RCP hires exec to manage diversity and inclusion fund

Mary Hunt will advise on diversity, equity and inclusion in the Chicago manager's portfolio and manage a new fund focused on the area.

RCP Advisors has appointed a diversity-focused executive to advise on and manage investments.

Mary Hunt joints the Chicago-headquartered private equity manager as a principal and portfolio manager of its diversity, equity and inclusion-focused strategy, according to a statement.

Hunt will advise on the DEI implications of RCP’s primary, secondaries and co-investments, according to a source with knowledge of the matter. She will also manage a DEI-focused fund set to launch in the coming months.

The target of the fund is not clear.

Hunt joins from Allstate Investments, where she was head of portfolio management and analytics responsible for the design, oversight and execution of private equity investment management processes, according to the statement. She was also a principal responsible for fund and co-investments.

“RCP is committed to promoting diversity, inclusion and equity within the private equity sector, so building out this strategy and bringing on someone of Mary’s experience and calibre is an exciting development,” said managing partner Charles Huebner.

RCP invests in the North American lower-middle-buyout market. It is in market with its fourth secondaries fund, targeting $500 million with a hard-cap of $650 million, Secondaries Investor reported.

Among the deals RCP has backed in 2021 is a GP-led process centred on a portfolio of mid-market healthcare and technology assets managed by Riverside Partners, Secondaries Investor reported. Neuberger Berman led the process worth $500 million in total.

The firm is also in market with fund of funds RCP Fund XVI, which is targeting $500 million, according to Private Equity International data.