Vernon & Park nabs Chicago exchange president

The exchange-focussed private equity firm has brought aboard the head of CHX Holdings, parent company of the Chicago Stock Exchange, as it deploys its second fund.

Deerfield, Illinois-based private equity firm Vernon & Park Capital has hired CHX Holdings president Stephen Brodsky as the firm’s fourth managing director. CHX is the parent company of the Chicago Stock Exchange.

Prior to serving as CHX president, Brodsky held positions as the company’s chief financial officer and head of strategic planning. Earlier he was a vice president in the investment banking division of Chicago-based Mesirow Financial concentrating on mergers and acquisitions.

Vernon & Park focusses on growth capital investments in the exchange and financial market sector. The firm’s focus will “provide tremendous leverage for [Stephen’s] experience and his contacts on the operating side”, managing director and chief operating officer Bruce Werner told PEO.

The firm was founded by long-time Chicago Mercantile Exchange trader James Ginsburg in 2000 when he began making a series of investments in exchanges. The firm’s first fund was raised in 2005 and invested in the Philadelphia Stock Exchange, the New York Board of Trade and Intercontinental Exchange.

Vernon & Park’s second fund closed in early 2007 on an undisclosed amount and has an extended investment mandate from its predecessor. Fund II invests in “the entire lifecycle of a trade from the idea of a trade to the final settlement and reconciliation”, said Werner. “Clearly the exchanges are at the center of that but we are making investments across the lifecycle.”

The firm’s investor base is largely made up of high net worth individuals and family offices, Werner said.