In this episode, the founders of the Louisiana Impact Fund discuss the inception, goals, and strategic plans of their private equity fund aimed at fostering economic growth within Louisiana. The founders, Jared Quoyeser, Josh Cummings, and Joe Seremet, bring decades of experience in investment banking and corporate finance. They highlight the issue of local businesses being acquired by out-of-state entities, which often leads to job losses and wealth relocation. The fund aims to retain and grow businesses within Louisiana by providing growth capital and supporting local entrepreneurs. They underline the importance of high-level management teams, established revenue streams, and the potential for business scalability. The founders also emphasize the strategic alignment with large local institutions and family offices, aiming to generate competitive returns for investors while bolstering the state's economy. The fund is open for business and seeks to expand its network of partners, investors, and local businesses.
Launching Louisiana Impact Fund: Founders Discuss Vision and Strategy
In this episode, the founders of the Louisiana Impact Fund discuss the motivation behind starting the fund, its current status, and future goals. Jared Quoyeser, Josh Cummings, and Joe Seremet talk about their diverse backgrounds and collective expertise, which combine corporate finance discipline, company scaling, and state-specific investment strategies. They elaborate on the fund's unique approach to investing in Louisiana-based businesses, focusing on growing established companies and keeping economic activity within the state. The founders describe the importance of their LP network, which includes some of the largest institutions and influential family offices in Louisiana, emphasizing the goal of generating significant returns for investors while fostering local economic growth. They also touch on the various funding stages for startups, from angel investors to lower-middle-market private equity, and explain how their fund fits into this ecosystem. The episode concludes with an invitation for potential partners, entrepreneurs, and investors to join in their mission to make a lasting impact on Louisiana's economy.
00:00 Introduction to the Louisiana Impact Fund
00:18 Meet the Founders
02:42 The Vision and Mission
03:59 Recent Announcements and Future Plans
07:19 Understanding the Capital Stack
10:20 The Importance of Local Investment
12:03 Challenges and Opportunities in Louisiana
13:44 Target Companies and Investment Criteria
18:23 Building a Statewide Network
21:00 Engaging the Louisiana Diaspora
23:20 Conclusion and Call to Action
What's Nieux - Episode #14 Louisiana Impact Fund
[00:00:00]
Tim Williamson: Welcome guys. We're here with the founders of the Louisiana Impact Fund,
let's do a quick review of. Why they started it, where it is, and their vision, where it's going. The good news is they recently launched, Louisiana Impact Fund, their first round of funding, and, they're at the starting line ready to go. So do you mind maybe going around introducing yourselves and how you we got here?
Jared Quoyeser: Yeah, definitely. Thanks Tim. Thanks for hosting us. Jared Quoyeser. Here, born and raised Louisiana. Spent, almost two decades away. 23 year Intel veteran, two years, Qualcomm, all focused on building organizations, startup entities, within the Intel construct, from our healthcare division, vertical segments and managing all, indirect revenue for North America since been back in Louisiana.
I've investment committee chair for, healthcare Innovation Fund one and two based outta Lafayette, Louisiana, and on the board of Ochsner Health.
Tim: Awesome.
Josh Cummings: Alright, Josh? Yeah, Josh Cummings. We get kind of a two for one for Joe and I 'cause we've worked [00:01:00] together for 20 years, so it makes the resume a little easier. I've spent 30 years in investment banking here in New Orleans. Joe and I bring the corporate finance discipline to the side of the fund.
What we've done for the last 30 years is really scaled and built companies primarily through the formation of public capital and strategic advisory. early in our careers, that was in and around the Gulf Coast, it was somewhat industry agnostic. We were so successful, frankly, that we woke up one day and a lot of the companies we had helped scale.
had found themselves acquired re domiciled and headquartered in another location. There weren't many companies that were public of that size and scale left in the Gulf Coast, which is a common thread that we'll talk about with Louisiana Impact Fund albeit in the lower middle market. We really transitioned to energy and what Joe and I have been good at, what the firm has been good at, Johnson Rice has been identifying changes in total addressable market.
