Board of Directors

CDVCA’s Board of Directors is composed of leading practitioners and outside experts in the community development venture capital industry all of whom operate funds focused on low-income communities and populations. 

Joseph Bartlett


Joe Bartlett’s primary practice areas are venture capital, with respect to which he has been featured in the press and in the community as a leading practitioner, and private equity matters. His experience in merger and acquisition transactions ranges from private companies well under one hundred million to $3 billion public companies (Tandem Computer into Compaq).  Joe has also been involved in organizing private equity funds since the first non-family venture fund, Greylock, was organized and floated in 1965. 

Joe is the primary author of a treatise on leveraged buyouts and was counsel to Bain Capital and Chemical Ventures (now JP Morgan Chase) upon organization.   

Joe has also been active in corporate restructurings and distressed asset matters, his participation ranging from court appointed trustee (the Estate of Charles Brennick) to co-counsel to the DBL Liquidating Trust disposing post confirmation of $3 billion of Drexel’s assets.

Alan J. Bernstein

Alan Bernstein is a partner at the Wall Street law firm of Carter Ledyard & Milburn LLP. His corporate practice concentrates on transactions for technology companies. Mr. Bernstein has substantial experience in public offerings and private placements representing issuers and underwriters in initial public offerings, secondary offerings, and venture capital investments. Also, mergers and acquisitions, representing buyers and sellers in negotiated stock and asset purchases; and licensing and strategic partnering.

Mr. Bernstein is on the Board of Editors of Start-Up and Emerging Company Strategist (published by The New York Law Journal). He is the author of Gold Rush – Buying Pieces of Distressed Companies, Daily Deal, October 23, 2002, Pursuing Strategic Investment Opportunities, New York Law Journal, September 17, 2001 and New Economy Strategic Alliances, New York Law Journal, June 19, 2000.

Mr. Bernstein received his B.A. in 1979 from Stanford University and his J.D. in 1983 from Boalt Hall School of Law, University of California, Berkeley.

Nathaniel V. Henshaw

Mr. Henshaw founded CEI Ventures in 1993, which capitalized its first community development venture fund at $5.5 million in 1996, and formed its second fund in 2001 at $20 million. CEI’s most recent fund, Coastal Ventures III LP, was formed in 2011 ($6.4 million). In 1993, Mr. Henshaw co-founded the Community Development Venture Capital Alliance (CDVCA) and serves as its corporate Secretary. CVI has invested over $16 million in 35 companies, employing over 2,400 people.

Prior to forming Coastal Ventures, Mr. Henshaw was a Loan and Investment Officer at Coastal Enterprises, Inc. It is now a $285 million community development corporation headquartered in Wiscasset, Maine. During eight and a half years at CEI, Mr. Henshaw loaned and invested social investment capital in over 125 projects totaling over $6 million, including environmental clean-up, child care, electronic instrument, publishing, marine products, medical equipment, and computer service industries. From May 1984 to June 1986, Mr. Henshaw was an Analyst and Assistant to the President of Chemical Venture Capital Corporation (now J.P. Morgan Partners). He also served as an Associate at Intersouth Partners, L.P. (Research Triangle Park, NC) and Kitty Hawk Capital, Ltd. (Charlotte, NC).

Mr. Henshaw holds MBA (1988) and BA (1984) degrees from Duke University and a Graduate Certificate from the NASBIC Venture Capital Institute. Mr. Henshaw was a Director of Intelligent Controls, Inc. (AMEX – listed producer of environmental protection instruments) prior to its successful sale to Franklin Electric; and serves on the Boards of: Wentworth Technologies (electronics); Soleras Ltd. (thin film metal deposition); Beacon Analytical Systems, Inc. (biotechnology); Coast of Maine Organic Products, Inc. (compost); Cuddledown of Maine (down comforters and bedding) Navigator Publishing (magazines); Taction (call center); Innov-X Systems (X-ray analysis systems); and Look’s Gourmet Foods, Inc. (all-natural, canned seafood). He is also Past Commodore of the Harraseeket Yacht Club.


