Justin Ishbia
| Justin Ishbia | |
|---|---|
| Justin Ishbia, founder & managing partner, Shore Capital PartnersPhoto of shore capital partners founder justin ishbia.png | |
| Born | 1977 (age 47–48) Detroit, Michigan, U.S. |
| 🏫 Education | Michigan State University Vanderbilt University Law School |
| 💼 Occupation | Businessman |
| Title | Managing partner, Shore Capital Partners |
| 👩 Spouse(s) | Kristen Ishbia |
| 👶 Children | 2 |
Justin Ishbia (born 1977)[1] is an American billionaire[2] businessman and the founder and Managing Partner[3] of Shore Capital Partners (“Shore”),[4] a strategic private equity firm headquartered in Chicago, Illinois.[5] In 2021, Forbes listed Ishbia as the #2 ranked billionaire new to the 2021 World Billionaires list due to Special Purpose Acquisition Company (“SPAC”) investments.[6] Forbes listed Justin as #1008 on the World Billionaires list in 2021.[2] In April 2021, Chicago Business Journal named Justin among the richest people in Illinois.[7]
In addition to his role as Managing Partner at Shore Capital, Justin sits on the board of directors of United Wholesale Mortgage (NYSE: UWMC) and has since 2011.[8][9] Justin's 22% stake[1] in UWM was worth $4 billion when UWM made its public trading debut in January 2021, at the time the largest ever listing through a Special Purpose Acquisition Company.[10] UWM is the second largest mortgage lender behind Rocket Mortgage.[11]
Education[edit]
Ishbia attended Birmingham Seaholm High School in Bloomfield, Michigan, with plans to major in Pre-Law in college.[12] Ishbia received a B.S. in Accounting from Michigan State University in 2000.[13][14] He earned his J.D. and a certificate in Law and Business from Vanderbilt University Law School in 2004.[15][13] In 2001, Ishbia was elected to the Vanderbilt University Board of Trust.[13] He also serves as a member of the Vanderbilt University Law School Board of Advisers.[16][17]
Career[edit]
Ishbia began his career as an attorney in the private equity group at Kirkland & Ellis in 2004.[18] He also worked as an investment professional at Valor Equity Partners,[19] a Chicago-based private equity firm prior to founding Shore Capital Partners in 2009.[20][21]
Ishbia currently sits on the board of directors for EyeSouth Partners,[22] Southern Veterinary Partners,[23] Mission Veterinary Partners,[17] and 14 other Shore Portfolio Companies.[4] He was also the former Chairperson of three exited Shore portfolio companies, Sirona Infusion, Michigan Rehabilitation Specialists/Excel Rehab, and ClearPath Diagnostics, as well as a past board member for Florida Autism Center and Navia Benefit Solutions, companies that Shore exited in 2020 and 2021, respectively.[4][24]
Shore Capital Partners[edit]
Shore Capital Partners is a private equity firm headquartered in Chicago, with offices in Nashville,[25] which specializes in partnering with companies that have between $1–10 million of EBITDA.[26] As of July 2021, Shore manages approximately $2.5 Billion, through four distinct verticals: (i) healthcare, (ii) food & beverage, (iii) business services, and (iv) real estate.[27] Shore targets investments in proven, successful private companies with superior management teams, stable cash flow, and significant growth potential, organically and through industry consolidation.[28]
Since its inception in 2009, Shore has completed 35 platform investments, over 500 add-on investments, and 8 successful exits.[29] In July 2021, Shore announced the closing of three funds, Shore Capital Healthcare Partners Fund IV (“HC Fund IV”), which raised $366 million, Shore Capital Business Services Fund I (“BS Fund I”), which raised $213 million, and Shore Capital Real Estate Partners Fund I (“RE Fund I”), which raised $107 million.[30] Since 2010, the firm has raised approximately $2.5 billion.[29]
In February 2021, PitchBook named Shore Capital Partners as the Most Active PE Firm in the world during 2020. In October 2020, Shore was named to Inc.’s annual list of the most Founder-friendly private equity firms, the PE 50 The Best Private Equity Firms for Entrepreneurs.[31] In 2021, Inc. again named Shore to its list of Founder-Friendly Investors, The Top PE and VC Firms for Entrepreneurs.[32]
