Progress Now Wholly Employee-Owned
July 15, 2008
San Francisco-based Progress Investment Management Company has announced that it completed a buyout in June of the 40% equity interest that the Massachusetts Bay Transportation Authority Retirement Fund (MBTARF) held in the firm, making Progress now a completely employee-owned business.
Progress is a minority-owned firm that specializes in the creation of multi-manager strategies using emerging managers within the domestic and non-U.S. equities, fixed-income and private equity fund-of-funds asset class. The firm manages approximately $7 billion in assets. The MBTARF held the 40% stake in the firm since June 2004.
The terms of the transaction have not been revealed.
Colchester Partners, a Boston-based financial advisory firm, advised Progress during the transaction.
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