Tom Loy

Tom Loy is the founder, Chairman, and CEO of Loy pic 2013MetaFund, a triple-bottom-line CDVC and certified CDFI that focuses on equity and near-equity investing, primarily in small businesses and affordable housing.  He also serves on the board of directors and as chairman of the audit committee of First Bethany Bank, a community bank in Oklahoma City.

In the early 1990s he was the Resident Banking Advisor for the U.S. Treasury Department/KPMG in Prague, Czech Republic, where he helped establish banking schools in Prague and Bratislava, Slovakia, and advised bankers and government officials.  He also served at Oklahoma City University as Executive Director of both the Graduate Banking School and the Bank Directors’ College.  He has been a lecturer and public speaker for many banking organizations and banking regulators, and he has taught at more than one hundred banking schools and conferences.

Mr. Loy was a community banker for twelve years, and he was president of a check and data processing company, co-founded a fully-registered securities broker/dealer, and coordinated a bank holding company’s IPO.  He earned various securities and insurance licenses and has served on the boards of numerous banking, securities, and civic organizations.

He has also lived and worked in Dallas, Hawaii, and Switzerland, been a coin-op laundry developer, upscale dog food manufacturer, bank stock and tennis ball arbitrageur, and speed reading and mnemonics teacher. He is the author of many published articles and opinion columns, a monograph for the Oklahoma Academy, and two books for community banks.

Mr. Loy holds a B.A. in Letters and a Master of Liberal Studies from the University of Oklahoma, where he was named an Outstanding Alumnus of the College of Arts & Sciences, and he has received the National Association of Community Leadership’s Distinguished Leadership Award.

L. Raymond Moncrief, Chairman

Ray Moncrief has held various positions within Kentucky Highlands Investment Corporation since 1984 and is currently Executive Vice President and Chief Operating Officer. He is President and Chief Executive Officer of Mountain Ventures, Inc.,  a Small Business Investment Corporation (SBIC) licensed by the U. S. Small Business Administration and a wholly-owned subsidiary of Kentucky Highlands Investment Corporation. In these capacities, Mr. Moncrief is responsible for the investing activities of Kentucky Highlands and Mountain Ventures including analyzing new investments and portfolio management. He has served as Chief Executive Officer of five of Kentucky Highlands’ investee companies and has been instrumental in providing financial and operational leadership in many turnaround and financial restructuring situations. Mr. Moncrief has in-depth experience in startup, expansion, and divestiture of businesses. He provides technical and managerial assistance to entrepreneurs during every phase of business development. Beginning with the creation of their business plans (startup and capitalization) through the expansion of  and eventual sale of their companies.

Mr. Moncrief is President and Chief Executive Officer and a board member of Southern Appalachian Management Company, LLC, the General Partner of the Southern Appalachian Fund, L.P., organized to make equity investments in small business enterprises as defined by the New Markets Venture Capital regulations of the U. S. Small Business Administration. Mr. Moncrief is a Manager of the Southern Appalachian Fund.

Additionally, Mr. Moncrief is President and a board member of Eclipse Management, LLC, the General Partner of Meritus Ventures, L.P., organized to make equity investments in small business enterprises as defined by the Rural Business Investment Company regulations. Mr. Moncrief is one of two fund managers for Meritus Ventures.

President George W. Bush appointed Ray to the Community Development Advisory Board. A national board that advises the director of the Community Development Financial Institutions Fund on policies regarding activities and programs.

Mr. Moncrief serves on the Board of Directors of the National Consumer Cooperative Bank located in Washington DC; a US government chartered, member owned cooperative corporation. NCB provides nontraditional community development finance coupled with technical assistance, public policy outreach, and development services.

Mr. Moncrief also serves on the Board of Directors of NCB Capital Impact; an affiliated non-profit corporation of NCB providing financial and technical services both directly and indirectly through separate subsidiary LLC’s. For 30 years, NCB has been a valued strategic partner in delivering capital for mission related investments, assisting underserved communities.

Mr. Moncrief is a founding director and is currently Chairman of the Board of Directors of the Community Development Venture Capital Alliance (CDVCA). CDVCA honored Ray with a special Lifetime Achievement Award in March, 2004. This award recognized his deep-rooted commitment to using venture capital tools as a means of creating lasting change in the lives of low income individuals and the economies of distressed communities. Mr. Moncrief is also a member of the board of directors of the New Markets Tax Credit Coalition and the Community Development Financial Institution Coalition.

