Feeling the Pinch


such activities. An investment banks ranking is based on a total of debt, equity, and municipal bond transactions.

B.E. Asset Managers
An asset management firm must be at least 51% black-owned and have been fully operational for the previous calendar year. The 15 firms on our list include those that invest financial assets for individuals and institutions such as pension funds of government agencies and corporations and the endowments of colleges and universities. (Asset managers that specialize in real estate and other types of investment vehicles or operate hedge funds are not eligible for inclusion on this years list.) A firms financial status is measured in terms of total dollar amount of managed assets derived from equities, fixed-income and tax-exempt investments, and cash for the calendar year. In addition to receiving surveys from these companies, we consulted federal and state regulatory agencies and industry associations. All firms on our list must be registered with the Securities and Exchange Commission (SEC) and have filed their annual assets under management with the SEC at the time of publication. The rankings of these firms are based on total assets under management for the previous calendar year that have been verified by the SEC.

B.E. Private Equity Firms
A private equity firm must be at least 51% black-owned and have been fully operational for the previous calendar year. The 10 firms on our list include those that manage funds making equity investments in, and/or providing financing for, operating entities, including startup firms, established companies, and private equity firms or private equity partnerships that invest in operating companies. (Private equity firms that specialize in real estate investments are not eligible for inclusion on this years list.) These investments are made on behalf of the firm and its individual and institutional investors. A firms financial status is measured in terms of total managed capital for the calendar year. Additional information provided to BE includes a firms total number of funds as well as its portfolio of companies or private equity partnerships. In addition to receiving surveys from these companies, we consulted regulatory agencies and industry associations.

As indicated, BE consulted industry analysts and other sources to verify the information contained in the lists. Companies that may have previously appeared on the BE 100S but have been excluded this year are either no longer black-owned or their financial status has dropped below the minimum threshold to make the lists.


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