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Big shakeup at Madison Capital Funding

September 20, 2013: 12:52 PM ET
Trevor Clark

Trevor Clark

Trevor Clark and Chris Williams are out at Madison Capital Funding.

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.

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About This Author
Dan Primack
Dan Primack
Senior Editor, Fortune

Dan Primack joined Fortune.com in September 2010 to cover deals and dealmakers, from Wall Street to Sand Hill Road. Previously, Dan was an editor-at-large with Thomson Reuters, where he launched both peHUB.com and the peHUB Wire email service. In a past journalistic life, Dan ran a community paper in Roxbury, Massachusetts. He currently lives just outside of Boston.

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