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Douglas Kelly joins Farol Asset Management

Kelly left Pomona in August and is starting as a partner at New York-based Farol this month.

Douglas Kelly, who left secondaries firm Pomona Capital in August, has joined Farol Asset Management as a partner, according to an update to his LinkedIn profile.

Farol is a New York-based private equity firm providing customised co-investment and direct investment opportunities to institutional investors in programmes focused on emerging managers, large and mega buyout funds, emerging and frontier market funds as well as GP and LP stakes in asset management firms.

Kelly is starting this month at Farol, although it is not clear when his first day at the firm is.

One of Farol’s main clients, the New York State Common Retirement Fund, has established a $250 million separate account with the firm, to invest in private equity capital directly in transactions backed by minority- and women-owned private equity firms, fund-less sponsors and entrepreneurs.

Kelly previously spent more than eight years at Pomona Capital, where he was most recently a partner focusing on investment analysis for secondaries and co-investments.

In his career, he also worked at Barclays Capital as a director focused on leverage finance and at GE Commercial Finance as a senior vice-president.

Farol was founded by Robert Azeke in 2010. Azeke previously led the co-investment business for Parish Capital, where he was responsible for managing the New York State Common Retirement relationship. Our clients select us for our expertise in a broad range of direct investment and financial advisory assignments and our commitment to manage bespoke programs tailored to meet unique investment mandates and decision-making processes,” according to Farol’s website.

Kelly and Azeke were not immediately available for comment.