TLDR:
- The New Community Transformation Fund is seeking a new managing director.
- Abid Ali is currently serving as the interim managing director.
In the search for a new managing director, partners in the New Community Transformation Fund are looking for a leader who has experience in managing an investment fund and fundraising. The fund, which was launched in 2020, aims to invest in mid-stage businesses owned and operated by people of color, with a focus on industries like financial technology, health care, advanced manufacturing, and information technology.
The fund has raised nearly $12 million to date and has made investments in three companies, with more pending. The partners are reviewing resumes and searching for candidates nationally to find someone who aligns with the fund’s mission of supporting entrepreneurs of color.
Skot Welch, co-founder and managing partner, emphasized the importance of finding a leader who understands the mission of the fund. The next managing director may also play a role in forming a successor investment fund. Partners are optimistic about attracting strong candidates due to the unique nature of the fund and Grand Rapids’ reputation as a destination city.
Overall, the New Community Transformation Fund is committed to supporting entrepreneurs of color and making a meaningful impact in the venture capital industry.
