Former Cornell University endowment private equity chief Roger Vincent, a champion of diverse and emerging managers during his 25-year career, has launched a new firm offering a debut fund of funds.
Summation Capital Fund LP and an affiliated fund were launched earlier this month via Vincent’s new firm, New York City-Based Summation Capital, according to new filings. The firm, according to its Web site, is “redefining private equity access” via “turnkey offerings.”
The launch comes as other firms are starting to offer similar products aiming to make the private markets more accessible to a broader range of investors.
The Fund: Few details have been released on the fund, and a target or minimum investment has yet to be disclosed. However, the offering is earmarked for private equity and is expected to last more than a year, according to SEC filings. An article posted on the Summation Capital Web site says the firm will provide exposure to private equity “primarily through fund investing.” When contacted by LP Allocator News, Summation Capital said it could not discuss the fund on the advice of its lawyers.
The Firm: Summation Capital aims to create a diversified portfolio across various private equity strategies at a low cost for clients who lack the internal capacity to make such investments. The firm did not appear to be registered with the SEC at the time of publication.
The Founder: Vincent spent 12 years with the Cornell investment office, leading portfolio construction and manager selection for the private equity portfolio. During his time at the $10 billion endowment, he backed a diverse set of sponsors, including established shops and emerging managers, according to his company bio. Prior to Cornell, he served as a partner at New York-based Founders Equity, where he invested in mid-market buyouts.
The Team: Vincent leads a small team of three out of the firm’s Madison Avenue office. In a recent interview he said he plans to expand the workforce as the firm grows over the coming months. He is joined by Senior Associate Dan Fordyce, who works on investments, and Quinn Sarda, who works in investor relations and business development. Fordyce previously worked with Vincent at Cornell, where he was an investment analyst. Most recently, he worked as a senior associate for outsourced CIO Summit Rock Advisors. Sarda previously worked as an investor relations manager at Palo Alto-based Charles River Ventures.
––Daniel Crowley