How companies can take advantage of those changes in the total addressable market and really grow. And we've been, hands on at the strategic formation with [00:02:00] principles with owners. We've helped select C-Suites, we've helped devise strategies, and then ultimately implemented and supported those companies with public capital formation and strategic m and a.
We bring that discipline to the fund. It's valuation, it's due diligence, it's structuring, it's all the things that, Jared doesn't bring, which is really the more fun part of the equation, which is that, company scaling and operational expertise and best practices. So together, we think it's an ideal set of talents for lower middle market private equity.
Tim: Awesome.
Joe Seremet: Joe Seremet? Yes. Part of the co-founder group. As Josh said, I've been lucky enough to work with him for 20 years. I graduated from Tulane in 2005 and always knew I wanted to be in finance. About two years ago, I met Jared and we hatched this plan and it's become a great passion project for us.
Louisiana Impact Fund was born with the idea that, why is Louisiana losing population. we did a ton of research on that and, it really came up with this thesis because the m and [00:03:00] a market in the state is very destructive. For instance, last year there were about 53 transactions done in the state of Louisiana.
Only two were done by in-state counterparties. The other deals were done by either out-of-state strategics or out-of-state private equity. Half of those deals were done by out-of-state private equity. So we said to ourselves. can we form a private equity fund that stops that, or at least nudges the battleship the right direction?
Puts up some public wins. Because when private equity, outside private equity or outside strategics buy businesses, they typically buy them for their customer lists. They fire the employees, they move those businesses. Headquarters, Louisiana does a lot of work and gets very little of the benefit. and so we set out to stand something up that partners with the largest institutions, the largest family offices, people who are influential in the state to form this ecosystem to buy businesses and invest in businesses, to keep them here and keep the economic might here.
And so that's what we set out to do. And, we're really excited to get to that starting line.
Tim: So [00:04:00] tell us the announcement. What was the announcement that came out this week?
Joe Seremet: The announcement was the 13th.
Tim: Yep.
Joe Seremet: the announcement was the first close of the fund, so we actually got to stand something up finally.
and really what that means is we're getting to the starting line. So our intention is to, obviously we've been looking for deals for a long time. we continue to canvas the marketplace for transactions. but over the next 18 months. We plan to continue to raise capital.
Tim: Good news is you're live,
Joe Seremet: but we're live
Tim: Congratulations
Josh Cummings: and money to invest.
Joe Seremet: Yes.
Tim: As a startup. You guys have launched, right?
Joe Seremet: launched.
Josh Cummings: We have launched.
Tim: Being an entrepreneur stinks on this. It's awesome. It's awesome. So let me ask we all talked about this a while, but what you're doing is certainly good for the state.
Absolutely. Keeping businesses here. I mean, the idea. We need to keep the businesses here, grow population. That sounds great. It's also, you're here to make money. Help me understand, is this a great civic thing or is this a great opportunity for investors to make money?
Josh Cummings: I think it's [00:05:00] symbiotic, but make no mistake, I mean. We are here to generate the best risk returns for LPs that we possibly can. First and foremost, that's what we do as fiduciaries. That's what we do as fund managers, and that's the most important thing to us at the end of the day. But because of the ecosystem we've created, the network we've created.
We will have more opportunity from a deal flow perspective within the state of Louisiana, and then the ability to support these companies within the state of Louisiana. That combination is what creates a symbiotic relationship where we're gonna generate the best risk returns by doing that, and that enhances value within Louisiana.
So the idea is, let's scale these companies. Not into what they are today, but what they're gonna be in 3, 5, 7 years when we exit. And they're gonna be so significant and so substantial that if there is an exit to an outside party, the likelihood of that entity continuing to have deep roots in the state is much higher than it is now.
Today, as Joe mentioned. It's easy to come in, bolt onto an existing portfolio company [00:06:00] if you're outta state private equity and buy these businesses for the customer list. They don't have the roots and the depth and the maturity that they will hopefully after our investment cycle. What we wanna make these things, if we were to sell to out-of-state private equity to generate the best risk return, is they see it as a seminal portfolio company.
