Enhanced Capital has completed a recapitalization transaction with an investment from Stone Point Capital’s US$3.5 billion Trident V fund.
Enhanced Capital – which is supported by Vulcan Capital, the firm that manages Paul G. Allen’s investments – will use the proceeds from Stone Point’s investment to expand its lower middle market lending platform and tax credit finance business, and increase its impact on low-income communities and other underserved areas.
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Andrew Paul, Founder and Chairman of Enhanced Capital, said: "We believe that this partnership with Stone Point and Vulcan Capital will expand our capabilities, which will help us grow, but will also benefit our existing investors, portfolio companies, and markets."
Michael Korengold, president and CEO of Enhanced Capital, said: "Stone Point is an excellent strategic fit for Enhanced Capital. They bring relationships and experience that will help us strengthen our core mission of lower middle market lending in underserved markets."
Enhanced Capital provides asset management and advisory services specializing in tax credits and other government incentives. The firm’s investments help stimulate growth, create jobs, increase tax revenues and establish a local investment infrastructure.
By financing businesses located in communities historically underserved by outside investment, Enhanced Capital helps states and the federal government achieve economic development objectives.
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By GlobalDataEnhanced Capital was founded in 1999 by Andrew Paul, a former General Partner of Welsh, Carson, Anderson & Stowe. Since 2003, the company has been led by Michael Korengold.
Charles A. Davis, CEO of Stone Point, said: "Enhanced Capital is a real leader in their market, and their focus on both the asset management and commercial finance sectors make them a natural fit for us. We are excited about partnering with the Enhanced Capital management team and believe that there are a number of initiatives that could result in follow-on investment opportunities."
