Harbert adds David Crosland to bolster Harbert Private Equity Fund III


US alternative asset management firm Harbert Management Corporation has named David Crosland as managing partner of Harbert Private Equity Fund III (HPEF III).

Crosland was previously a founding partner of Atlanta Equity Investors, a mid-market growth equity and buyout fund. He is based out of Atlanta and will be expanding the HPEF III Investment Team into the Atlanta market, the firm said. Steve McGrath, also formerly with Atlanta Equity Investors, will join as a principal.

McGrath’s career spans private equity, mezzanine lending, transaction advisory, management consulting and operating experience.

HPEF III is looking for enhanced visibility in the Atlanta market, according to Mike Luce, president and COO of HMC. The goal is to strengthen HPEF III’s rank as an emerging frontrunner in the Southeast with continued high-growth potential in executing private equity transactions.

“David knows this market and its submarkets extraordinarily well and has what it takes to increase our visibility and help us succeed in the region,” said Luce.

Prior to Atlanta Equity, Crosland was a founding partner of private equity firm Arcapita and began his private equity career with Investcorp International, based in New York. Prior to Investcorp, Crosland worked at Morgan Stanley & Co. in the firm’s Mergers and Acquisitions department and Manufacturers Hanover Trust Company in the energy division.

Based in Birmingham, Alabama, HMC serves foundations and endowments, funds of funds, pension funds, financial institutions, insurance companies, family offices and high net worth individuals across multiple asset classes. Investment strategies include European and US real estate, venture capital, mezzanine debt, independent power, US and Australian private equity, and public securities.

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