Not a bolt on. If there's a strategic, the base of operation is so significant that it's likely to continue its trajectory and its footprint within the state of Louisiana. So we think we can do that, balance the two. But again, it's symbiotic between the opportunity in Louisiana and the building of businesses because of the network we've created at.
The fund.
Joe Seremet: This is a free market solution to a statewide problem.
Tim: Yep.
Josh Cummings: Yep.
Joe Seremet: and also if you take that one step further, Josh is right, we're gonna build these businesses where they put down roots and extend that runway here in the state. But we are here to generate returns. And so if an outside entity comes in and buys one of our portfolio companies, that could happen.
But guess where that wealth's gonna go to our LP network? Which is where. In Louisiana. So [00:07:00] that wealth still stays here. So we can churn that wealth, we can compound those returns and that's an important distinction.
Tim: Yeah. So help me, an ecosystem is a network of a bunch of different resources.
Joe Seremet: Yeah.
Tim: Louisiana's building a capital stack. So it always starts out with grandma, can you gimme my Christmas money early? That's the friends and family money.
Help explain the capital stack from money for entrepreneurs.
And where you guys are fitting in the stack. Yeah.
Jared Quoyeser: How about this? So let's start, let's kind of hit upon kind of historical, maybe let's go back 10 to 15 years. And Tim, you're a good kind of purview of this, A witness of this, Louisiana did not have a great angel and VC ecosystem 10 to 15 years ago, or
Tim: 25
Jared Quoyeser: over the past, let's say 20 years, there has been a focus, there has been commitment, there has been capital commitment, and
Tim: what's an angel,
Jared Quoyeser: What are you describing as an angel? What are you describing as an entrepreneur?
Tim: An angel is somebody who Is what,
Jared Quoyeser: Hey, I got an id.
Tim: they're writing checks,
Jared Quoyeser: know, you're in the bar.
Tim: [00:08:00] Yeah.
Jared Quoyeser: Hey,
I'm gonna write a check for him as part of it. Let's go see what you can do.
Tim: So that's after Grandma.
Jared Quoyeser: Angels.
Tim: Then what comes next?
Jared Quoyeser: Venture
Joe Seremet: Depends how rich your grandma is. Yeah. She could be venture too.
Tim: So after Angel, and that's like the Gulf Coast Angel Network.
Yep.
Jared Quoyeser: Yep.
Tim: After Angels, we call what?
Jared Quoyeser: Venture.
Tim: Who's an example of a venture company here?
Jared Quoyeser: Boot 64. You got, health Innovation Fund one and two. Yep. Those are all venture funds.
Tim: So those are venture funds.
Angels gimme a hundred to 500,000 maybe. Venture gives me. 500 to a million or two.
Okay.
Josh Cummings: Then it might pool to do A larger round where each one is gonna write $750,000 check.
Tim: So set the S-S-B-D-C-I is the venture. Absolutely. Theoretically that's
Josh Cummings: It doesn't necessarily have to be venture, but it's limited in size per investment. Olding wants to fund growth, not buyout. it can straddle both venture and then lower middle market private equity. But tends to be a little earlier stage, Than lower middle market.
Tim: after venture comes, what?
Josh Cummings: Lower middle market private equity.
Tim: And that's what you guys are
doing.
Joe Seremet: That's
Josh Cummings: who we are.
right.
Joe Seremet: And the good distinction to use is [00:09:00] angel, grandma, an idea and a PowerPoint presentation. Venture. A little bit of revenue, later stage venture. A lot more revenue. Middle market, private equity, ebitda.
And so we're looking at businesses that are generating EBITDA established businesses, one to $8 million of ebitda.
Tim: And what's above you
Joe Seremet: that would be like larger private equity.
Tim: An example
Joe Seremet: of that is strategics.