Philanthropy[edit]
In 2015, Ishbia established the “Justin R. Ishbia Scholarship” to provide financial support for students at Vanderbilt Law School.[16] In 2021, Ishbia donated an additional $10 million to Vanderbilt University Law School to support key strategic priorities within the school and to strengthen its position as one of the nation's premier institutions for legal scholarship.[21] In addition to his philanthropic support for Vanderbilt, Ishbia has been a guest lecturer at the Owen Graduate School of Management, delivering the keynote address at the annual Vanderbilt Entrepreneurship Conference twice.[21]
In 2020, Ishbia spearheaded the development of the Shore Capital Charitable Foundation, a non-profit non-government organization.[33] The foundation was formed during the COVID-19 crisis to provide tax-free financial assistance to individuals and families impacted by COVID-19 through job loss, medical expenses, etc.[34] The Foundation continues to aid Shore Capital portfolio company team members, their families, and communities in a variety of ways.[34]
In 2021, Ishbia donated $1 million to the V Foundation, a non-profit organization dedicated to raising money to support cancer research.[35]
Personal life[edit]
Ishbia is married to Kristen Ishbia. The couple lives in Chicago, Illinois with their two children.[1]
Outside of the office, Ishbia is a member of the Vanderbilt University Board of Trust[16] and Rush University Medical Center Board of Trustees,[36] and a member of the Young Presidents’ Organization (YPO).[16] Ishbia is a member of Chicago's Museum of Science and Industry Board.[37] Additionally, Ishbia has been a guest lecturer at the Vanderbilt University Owen Graduate School of Management, Loyola University Chicago School of Law, and the Thunderbird School of Global Management at Arizona State University.[26] Ishbia received his Juris Doctorate from Vanderbilt University Law School.[16] He earned a Certificate of Law and Business from the Vanderbilt University Owen Graduate School of Management and a B.A. in accounting from Michigan State University.[16] Ishbia is a member of the State Bar of Illinois[38] and a Certified Public Accountant.[39]
References[edit]
- ↑ 1.0 1.1 1.2 "Justin Ishbia". Forbes. Retrieved 2022-01-14.
- ↑ 2.0 2.1 "Forbes Billionaires 2021: The Richest People in the World". Forbes. Retrieved 2022-01-14.
- ↑ "Shore Capital Partners LLC Company Profile". Bloomberg. Retrieved January 14, 2022. Unknown parameter
|url-status=ignored (help) - ↑ 4.0 4.1 4.2 "Justin Ishbia - Team | Shore Capital Partners". www.shorecp.com. Retrieved 2022-01-14.
- ↑ "Shore Capital Partners Announces Several Senior-Level Promotions and New Hires on Investment Team". Bloomberg. September 1, 2021. Retrieved January 14, 2022. Unknown parameter
|url-status=ignored (help) - ↑ Tucker, Hank. "Chamath Palihapitiya And Nine Other New Billionaires Minted By The SPAC Frenzy". Forbes. Retrieved 2022-01-14.
- ↑ "Meet the Illinois billionaires on Forbes' annual world's richest list". Chicago Business Journal. April 9, 2021. Retrieved 2022-01-14. Unknown parameter
|url-status=ignored (help) - ↑ "United Wholesale Mortgage". U.S. Securities and Exchange Commission. Retrieved 2022-01-14. Unknown parameter
|url-status=ignored (help) - ↑ "Crain's Detroit Business, Vol. 37, Issue 3". Crain's Detroit Business. January 25, 2021. p. 17.
- ↑ Gara, Antoine. "How Mat Ishbia Cashed In On The Biggest SPAC Ever: From Benchwarmer To $13 Billion". Forbes. Retrieved 2022-01-14.
- ↑ Noble, Breana. "UWM says it'll beat Rocket as America's largest mortgage lender by 2024". The Detroit News. Retrieved 2022-01-14.
- ↑ New Student Record '96-'97. https://books.google.com/books?id=LgHiAAAAMAAJ: University of Michigan, University Activities Center. 1996. Search this book on
- ↑ 13.0 13.1 13.2 "Justin Ishbia '04 elected to Vanderbilt University Board of Trust". Vanderbilt University. Retrieved 2022-01-14.
