Minneapolis-based private equity firm Norwest Equity Partners (NEP) has added a veteran partner from a private-equity investment house in New York.
Sundip Murthy has joined NEP from Snow Phipps, which was founded in 2005 and is smaller than NEP.
Murthy was a partner and head of the Snow Phipps’s consumer investments. He spent 20 years in private equity including at 3i Group and The Carlyle Group. Murthy started his career at Goldman, Sachs & Co.
Tim DeVries, NEP’s managing partner, said ‘’Sundip is a great fit…because of his long-term history of value creation for middle-market companies and his ability to deliver NEP’s unique model to help businesses achieve sustainable growth well beyond their ownership stage. NEP’s style of working with companies, as if we will own them forever, has been successful across every market cycle over our firm’s 58-year history. It takes a certain kind of person to help us scale this high-touch model.”
NEP, which has raised $7 billion-plus in capital for multiple funds since 1961, typically invests $30 million to $250 million in companies, or acquires them outright for up to $500 million. It operates portfolio companies in agriculture, consumer, industrial, energy, tech and business services. Snow Phipps has invested $2.8 billion in more than two dozen companies since 2005.
NEP does not publicly disclose the performance of its funds.
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