The private equity firm of the late Alexander Navab has chosen to cease operations in the aftermath of its chairman and founder’s passing.
“All of us were committed to help make Alex Navab’s vision a reality, however we have determined it does not make sense to go forward without him at the helm,” a Navab Capital spokesperson told CIO in an emailed statement. “Navab Capital Partners will not pursue plans to raise a fund, and will wind down in an orderly fashion.”
Navab founded the organization in April and was looking to raise $3 billion for its first fund, which was seeking co-investments in North American health care, technology, media, and financial services businesses.
The investor was a private equity executive at KKR for 24 years before striking out on his own, helping boost the firm’s value to $14 billion.
Navab was also an active philanthropist supporting myriad causes. He was a trustee at Columbia University (his alma mater) and served on various boards, including New York Presbyterian Hospital and the Robin Hood Foundation.
He planned to start a foundation at the firm, hiring Georgia Levenson Keohane, former executive director at the Pershing Square Foundation, to lead it.
Navab died unexpectedly on July 7 during a brief vacation with his family. He was 53.
“We continue to grieve this terrible loss, and in our individual ways, we will cherish Alex’s memory and support his legacy of business and community leadership,” the firm said.
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