources.com/.
About the Fund Sponsor
Clear Vision’s sponsor is an affiliate of Siebert Williams Shank, a leading non-bank financial services firm serving clients across industries and asset classes. It is both a minority-owned and women-owned enterprise. SWS Capital Management, an investment adviser affiliated with Siebert Williams Shank, serves as Clear Vision’s investment manager.
To learn more about Clear Vision’s first closing in March 2021, please visit the announcement here.