Josh Cummings: It really becomes the size and scale of the company, right? So we're writing checks anywhere from, let's call it three, to, at final close, 25 million.
Albeit, it would take a really unique investment for us to write a $25 million check at a hundred million dollar fund. That's one to $8 million of ebitda. Typically, we have LPs that will co-invest with us so we can scale up. The next phase of private equity is gonna be for that next stage of company that's, five to $50 million of ebitda, right?
They have funds that are anywhere from 500 billion to a couple billion. They're gonna make five to eight investments per portfolio. So you can do the average check size and then it just keeps moving up until you start [00:10:00] accessing the public markets. Yep. So it's just size.
Tim: Who else is in that space in the state?
Joe Seremet: No one who just focuses on the state of Louisiana.
Tim: So This is a spot that's open?
Joe Seremet: Yes. For Louisiana businesses. There are other private equity groups in the state who do make Louisiana investments, but their aperture is much wider from a geographic perspective.
Tim: Yep. Okay. As you know over, this 25 years, you're building this ecosystem and it's sort of like growing up a school from the kindergarten on the way up. We're just now adding the high school or the college. So we're now growing up, so you guys have been running around the state for over two years with this vision and this idea.
Tell me what you learned about our state of the innovation and economy of the state, and the acceptance of,
Jared Quoyeser: Tim, going back when you look at the capital Sec. So the state of Louisiana and with its entities, with S-S-P-C-I and other funds, now we're seeing a point of momentum of actually really material capital going into that ecosystem.
And Joe said, we're starting to see those types [00:11:00] of, organizations, those business models, those companies be derisked and become EBITDA positive. And that's where we become excited about the opportunity, to work with them. So it's great to see that. As an overall perspective and momentum and trajectory, across the state.
I would say one of the biggest things that we have seen over this past, 12 to 24 months is a conviction from Louisiana based founders and Louisiana based, families that own companies that want to do business with Louisiana, organized capital, either on the growth side or the buyout side.
Perspective because they're looking at, Hey, where can I grow in place? Where can I grow my company in place? And guess what? You guys are Louisiana based, organized capital. We wanna work with you. I am looking at the transition and the succession of our business and I would rather work with a group that's based in Louisiana that's gonna look out to be able to keep the business entity, the employees within the state of Louisiana.
we underestimated the [00:12:00] conviction of that and it has exceeded our expectations.
Josh Cummings: no, I think the nuance there is, and let's be careful we're not just investing in new startup growing entities. A lot of the deal flow, we've looked at a lot of the deal flow.
We're currently prosecuting our businesses that have been around for 25, 50 years. Absolutely. I mean, they're extremely mature businesses who've been approached by out-of-state private equity and didn't like the alignment and the partnership for. Whatever reason. And some of that I think is, what can we do with this business in Atlanta?
How do we grow this business outside the challenges of the state of Louisiana? We can, as we've said, bolt you onto an existing portfolio company and look what we can do. And founders care about their businesses, they care about their employees who help them build them, and they wanna see continuity.
So without somebody who's focused on investing in the state of Louisiana that has the kind of network we do that can benefit. The portfolio company, then most of what you hear from outstate private equity is, let's figure out a way to get you less Louisiana centric. We all know [00:13:00] the challenges of Louisiana, right?
I mean, outstate private equity is very acutely aware of that. So those mature businesses, I think, one, are getting older. They're looking for succession issues. Sometimes the sons and daughters don't wanna take over. A lot of times when we start talking to the founders, they're thinking about exit, but they're really passionate about growth.
And we talk about aligning growth capital, they get really invigorated and say, maybe I got five or six years left. So I don't want there to be confusion. It's not just new businesses, it's a lot of established businesses. and the receptivity of that's been really strong as Jared kind of suggested.
Tim: Yeah. As it was great to see that the startup ecosystem is just sort of progressively people growing up.
Jared Quoyeser: Yeah.
Tim: If there were a room full of entrepreneurs give the pitch of, who are you talking to? what are the exact type of companies that would be perfect for the Louisiana Impact Fund, if you could clearly articulate that.
