CEO & Portfolio Manager
Michael founded Pomona Capital in 1994 and is responsible for strategic planning, capital and executive management. He has 31 years of private equity experience.
Prior to founding Pomona, Mr. Granoff served as President of partnerships organized to purchase secondary interests in private equity funds and as a Director of a number of private companies engaged in health care, manufacturing, and financial services while President of Golodetz Ventures and Vice President of TEI Industries. Prior to his business career, Mr. Granoff served on the staff of the U.S. House of Representatives Appropriations Subcommittee on Foreign Operations. He was a member of the 1992 Presidential Transition Team for the Department of the Treasury. Mr. Granoff was appointed by President Clinton to the Board of the Albanian-American Enterprise Fund, a U.S. government-sponsored private sector development initiative, where he serves as Chairman. He is also Chairman of the Albanian American Development Foundation, the largest non-profit organization in Albania. Mr. Granoff is a recipient of The Order of Skanderbeg Medal and The Order of Mother Teresa Medal from the President of Albania. Mr. Granoff is a member of the Council on Foreign Relations and is a Director of the Grameen Bank U.S. He has been a Guest Lecturer at the Harvard Business School and the Wharton School of Business.
Mr. Granoff received a JD from Georgetown University and a BA from the University of Pennsylvania.
Frances N. Janis
Senior Partner & Portfolio Manager
Fran co-founded Pomona Capital in 1994 and leads investment decision-making in the secondaries, primary funds of funds and co-investment businesses. Fran has 32 years of private equity experience.
Prior to joining Pomona, she was a general partner of Hambro International Equity Partners, a venture group that managed a series of domestic and offshore funds. During her career, Fran served as a director of a number of private and public companies engaged in the telecommunications equipment, consumer products, software services, health care and specialty retailing industries.
She received an MBA from Northeastern University, and a BS from the State University at New York (Albany). Fran is a member of the Board of Trustees of Northeastern University.
Partner & Portfolio Manager
Lorraine joined Pomona Capital in 2007 and leads the firm's investment process. She has 21 years of private equity experience.
Prior to joining Pomona Capital, Ms. Hliboki spent fifteen years at General Electric Company, most recently as a senior managing director at GE Equity. In that role, she was responsible for originating, structuring, negotiating, and underwriting private equity transactions in public and private companies. Ms. Hliboki had both domestic and international responsibilities across many different industries. She also served on the board of directors of many private companies in the financial services, healthcare and services sectors. Previously, Ms. Hliboki spent three years as a senior financial analyst at Financial Guaranty Insurance Company, then a subsidiary of General Electric Company.
Ms. Hliboki received an MBA from New York University and a BS from Fairfield University.
Chief Operating Officer
Joel joined Pomona as a Consultant in 2014 and assumed his current role in 2015. He has over 20 years of alternative investment, operations and legal experience, and has held senior level management positions in the asset management industry since 2005. In 2013, Joel founded Z to A Ventures, LLC, a strategic advisory and consulting business that primarily serves asset managers in the alternative investments industry. Previously, Joel was a Partner and Senior Managing Director at ICON Investments, a credit-oriented global investment platform that has invested over $4 billion of client capital. Prior to ICON, he was a corporate attorney at Fried Frank LLP in London and New York. Joel received a JD from Boston University and a BA from Connecticut College. Joel is a Senior Advisor to Diamond Funds Ventures Management, LLC, an Advisor to EMM Investments, LLC, and a Director of Precision Kidd Steel Company, Inc.
Head of Business Development
Bob Alderman is a registered representative of Voya Investments Distributor, LLC, the distributor of Pomona Investment Fund. Bob assists the Pomona team as Voya's Head of Business Development for Pomona Investment Fund. He has 30 years of experience in wealth management, alternative investments and asset management. Prior to assuming his current role, Bob was Executive Vice President and Head of Wealth Management for GBI, a precious metals offering for advisors and clients across all channels of wealth management and Head of Private Investments in the U.S. and Europe for the World Gold Council. Before that, Bob ran retail distribution for Credit Suisse Asset Management, and was a Managing Director at Merrill Lynch, where he was the Global Head of Distribution and Marketing for the firm's Alternative Investments Group. During his 20 years at Merrill Lynch, Bob also served as the National Sales Manager for financial planning and was the National Marketing Manager for Merrill Lynch Asset Management. Bob earned his MBA from the Carroll School of Management at Boston College and has a BA from Clark University.
Manager of Business Development
Bill Dodson is a registered representative of Voya Investments Distributor, LLC, the distributor of Pomona Investment Fund. Bill joined Pomona in 2014, as a member of the Investor Relations team, and assumed his current role as Voya's Manager of Business Development for Pomona Investment Fund in 2016. He has 7 years of alternative investment experience. Prior to joining Pomona, Bill worked as a Vice President of business development for both Gemini Real Estate Advisors and Bank of New York Mellon. Bill received a BA from Denison University and a master's degree from Case Western Reserve University.
An investment in the Fund involves a considerable amount of risk. A Shareholder may lose money. Before making an investment decision, a prospective investor should (i) consider the suitability of this investment with respect to the investor’s investment objectives and personal situation and (ii) consider factors such as the investor’s personal net worth, income, age, risk tolerance, and liquidity needs. The Fund is an illiquid investment. Shareholders have no right to require the Fund to redeem their Shares in the Fund and, as discussed in the Fund’s prospectus, the Fund conducts tender offers subject to the discretion of the Board of Trustees. Therefore, before investing investors should carefully read the Fund’s prospectus and consider carefully the risks that they assume when they invest in the Fund’s common shares.