- ↑ "UWMC Company Profile & Executives - UWM Holdings Corp. - Wall Street Journal". www.wsj.com. Retrieved 2022-01-14.
- ↑ "Podcast: Justin Ishbia — Last WL Admit to Successful Major Donor". Spivey Consulting. 2021-10-19. Retrieved 2022-01-14.
- ↑ 16.0 16.1 16.2 16.3 16.4 16.5 "Leadership Profile". Vanderbilt University. Retrieved 2022-01-14.
- ↑ 17.0 17.1 "Board of Advisors Online Directory". law.vanderbilt.edu. Retrieved 2022-01-14. Unknown parameter
|url-status=ignored (help) - ↑ "Illinois Powerhouse: Kirkland & Ellis" (PDF). Kirkland & Ellis. September 1, 2017. Retrieved January 14, 2022. Unknown parameter
|url-status=ignored (help) - ↑ "Shore Capital Partners, Venture Capital Fund Managing Partner: Justin Ishbia". www.fundingpost.com. Retrieved 2022-01-14. Unknown parameter
|url-status=ignored (help) - ↑ "Shore Capital Partners is on Inc.'s 2021 Founder-Friendly Investors list". Inc.com. Retrieved 2022-01-14.
- ↑ 21.0 21.1 21.2 Oct. 6; 2021; Am, 8:30. "Vanderbilt Law School announces $10M gift from private-equity entrepreneur Justin Ishbia, JD'04". Vanderbilt University. Retrieved 2022-01-14.
- ↑ "About EyeSouth | Ophthalmology Network". Eye South Partners. 2017-07-25. Retrieved 2022-01-14.
- ↑ "Together Women's Health". www.togetherwomenshealth.com. Retrieved 2022-01-14.
- ↑ MarketScreener. "Justin R. Ishbia - Biography". www.marketscreener.com. Retrieved 2022-01-14.
- ↑ Rickmeyer, Kathryn. "Private equity firm moving to Broadwest". Nashville Post. Retrieved 2022-01-14.
- ↑ 26.0 26.1 "Justin Ishbia". Association for Corporate Growth. Retrieved 2022-01-14. Unknown parameter
|url-status=ignored (help) - ↑ "Shore Capital raises $686M across three new funds | PitchBook". pitchbook.com. Retrieved 2022-01-14.
- ↑ "Shore Capital Partners". www.shorecp.com. Retrieved 2022-01-14.
- ↑ 29.0 29.1 "Shore Capital Partners Investor Profile: Portfolio & Exits | PitchBook". pitchbook.com. Retrieved 2022-01-14.
- ↑ "Shore Capital Partners Total Assets Under Management (AUM) Surpasses $2 Billion". www.businesswire.com. 2021-07-15. Retrieved 2022-01-14.
- ↑ "2020 Annual Interactive Global League Tables | PitchBook". pitchbook.com. Retrieved 2022-01-14.
- ↑ "The Top 146 Founder-Friendly PE and VC Firms". Inc.com. Retrieved 2022-01-14.
- ↑ "Shore Capital Charitable Foundation - 501C3 Nonprofit - Chicago, IL - 845187975". www.taxexemptworld.com. Retrieved 2022-01-14.
- ↑ 34.0 34.1 "Foundation Capital Charitable Foundation". www.shorecp.com. Retrieved 2022-01-14.
- ↑ Solari, Chris. "Dick Vitale's cancer charity gala gets $2 million from MSU booster Mat Ishbia and brother". Detroit Free Press. Retrieved 2022-01-14.
- ↑ "Hospital Leadership at Rush University Medical Center | Rush System". www.rush.edu. Retrieved 2022-01-14.
- ↑ "Board of Trustees". www.msichicago.org. Retrieved 2022-01-14.
- ↑ "Justin Ryan Ishbia". Attorney Registration & Disciplinary Commission. Retrieved January 14, 2022. Unknown parameter
|url-status=ignored (help) - ↑ "Justin Ryan Ishbia". Illinois Department of Financial and Professional Regulation. Retrieved January 14, 2022. Unknown parameter
|url-status=ignored (help)
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