Joe Seremet: Yeah, sure. it would be companies that have been in business for a while.
Tim: Okay.
Joe Seremet: Have a track record, have a first class management team that's done it before. It would be a [00:14:00] company that's generating ebitda. That's established that the business idea has been de-risked
Tim: what is EBU then, and why is that important to you?
Joe Seremet: Essentially, it's a proxy for cash flow.
Tim: Cash flow.
Joe Seremet: you got money and you're making money.
Tim: Yep.
Joe Seremet: And now you've proven the concept, right? And so there's this, now the flame is starting to grow in your business. And we're here to throw gasoline on an existing. Not start the fire.
Tim: Yep.
Joe Seremet: That's the answer.
Jared Quoyeser: Tim, like I think you were looking at say kind of what segments we're looking at Or where we went.
We are looking at Louisiana centric businesses, so that's our filter point.
Tim: do I need to be from Louisiana? What's the commitment? Of the founder or the management team, or
Joe Seremet: it can be a lot of different things. So yes, the business should be domiciled here or have tangentially related to the state.
So like when I say that, I mean there's opportunities in the Gulf South for us to read domicile businesses here. Yep. Eventually. I think fund one, our focus is to keep existing businesses here because of the m and a market, dynamics that I talked about and grow those businesses in play. When we talk about our future longer [00:15:00] goals larger funds, compounded returns, we think about how can we bring and red domicile businesses here?
And that's a good point. 'cause it brings up our relationship with LED. It's not a formalized relationship, but they've been extremely helpful for us. For us, they promote our idea, we have the same goals, and in many instances they'll be able to help us with certain incentives to do that. They'll be able incentives to bring businesses back here. And if we can demonstrate that we're gonna keep a business here that was gonna leave. They'll be able to help us as well.
Tim: Yep.
Joe Seremet: And so that's a really important distinction. And then to Jared's point, how are we different? The world doesn't really need another generalist middle market private equity fund.
and so we're completely different and we get the question all the time from, I would say, larger sort of institutional investors or family offices, which is what's your focus area? And Jared said it, our focus area is Louisiana. And taking what Louisiana can give us, and the only reason we can have such a broad sort of strategy is because of our competitive advantage of our LP network.
We specifically and strategically selected our LP network [00:16:00] because they can help our portfolio companies. It's getting a whole bunch of people who think the same way about helping a state. Move it in the right direction, whether that be for deal access, political access, contract coverage. So we want to make sure that we win and how do we make sure that we win?
It's our strategic aligned with our LP base, and that is a very different strategy than in low and middle market private equity fund who's going out and getting pension dollars, right? Pension dollars wants to give you a dollar and get three back. Ours wanna get, give us a dollar, get three back, and also help us get that three back.
Tim: so back to the LP network. Go deeper in that. So the, what you're saying is a competitive advantage for Louisiana companies is the LPs are the, your investors. Correct. So tell me who are these people? In general, not names, but in general what's, what do we make of
Joe Seremet: think of the largest sort of institutions, family offices that have a symbiotic relationship with the state or have [00:17:00] meaningful influence and ties here who want to stay here.
And in fact, in many instances. Their very existence as a business relies on our population.
Tim: Yeah,
Joe Seremet: right. Okay. completely aligned from an incentive perspective.
Jared Quoyeser: if you look at our LP commitments, they absolutely saw the market need for what Louisiana impact fund's gonna be delivering into the market.
Growth capital, buyout capital. They've seen it and they see it kind of in their own business. They see it kind of with their ventures, those types of things. And they were super excited in regards to, let's get this stood up and let's move this forward quickly because there is an absolute need for it in the market.
Joe Seremet: Yeah. Because if what really resonated with people, and I don't think no one's really aggregated this data. We all know that there are businesses being bought by out-of-state interest in being moved out. We all implicitly know that. But when we put numbers around it, that was really powerful for people.
Only two in-state buyers out of 53 last year. And we looked at 10 years of data. And over the last three years, it's 96% out of state [00:18:00] interest.
