President and CEO of First Capital’s BDC Resigns

First Capital Investment Corporation, a publicly registered non-traded business development company, disclosed that president and chief executive officer, Pat Clemens, has resigned from the company. In a filing with the Securities and Exchange Commission, the company said that his departure is not related to any disagreement with the company’s operations, policies or practices.

To replace Clemens, the board of directors appointed Suneet Singal to serve as the acting CEO, while John Fields will serve as the acting president, effective immediately. Fields is the chief operations officer and president of strategy for First Capital Real Estate Investments, a real estate investment company and sponsor of First Capital Investment Corporation.

Singal resigned as chairman of the board and was replaced by Dr. Bob Froehlich, an independent director who currently serves as chairman of the board’s audit committee.

Singal remains a member of the board, and serves as acting chief financial officer and treasurer until the company files its first quarter 2017 financial report with the SEC, at which time he will be replaced by Brian Wall, as previously reported by The DI Wire.

In addition to his officer resignations, Clemens also resigned as a member of the investment committee of FCIC Advisors LLC, the company’s investment adviser. The adviser appointed John Fields and Keith Spears as members of its investment committee to replace Clemens. Spears is the chief operating officer and president of private equity at First Capital Real Estate Investments.

Early this week, The DI Wire reported that the company is at odds with its former public accounting firm, RSM US LLP, which believes that it was dismissed following a disagreement on a financial statement disclosure.

First Capital Investment Corporation is a $500 million offering that seeks to invests in private U.S. small- and middle-market companies. The company currently has one unsecured $1.5 million loan and has raised approximately $6.1 million in investor equity.

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