Mid-market private equity firm GPB Capital Holdings appointed William Jacoby as chief financial officer. Previously Jacoby was CFO at Napier Park Global Capital, which spun out from Citigroup's alternative investment arm in early 2013.
Steve Frangioni was acting as interim CFO until GPB hired a permanent replacement. He will remain director of fund accounting at the firm.
GPB operates under a unique management structure with respect to its financial oversight. Last November the New York-based firm appointed Scott Naugle as CFO for a specific investment sector, namely its automotive retail group.
In his new role, Jacoby will be responsible for GPB’s treasury management, fund accounting, fund administration, financial statement preparation and overall finance infrastructure.
“We are delighted to be adding someone of [Jacoby’s] caliber to our growing team. His proven ability to build successful financial infrastructures for alternative asset managers will be integral to the expansion of GPB’s rapidly growing platform in 2015 and beyond,” said in a statement GPB chief executive David Gentile.
GPB has three sector-specific divisions including automotive management, information technology and life sciences. The automotive team is the only GPB group with its own CFO.