Three GTCR Golder Rauner principals have left the Chicago-based private equity firm to form a new private equity business called Flexpoint Partners.
Donald Edwards, Ethan Budin and Charles Glew's new private equity shop, also headquartered in Chicago, will focus on financial services and healthcare companies.
Edwards will serve as managing principal and both Budin and Glew will act as principals.
According to the firm's webpage, US billionaire Gerald J. Ford is a 'special limited partner' in the new venture. Ford is 377th on Forbes' list of richest people on the planet. His biggest score was the sale of California's Golden State Bancorp to Citigroup for $6 billion in 2002; his personal stake in the bank is now worth more than $1.1 billion, according to Forbes.
GTCR Golder Rauner, founded in 1980, manages approximately $6 billion in equity and mezzanine capital. The firm primarily focuses on healthcare, business services/outsourcing, transaction processing, technology, distribution and logistics, and branded consumer products.