Big shakeup at Madison Capital Funding

Sep 20, 2013
Trevor Clark

FORTUNE -- New York Life Investment Management has ousted the CEO of its mid-market lending subsidiary, Madison Capital Funding.

Fortune has learned that CEO Trevor Clark and fellow senior managing director Chris Williams were both terminated after allegedly violating NYLIM policies related to personal investments. Clark and Williams are two of the 12 year-old group's four co-founders.

Both men remain on the firm’s website, although a receptionist was directing calls to a different firm executive. It is unclear if Clark's successor has been selected.

A NYLIM spokesman said that “the company is not in a position to comment at this time."

Madison Capital Funding provides leveraged capital solutions and products to private equity sponsors, including one-stop senior credit, term loans and equity co-investments. To date, it has closed more than 1,100 transactions for over 200 sponsors,  totaling more than $15.5 billion in net funded commitments.

Attempts so far to reach Clark and Williams have been unsuccessful.

Sign up for my daily email newsletter on deals and deal-makers:

All products and services featured are based solely on editorial selection. FORTUNE may receive compensation for some links to products and services on this website.

Quotes delayed at least 15 minutes. Market data provided by Interactive Data. ETF and Mutual Fund data provided by Morningstar, Inc. Dow Jones Terms & Conditions: S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Terms & Conditions. Powered and implemented by Interactive Data Managed Solutions