HCAP Partners Launches Employee Assistance Fund Powered by Canary
The new grant fund supports HCAP’s commitment to quality jobs, providing portfolio company employees access to financial hardship assistance
SAN DIEGO, CA (February 1, 2023) – HCAP Partners, a California-based private equity firm and nationally recognized impact investor, is proud to announce the launch of its Employee Assistance Fund in partnership with Canary, a technology platform designed to provide individuals with money at pivotal moments in their lives. The fund will provide financial assistance in the form of grants to HCAP Partners V, L.P. portfolio company employees who are facing unexpected expenses or hardship due to unforeseen circumstances.
HCAP’s Employee Assistance Fund is designed to provide a safety net for its portfolio companies’ employees and their families during difficult times and can be used to cover expenses such as unexpected medical bills, childcare, and other essential needs. The Fund is a charitable vehicle seeded by the HCAP team and presently made available to all current and future HCAP Partners V, L.P. portfolio company employees. Portfolio company employees can request up to $1,500 per year for eligible financial hardship events via a website hosted by Canary.
“The ongoing wellbeing of our portfolio company employees is foundational to their personal lives and career development as well as the economic success of the businesses we invest into," commented Tim Bubnack, Managing Partner of HCAP Partners. "We are pleased to provide this additional resource to the employees of our portfolio who may be experiencing difficult situations in their lives. The HCAP Employee Assistance Fund is an important part of our ongoing work with portfolio companies via our Gainful Jobs Approach™ to offer living wages, support wealth creation, provide opportunities for advancement, cultivate inclusive workplaces, and promote employee health and wellness.”
Canary's platform will provide a confidential, easy-to-use online portal for portfolio company employees to apply for assistance and track the status of their application. Canary's team of experts will also be available to provide support and guidance throughout the process.
“We are excited to partner with HCAP — a leader in investing in quality jobs for frontline and low- to moderate-income workers — on launching this first-of-its-kind pooled employee assistance fund within the private equity industry. The fund gives employees at HCAP portfolio companies quick and dignified access to emergency grants in times of financial hardship,” said Rachel Schneider, Founder & CEO of Canary.
The Employee Assistance Fund is just one of the many ways that HCAP Partners is working to improve job quality standards. HCAP is considered among the first private equity firms to develop and successfully implement a quality jobs platform across every portfolio company within a Fund. This platform, called the Gainful Jobs Approach™, is an operational impact framework that includes active portfolio engagement to identify and implement workplace initiatives aimed at creating and maintaining high-quality jobs.
About HCAP Partners
HCAP Partners is a diversely owned private equity firm specializing in provide mezzanine debt and private equity for underserved, lower-middle market companies throughout California and the Western United States. The firm seeks to invest $3 million to $25 million in established businesses generating between $10 million and $100 million in revenues in the healthcare, software, services, and manufacturing industries. HCAP Partners has invested in over 60 companies since its founding and through ongoing, active engagement with portfolio companies provides value-added resources to help optimize performance and increase enterprise value. The firm has been recognized as an ImpactAssets 50 fund nine years running and, through its Gainful Jobs Approach™, works to facilitate a positive impact on underserved businesses, their employees, and their communities through active portfolio engagement. For more information, please visit http://www.hcap.com/.
About Canary
Canary is helping the 21st-century social net evolve to reflect the future of work. We exist to ensure that individuals can access emergency support with dignity in times of financial need, giving them the peace of mind and confidence to recover quickly. Canary is Co-Founded by financial experts and operators Rachel Schneider, Canary’s CEO, Kimberly Gartner, advisor, and Aliza Gutman, advisor, all alumni of the Financial Health Network. You can learn more at https://workwithcanary.com/.
