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
- Alan J. Bernstein
- Nathaniel V. Henshaw
- Tom Loy
- L. Raymond Moncrief, Chairman
- Kerwin Tesdell, President
- Stanley Tucker
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; mergers and acquisitions, representing buyers and sellers in negotiated stock and asset purchases; and licensing and strategic partnering. Mr. Bernstein has represented CDVCA’s Central Fund for ten years and has increasingly become involved on the business side of CDVDA’s investment activities. He attends CDVCA’s Peer Group meeting as a participant and advisor to the group. Mr. Bernstein is the Manager of the New York Network of Investors Circle, the national angel impact investing group. Alan also serves on the Board of Directors of 118 Capital Inc., which designs programs to involve millennials in impact investing, and of Kehilat Romemu, his synagogue.
He 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 (CVI) in 1994, capitalized its first community development venture fund at $5.5 million in 1996, formed its second fund in 2001 ($20 million) and third fund in 2011 ($10.135 million). In 1993, he co-founded the Community Development Venture Capital Alliance (CDVCA) and serves as its corporate Secretary. CVI has invested over $24 million in 48 companies employing over 2,900 people.
Prior to forming Coastal Ventures, Mr. Henshaw was a Loan and Investment Officer at Coastal Enterprises, Inc. (CEI), now a $100 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 $6.0 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 Certificate from the NASBIC Venture Capital Institute. Mr. Henshaw serves on the Boards of: Ektron, Inc. (managed web services); Pen Bay Solutions, LLC. (GIS software); Coast of Maine Organic Products, Inc. (compost); Gelato Fiasco (local food); Navigator Publishing (magazines); Taction (call center); Red Zone Wireless (Internet Services); and Smart Pak, LLC (equine pharmacy). He is also Past Commodore of the Harraseeket Yacht Club (where he represented the club in the Marion-Bermuda, Marblehead-Halifax, Yarmouth Cup and Monhegan ocean races) and a Trustee of Maine’s Episcopal Diocesan Funds.
Tom Loy is the founder, Chairman, and CEO of MetaFund, 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 is currently Executive Vice President and Chief Operating Officer of Kentucky Highlands Investment Corporation (KHIC). He is President and CEO of Mountain Ventures, Inc., a Small Business Investment Corporation (SBIC) licensed by the U. S. Small Business Administration and a wholly-owned subsidiary of KHIC. He is also President and CEO and a board member of Southern Appalachian Management Company, LLC, the General Partner of the Southern Appalachian Fund, L.P., a NMVC company. He is also President and a board member of Eclipse Management, LLC, the General Partner of Meritus Ventures, L.P., a RBIC.
President George W. Bush appointed Ray to the Community Development Advisory Board, a national board advising the director of the CDFI Fund on policies regarding activities and programs.
Mr. Moncrief also serves on the Board of Directors of the National Consumer Cooperative Bank located in Washington DC and the Board of Directors of NCB Capital Impact. Mr. Moncrief is a founding director and is currently the Chairman of the Board of Directors of Appalachian Community Capital, Inc. He is also a founding director and is currently Chairman of the Board of Directors of the Community Development Venture Capital Alliance (CDVCA).
In March 2004 Ray was honored with a special Lifetime Achievement Award by CDVCA. In 2012, he was awarded the National Association of Seed and Venture Funds Lifetime Achievement in Seed Investing Award.
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 roundtable at the White House.
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 W. Tucker has more than 30 years of diversified business experience with a strong emphasis on lending, venture capital investing and the development of socially or economically disadvantaged small businesses. Mr. Tucker is President, Chief Executive Officer and co-founder of Meridian Management Company, Inc (MMG). The firm manages four comprehensive program funds: the Maryland Small Business Development Financing Authority (MSBDFA); Maryland Casino Business Investment Fund (MCBIF); Community Development Ventures, Inc. (CDV); and MMG Ventures, LP (MMGV) which provides its clients with every opportunity a company needs to grow and succeed. Mr. Tucker also serves as the Managing Partner of MMG Ventures, LP and President of Community Development Ventures, Inc. Prior to forming Meridian Management Group, he was the Executive Director of the Maryland Small Business Development Financing Authority (MSBDFA), 1981 to 1995. MSBDFA is a self-sufficient state agency that assists socially or economically disadvantaged businesses. Combined, MMG managed programs have provided over $232 million financing to small, minority, and women owned businesses located in Maryland.
Mr. Tucker provides the vision for the overall organization. He is involved in the marketing strategy; initiating, structuring, syndicating and monitoring of investments, as well as review of financial reports and financial plans for MMG and its family of funds. He will be materially involved in the analysis, review and approval of investment proposals, and the continual monitoring of portfolio investments.
Mr. Tucker was Vice President of the Park Heights Development Corporation (PHDC), a community-based economic development corporation located in one of Baltimore’s highest crime and unemployment areas from 1980 to 1981. At PHDC, he raised $1.2 million for the first stage development of a community industrial park and garnered additional funding for a community business loan fund, which he oversaw. Prior to joining PHDC, he was a credit analyst for Equitable Trust Company of Baltimore.
Mr. Tucker is a nationally sought-after speaker and consultant on minority business development. His present and past civic responsibilities include: Chairman of the Golden Bears Association, Inc. and the National Association of Investment Companies; President’s Roundtable, Baltimore Youth Alliance, the MD/DC Minority Supplier Development Council; Warner Press; H. John Heinz, III School (Carnegie-Mellon University); Sojourner-Douglas College; and the Morgan State University Foundation. Mr. Tucker received his bachelor’s degree from Morgan State University and graduate degree from Carnegie-Mellon University.