An investment in the Fund involves a high degree of risk, including the risk that the Shareholder’s entire investment may be lost. The Fund’s performance depends upon the Adviser’s selection of Investment Funds and direct investments in operating companies, the allocation of offering proceeds thereto, and the performance of the Investment Funds, direct investments, and other assets. The Investment Funds’ investment activities and investments in operating companies involve the risks associated with private equity investments generally. Unexpected volatility or lack of liquidity, such as the general market conditions that prevailed in 2008, could impair the Fund’s performance and result in its suffering losses.
The value of the Fund’s total net assets is expected to fluctuate. To the extent that the Fund’s portfolio is concentrated in securities of a single issuer or issuers in a single sector, the investment risk may be increased. The Fund’s or an Investment Fund’s use of leverage is likely to cause the Fund’s average net assets to appreciate or depreciate at a greater rate than if leverage were not used.
Closed-End Fund; Liquidity Risks. The Fund is a non-diversified closed-end management investment company designed principally for long-term investors and is not intended to be a trading vehicle. An investor should not invest in the Fund if the investor needs a liquid investment.
General Risks of Secondary Investments. There is no established market for secondaries and the Adviser does not currently expect a liquid market to develop. Moreover, the market for secondaries has been evolving and is likely to continue to evolve. It is possible that competition for appropriate investment opportunities may increase, thus reducing the number and attractiveness of investment opportunities available to the Fund and adversely affecting the terms upon which investments can be made. Accordingly, there can be no assurance that the Fund will be able to identify sufficient investment opportunities or that it will be able to acquire sufficient secondaries on attractive terms.
The Fund may also be subject to the following risks: Limited Operating History Risk, Nature of Portfolio Companies Risk, Co-Investment Risk, Leverage Utilized by the Fund Risk, Leverage Utilized by Investment Funds Risk, Investments in Non-Voting Stock/Inability to Vote Risk, Valuation of Fund’s Interests in Investment Funds Risk, Valuations Subject to Adjustment Risk, Illiquidity of Investment Fund Interests Risk, Repurchase Risk, Expedited Decision-Making Risk, Availability of Investment Opportunities Risk, Special Situations and Distressed Investments Risk, Mezzanine Investments Risk, Small- and Medium-Capitalization Companies Risk, Utilities Sector Risk,Infrastructure Sector Risk, Technology Sector Risk, Financial Sector Risk, Geographic Concentration Risk, Sector Concentration Risk, Currency Risk, Venture Capital Risk, Real Estate Investments Risk, Substantial Fees and Expenses Risk, Foreign Portfolio Companies Risk, Non-U.S. Securities Risk, Structured Finance Securities Risk, Capital Calls / Commitment Strategy Risk, ETF Risk, Unspecified Investments Dependence on the Adviser Risk, Indemnification of Investment Funds / Investment Managers and Others Risk, Termination of the Fund’s Interest in an Investment Fund Risk, Other Registered Investment Companies Risk, High Yield Securities and Distressed Securities Risk, Reverse Repurchase Agreements Risk, Other Instruments and Future Developments Risk, Dilution Risk, Incentive Allocation Arrangements Risk, Control Positions Risk, Inadequate Return Risk, Inside Information Risk, Possible Exclusion of a Shareholder Based on Certain Detrimental Effects Risk, Limitation on Transfer / Shares Not Listed / No Market for Shares Risk, Recourse to the Fund’s Assets Risk, Non-Diversified Status Risk, Special Tax Risk, Additional Tax Considerations / Distributions to Shareholders and Payment of Tax Liability Risk, Current Interest Rate Environment Risk and Regulatory Change Risk. For a complete listing of all the Fund’s risks, with their descriptions, please refer to the “Types of Investments and Related Risks” section of the Fund’s prospectus.
The Fund’s shares do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not insured by the FDIC, the Federal Reserve Board or any other government agency. You may lose money by investing in common shares of the Fund.
Index DescriptionsThe Cambridge Associates U.S. Private Equity Index is based on quarterly performance data compiled from 1,334 US private equity funds (buyout, growth equity, private equity energy and mezzanine funds), including fully liquidated partnerships, formed between 1986 and 2016. The index has limitations (some of which are typical to other widely used indices) and cannot be used to predict performance of the Fund. These limitations include survivorship bias (the returns of the index may not be representative of all private equity funds in the universe because of the tendency of lower performing funds to not report returns to the index); heterogeneity (not all private equity funds are alike or comparable to one another, and the index may not accurately reflect the performance of a described style); and limited data (many funds do not report to indices, and the index may omit funds, the inclusion of which might significantly affect the performance shown). The index has not been selected to represent an appropriate benchmark to compare an investor’s performance, but rather is provided to allow for comparison to that of certain well-known and widely recognized indices. See Cambridge Associates for a complete explanation on IRR calculations and assumptions.
The S&P 500 Total Return Index measures the value of stocks of the 500 largest corporations by market capitalization listed on the New York Stock Exchange or Nasdaq Composite. The index is calculated on an annualized total return basis, with performance reflecting the reinvestment of dividends and other distributions.
The Barclays US Aggregate Bond Index measures the performance of the US investment-grade bond market, which includes the following types of securities and typically only includes securities that have $250 million or more of outstanding face value and at least one year remaining to maturity: investment-grade US Treasury bonds, government-related bonds, investment-grade corporate bonds, mortgage pass-through securities, commercial mortgage-backed securities and asset-backed securities that are publicly offered for sale in the US.
Past performance is no guarantee of future results.