Mr. Moncrief is an active Director on ten corporate Boards of Directors, and is a member of the Board of Governors of the National Association of Small Business Investment Companies (NASBIC). He is a past member of the Executive Committee of NASBIC. He is a founding board member of Southern Kentucky Economic Development Corporation. Mr. Moncrief has traveled nationally and internationally speaking about the use of equity investment as an economic development strategy. He has participated in several study groups analyzing capital needs in rural areas including an economic round table at the White House. Ray is often called upon to conduct training sessions at various conferences and meetings.

Mr. Moncrief is a graduate of Leadership Kentucky and a 1972 graduate of Louisiana Tech University with a B.S. Degree in Accounting and completed graduate courses at Lamar University.

Kerwin Tesdell, President

Kerwin Tesdell is president of the Community Development Venture Capital Alliance, the association of venture capital funds that provide equity financing for businesses that create good jobs, wealth, and entrepreneurial capacit in underinvested areas of the United States and the world. CDVCA serves the industry by providing education and networking opportunities, developing best practices, perfoming industry research, and supporting positive public policy at the federal and state levels. CDVCA also manages $143 million directly in a combination of busienss investments and investments in funds.  Mr. Tesdell is an adjunct professor at New York University, teaching Social Venture Capital at the Stern School of Business and Community Development Law at the School of Law.

Prior to joining CDVCA, Mr. Tesdell was a program officer at the Ford Foundation, first in its Office of Program-Related Investments and then in its Economic Development Unit, where he had primary responsibility for the Foundation’s investments and grantmaking for small business finance and job creation. Before that, he was the director of the Community Development Legal Assistance Center, which provides corporate, tax, and real estate legal assistance to community development organizations in New York. He was also an associate with the law firm of Debevoise & Plimpton, where he represented clients in the financial services industry, including private equity investors in businesses and funds. Prior to joining Debevoise, he was a law clerk to federal judge Constance Baker Motley, Chief Judge of the Southern District of New York.

Mr. Tesdell is a managing director of the InnovateNY Fund, a $47 million fund of funds in New York State, and of the Puerto Rico Fund for Growth, which recently closed on the first $45 million of a fund of funds for Puerto Rico, as well as a number of investment partnerships that make investments in businesses in states that include Arkansas, Florida, Illinois, and Kentucky.  Mr. Tesdell is a board member and the past board chair for seven years, of the Coalition of Community Development Financials Institutions (CDFIs). He serves on the board of Community Investment Partners, which is the registered investment advisor of the Calvert Foundation, and is also a board member of the New York Community Investment Company, LLC, a CDVC fund.  He serves on the advisory boards of the Center for Community Development Investments of the Federal Reserve Bank of San Franciso;Impact Reporting and Investment Standards (IRIS); the Financial Innovations Roundtable at the Carsey Institute; Meritus Ventures, a Rural Business Investment Company investing in Appalachia; the National Community Investment Fund NMTC fund; and the Advantage Capital Community Development Fund.

Mr. Tesdell graduated from Harvard College with a degree in economics and holds JD and MBA degrees from New York University, as well as a certificate from the Venture Capital Institute.


Stanley Tucker


Stanley W. Tucker is the President and Chief Executive Officer and co-founder of Meridian Management Group, Inc., which was established in 1995. Mr. Tucker has more than 20 years of diversified business experience, blending a strong emphasis on lending and venture capital investing in order to develop socially or economically disadvantaged small businesses.

Previously, Tucker was the Executive Director of the Maryland Small Business Development Financing Authority (MSBDFA), a self-sufficient state agency that assists socially or economically disadvantaged businesses. Since 1980, MSBDFA has provided approximately $92.7 million in financing to 410 small businesses.

Before heading MSBDFA, he was Vice President of the Park Heights Development Corporation (PHDC), a community-based economic development agency located in one of Baltimore’s most distressed neighborhoods with high crime and unemployment numbers.

Additionally, Mr. Tucker was a Credit Analyst for The Equitable Trust Company of Baltimore. Mr. Tucker received his Bachelor of Science Degree from the Morgan State University and his Masters of Science Degree from the Carnegie-Mellon University.