Norwest Equity Partners raises $2.4 billion, makes personnel changes

By Lisa Kerner

Charlotte, N.C., April 14 – Norwest Equity Partners (NEP) formed Norwest Equity Partners X, LP, a $1.6 billion limited partnership, and Norwest Mezzanine Partners IV, LP, an $800 million limited partnership, according to a company news release.

Norwest Mezzanine Partners was formed by NEP’s affiliated mezzanine investment firm, Norwest Mezzanine Partners, to invest flexible junior capital in support of private equity-sponsored transactions.

NEP also announced key personnel changes.

Brian Allingham has been promoted to administrative partner from principal. He will be primarily responsible for all operational, administrative and compliance responsibilities for both buyout and mezzanine funds. Prior to joining NEP in 2004, Allingham worked in London for PricewaterhouseCoopers in the global capital markets division.

Jack Dempsey has been named senior vice president of strategy. He had been a senior adviser consultant at NEP since 2011. Dempsey will continue to work directly with the firm’s portfolio company management teams to develop and execute strategies to grow revenues and EBITDA, according to NEP. Prior to joining NEP, Dempsey spent 18 years at McKinsey and Co.

Sean Stevens joined NMP as its newest investment partner helping to broaden the company’s reach to private equity sponsors. Previously, Stevens had worked at KKR, KeyBanc Capital Markets and BofA Merrill Lynch.

Norwest is a private equity firm based in Minneapolis.

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