Tim: So I know the good deal, the good deals, whom's investing matters. So I guess as a Louisiana entrepreneur or a business leader, you're saying there's a competitive advantage by now having a network of these LPs?
Joe Seremet: Yes.
Tim: Had this group ever been assembled, had they all ever invest,
Joe Seremet: yeah.
Tim: Has this band ever been created for local businesses?
Joe Seremet: I'm gonna say that this in the most loving way, but New Orleans, I mean, Louisiana has a lot of different, call it fiefdoms, right?
Tim: Cruise.
Joe Seremet: We have North Louisiana, we have Central Louisiana. We have the Lafayette region. Acadiana, we have New Orleans, right? We have the North Shore and they've all been fighting over limited resources.
And so it's always like me versus you. And so when we set out to do this, we're like, we wanna put pins all over this Louisiana map to bring all these people together. So what we get excited about is our annual meeting, right?
Tim: Yeah.
Joe Seremet: When we have someone from North Louisiana, Baton Rouge, new Orleans, let's actually work together as a state.
And I think that's a very new [00:19:00] concept.
Tim: It's a big idea
Joe Seremet: to pull together. It's a big idea and one that. I get accused of being a dreamer about, because I think a lot of people have said this before, we should all work together because we all want the best for the state. But if that's what we really tried to set out to do and we put those pins on that map and we did it like one of our biggest investors is from North Louisiana.
One of our biggest investors is from the Lake Charles area. One of our biggest investors is from Baton Rouge. And so we did that and I think that's gonna kind of accelerate over time. And as we grow, then expand that network. It gets more powerful.
Jared Quoyeser: Yeah, and Tim also too is a funny story is that when we're up in north Louisiana, they initially asked us if we're lost.
Because no one comes up to, interstate 49 to Shreveport in Monroe and Ruston. Yeah. But, we are gonna be there, we're gonna be present there. We're gonna be the capital partner up in North Louisiana. Like Joe said, this is a holistic state of Louisiana, so
Tim: no one's ever done this.
PI had this pitch to assemble local investors for a.
Josh Cummings: Not,
Joe Seremet: no,
Josh Cummings: not in a lower middle market.
Jared Quoyeser: Yeah.
Josh Cummings: equity space.
Joe Seremet: No. And we tried to look for [00:20:00] analogs in other states. Has anyone ever tried to do a, a sort of a private equity fund that is fighting for patriotic competitive advantage, I'll say.
and we really couldn't find one, but it takes a certain population, right? Louisiana is a special breed of people who really do love their state. They love all the special things about our state. You mention rituals all the time, right? Yeah. And rhythm. To life. And I think that's a really cool and unique thing about Louisiana.
And we all love it and we love it enough to live here and raise our kids here, right? Yep. So why not protect it from an economics perspective?
Josh Cummings: Inherently, most private equity doesn't need it, they do it through operating partners take very skilled people who are industry knowledgeable, have track record, and that operating partner helps create deal flow.
It helps understand what the underwriting tenants are, what you're funding from a growth perspective. Our LPs are our operating partners for all intents and purposes. And hopefully, operating partners with a greater vested interest, not only in the fund, with what we can do together in the state,
Joe Seremet: That state pride is important.[00:21:00]
Tim: Does this carry beyond, expats born in Louisiana, but don't live here? Do you see that as a Yes. Part of your LP network?
Jared Quoyeser: Yes, absolutely.
Josh Cummings: We hope
Tim: If you were pitching a Louisiana person who's living in. New York, why should I invest in this line?
Jared Quoyeser: Because they understand it, and, in the conversations that we have had with, LPs and potential LPs in regards to these guys are domiciled, let's say out outside of the state of Louisiana.
Sometimes like they want to get back to the state of Louisiana, like to understand it. How can I be influential? How can I provide an impact, quote unquote an impact to the economic foundation and pillars of the state of Louisiana. This gives them an option. I guess, Tim, think about it, is that when you look at the state of Louisiana and economic foundation, there isn't an intel that has a campus here that has a hundred thousand employees.
