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CAI Private Equity hires US head

The mid-market firm has hired Allan Weinstein, who spent 18 years at Lincolnshire Management, as a managing partner based in New York.

CAI Private Equity has hired Lincolnshire Management managing director Allan Weinstein as a managing partner responsible for leading the firm’s US investment effort.

Weinstein joins CAI following 18 years at Lincolnshire, another mid-market buyout shop, which he left in late June. Weinstein was previously a senior credit analyst at Fleet Bank. He will be based in CAI’s New York office.

CAI’s US investment activities are focused on energy and utilities, business and financial services, healthcare, specialty/niche manufacturing and aerospace. Weinstein’s hiring brings the number of partners at CAI to six.

“[Weinstein]’s energy and capability will help grow our United States investment efforts enormously,” CAI co-founder and partner Les Daniels said in a statement.

CAI aims to invest between $20 million and $75 million per transaction across a variety of sectors. The firm has a North American investment mandate and is a frequent investor in Canadian businesses.

In January, CAI generated a 3.7x return multiple and 18.4 percent internal rate of return on its investment in aerospace company TurboCombustor Technology, purchased alongside AeroEquity in 2004.

CAI closed its fourth fund on $175 million in August 2010, using Ariane Capital Partners as its placement agent. The firm’s third fund collected $375 million in 2003.

In addition to New York, CAI has offices in Toronto, Montreal and Vancouver. The firm was founded in 1989 and has invested or placed with co-investors more than $1.3 billion in equity throughout North America.