Darrell Crate

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Darrell Crate
Born
Darrell W. Crate

New York City, New York, U.S.
CitizenshipUnited States
Alma materBates College
Columbia University
OccupationInvestor, private equity manager, and philanthropist
Years active1995 – present
EmployerChase Bank (1995–1998)
AMG (1998–2011)
Easterly (2009–present)
Known forFounding and managing funds of Easterly & Affiliated Managers Group
Political partyRepublican

Darrell W. Crate (born 1967) is an American investor, private equity manager, and philanthropist. He is currently the managing principal of Easterly, a private investment firm he founded in 2009 in Beverly, Massachusetts.[1]

A native of New York City, Crate attended Bates College in Lewiston, Maine before attending Columbia Business School in New York City. He began his career with Chase Manhattan Bank and Chase Manhattan Securities. His last assignment as the managing director of Financial Institutions Group based in London.[2] Soon after he was asked to join Affiliated Managers Group where he helped to scale the business from 1998 to 2011, as Chief Financial Officer.

After departing AMG, Crate founded Easterly, where he has focused on a number of ventures, including founding a publicly-traded REIT, sponsoring a SPAC and building an asset management platform which owns stakes in third-party investment management businesses and assists them with their strategic growth.[3]

Early life and education[]

Crate was born in New York City in 1967. Crate received his Bachelor of Arts in economics from Bates College in 1989 and his M.B.A. from Columbia Business School in 1995.[4]

Investment career[]

Chase bank[]

Crate began his career with Chase Manhattan and Chase Manhattan Securities in New York. His last assignment as the managing director of the Financial Institutions Group based in London, focusing exclusively on investment management firms in England, Spain, France, Italy, Germany and the Benelux region.[2]

Affiliated Managers Group[]

Further information on Crates role in the financials of Affiliated Managers Group: Affiliated Managers Group

As chief financial officer[]

From 1998 to 2011, he served as the chief financial officer of Affiliated Managers Group a publicly traded asset management holding company. During his tenure at AMG, assets under management grew from $50 billion to over $340 billion through mutual fund, pension, and high-net-worth accounts globally, with over half of its clients domiciled outside the United States. During his tenure as CFO, the firm acquired interests in over 30 firms including Third Avenue Management, ValueAct Capital, AQR Capital Management, BlueMountain Capital Management and Tweedy, Browne Company. Over this same period, the company’s valuation increased materially, from $450 million to $6 billion [5]

Easterly[]

Darrell Crate (left of center) ringing the NASDAQ opening bell.

As founder[]

In 2009, Crate founded Easterly Capital, LLC, a firm based in Beverly, Massachusetts, that builds operating businesses to gain exposure to the growth in both asset management and non-bank finance sectors. He joined the firm full-time in 2011.

As chairman[]

In February 2015, Crate became the chairman of Easterly Government Properties, Inc., a publicly traded REIT on the New York Stock Exchange that is focused primarily on the acquisition, development and management of Class A commercial properties that are leased to U.S. Government agencies that serve essential functions. According to Business Wire, Crate became the chairman of Easterly Acquisition Corp., a publicly traded blank check company in July 2015.[6]

In March 2019, Easterly purchased the institutional investment business of Levin Capital Strategies, establishing Levin Easterly Partners, a long-only asset manager. Levin Easterly had approximately $6.1 billion in assets under management upon closure of the transaction.[7] Levin Easterly is a fundamental, contrarian value investment management firm focusing on US Large and All Cap Value strategies based in New York and New Canaan, CT.[8] One area of focus for the firm has been special purpose acquisition companies (SPACs). They are one of the most experienced investors in these vehicles, with a track record of investing in SPACs that spans over a decade.[9]

In May 2020, Easterly acquired an equity interest in James Alpha Advisors, LLC, a boutique asset management firm specializing in Global REITs, Structured Credit and Hedged Equity. In addition, the firm provides a platform of liquid alternative portfolio solutions for institutional and individual investors. James Alpha Advisors had over $1.1 billion in assets under management at the time of the transaction.[10]

Easterly Alternatives is the alternatives-focused arm of Easterly and has raised more than $500 million in private and platform vehicles in sectors including real estate, healthcare and transportation. Easterly Alternatives is focused on identifying unique market dislocations and creating investment solutions for its partners to take advantage of these opportunities, in what are often niche and difficult-to-access markets. Easterly Alternatives recently has launched a SPAC Fund, in which it will invest in the best new-issue SPAC IPOs that come to market.[11][12]

Personal life[]

Crate currently lives in Florida, Maine and Hamilton, Massachusetts.[13]

He is involved with a number of non-profit, political, and charitable organizations. He has been a trustee of Bates College since 2003[14] and served on the college's advancement and investment committees.[14] On February 8, 2016, the college announced that Crate was among seven families to donate $19 million to endow professorships and launch the college’s new digital and computational studies program.[13] Crate also serves as a trustee of Think of Us, a not-for-profit technology platform with the ultimate goal of helping foster youth successfully transition into a prosperous adulthood.