There isn't an HP that has a hundred thousand employees. What it has is a bunch of scrappy entrepreneurs that have built companies to 20, 40, 80, whatever, up the stack on revenue side. And they built those companies. They built, they started it at the [00:22:00] kitchen table and built it. Yeah. And they've seen that firsthand.
And they have been part of family. That have built that, but they decided to move away and they see the opportunity and they want to figure out how can I get back personally and how can I get back, how can I be involved on the business side too?
Joe Seremet: And I'll give you a couple examples.
There's one of our kind of partners in all this thing is a private equity guy outta Houston, and he manages several billion dollars for free. He gives me advice whenever I want it. I can call him whenever because he's from Louisiana. He's an expat. And all he wants to do is help us.
And it's been extremely valuable. Another example on the other side of the coin, which is we haven't talked about, which is like employment opportunities in state and leadership in the state. When we did that announcement, I got three separate LinkedIns from, three guys who are from Louisiana.
One was at Darden, one was at Wharton, one was at Harvard, all finishing their MBAs and it was like, we love what you're doing. We want to move back. And so we kind of put up the bat signal. For finance people and it started to show. And so we think that there's gonna be a tremendous [00:23:00] ability to move people here and also grow that and cultivate that.
Tim: Look, I think the greatest asset of Louisiana are Louisianans who moved away. They're learning New York and Boston, San Francisco. But you know, if you guys can bring them back home. Yes. Not only you're helping new ventures, but you're also bringing new capital into the market.
Jared Quoyeser: Completely agree.
Tim: what. Do you want people to know? if someone's listening to this, they read the article you launched what do you want people to know or what did we miss or what's critical that information is important?
Jared Quoyeser: I'll take, can I answer it three ways?
Tim: You just have it.
Jared Quoyeser: How about this from the entrepreneur who is, their business model's been de-risk and they're ready for growth. Louisiana Impact Fund is that organized Louisiana Capital so that they can grow within the state of Louisiana for family.
Businesses or founders who are looking at their succession plan. Louisiana Impact Fund is their solution, and we are looking at how do we cultivate the next generation of business leaders within the state of [00:24:00] Louisiana, either from, repatriating and bringing back outta state to Louisiana. They could be part of our portco operating team and running companies type of thing.
We want to be able to cultivate that as part of this.
Tim: Awesome.
Jared Quoyeser: Yeah,
Joe Seremet: I would just say to sum it all up, we're open for business. We're ready to make a difference in the state, and we want as many partners as we can who share our vision and our goal going forward. And we need to expand that network is what's gonna make this fund succeed and be powerful.
Josh Cummings: Yeah, I mean, as Joe said, just to give you some specifics around it, I mean, we've done our first close, we'll do a second close. Somewhere between four and six months from now, and then we'll do a final close within 18 months of the first close. so for those LPs who are interested in our view, our vision, our competitive advantage, we're looking to add to that LP network.
we want to do it strategically. We wanna do it with a capital base that allows us to scale. for those businesses [00:25:00] that are looking for capital, whether it's for growth or succession. And oftentimes I think, it's a combination of both. We're open for business. Joe,
Tim: well, Josh, Joe and Jared.
I guess the three J's. I didn't know that we got three J's. Yes, the three J's.
Josh Cummings: That's what we should have called the fund.
Tim: The js,
Josh Cummings: our mission statement.
Tim: The three,
Jared Quoyeser: like a ranch when you do three Js.
Tim: First thank you for this effort. I know it hasn't been easy to start.
Not easy. So you guys have really worked hard secondarily of filling a gap in the ecosystem, is critical to the partnership. But thirdly is, building this new network of investors.
How can people get in touch with you? What's the best way to reach out? Whether I'm an entrepreneur, an investor, an ex-pat, or someone that's worked there?
Jared Quoyeser: Info. At Louisiana impact.com,
Tim: Alright guys. Thank you.