Crate currently serves as Vice Chairman of the Aircraft Owners and Pilots Association (AOPA). A licensed private pilot since 1993, Crate has more than 6,000 flight hours and has flown his single-engine TBM plane to all of the 48 continental states.[15] He also serves on the advisory counsel to the National Park Foundation. He has a particular focus and interest in the National Parks located in Maine, North Carolina and Montana.[16]

Crate is a member of the Advisory Council of the Robert F. Kennedy Children's Action Corps (2006), a national leader in child welfare and juvenile justice programs and services.[17] In 2019, the RFK Children’s Action Corps honored Crate with its prestigious "Robert F. Kennedy Embracing the Legacy Award” for his work on behalf of at-risk youth. Crate also served as a Trustee of Think of Us, a not-for-profit technology platform with the ultimate goal of helping foster youth successfully transition into a prosperous adulthood.[18]

Other interests include serving as a trustee of Islesboro Island Trust (2002), Adams Memorial Foundation (2011),[19] Ethel Walker School (2015)[20] IRYS School of Technology and Trades (2020)and an advisor to The Trustees of Reservations (2002).[21]

Political involvement[]

Further information on Crates role in Romney's 2012 presidential campaign: Mitt Romney presidential campaign, 2012

According to Boston.com, Crate served as treasurer and a member of the executive committee of the Romney for President campaign in 2012, a role that he also held during the 2008 cycle. From 2003 to 2007, Crate served as the chairman of the Massachusetts Republican Party, and a senior advisor to Governor Mitt Rommney.[22]

See also[]

References[]

  1. ^ "Easterly Capital".
  2. ^ a b News Break, “Darrell Crate”
  3. ^ https://easterlycapital.com/ visited on 12/17/20
  4. ^ "Investment Management Specialist in Beverly, Boston, Massachusetts (MA) & Manhattan, New York (NY) – Easterly Capital". Easterly Capital. Archived from the original on 2016-12-28. Retrieved 2016-12-28.
  5. ^ http://investing.businessweek.com/research/stocks/people/person.asp?personId=1120228&ticker=AMG:US
  6. ^ "Easterly Acquisition Corp. Rings Opening Bell of The Nasdaq Stock Market | Business Wire". www.businesswire.com. Retrieved 2017-02-16.
  7. ^ “Legendary Value Manager Sells to Holding Company,” by Julie Segal, Institutional Investor, April 10, 2019
  8. ^ Levin Easterly: Strategies
  9. ^ Easterly Alternatives: Unique solutions intended to meet complex needs
  10. ^ “Easterly acquires minority interest in James Alpha Advisors,” Private Banker International, August 5, 2020
  11. ^ “Blank-Check Dealmakers Seek to Raise $100 Million for SPAC Fund,” by Michael McDonald, Bloomberg Markets, September 28, 2020
  12. ^ “Easterly eyes $100M to invest in SPACs,” Pitchbook.com, September 29, 2020
  13. ^ a b "Bates announces gifts of $19 million to create six new endowed professorships and launch the college's new digital and computational studies program". 2016-02-08. Retrieved 2017-02-16.
  14. ^ a b "Catalog | Bates College". www.bates.edu.
  15. ^ Bios of AOPA Board Members
  16. ^ National Park Foundation: National Council
  17. ^ Robert F. Kennedy Children’s Action Corps Advisory Council
  18. ^ “Children’s Action Corps honors group that embraces the legacy of RFK,” The Boston Globe, May 13, 2019
  19. ^ “The Adams Memorial: Honoring a Legacy of Public Service and Noble Sacrifice,” by Sarah Tina, Industry Buzz, July 13, 2015
  20. ^ “Meet the New Trustees,” The Sun Dial (The Ethel Walker School), Spring 2016
  21. ^ Special PLACES, newsletter of the Trustees of Reservations, Fall 2003
  22. ^ "Mitt Romney campaign CFO described himself as 'financial outsourcing consultant' on professional networking site". Boston.com. Archived from the original on 2017-02-18. Retrieved 2017-02-16.
Party political offices
Preceded by Chairman of the Massachusetts Republican Party
2003–2007 		Succeeded by
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