Leader Bank Closes Capital Call Line of Credit for WAVE Equity Fund II, LP
Leader Bank, N.A. is pleased to announce that it recently closed on a capital call revolving line of credit for WAVE Equity Fund II LP, an equity fund located at 67 Batterymarch Street in Boston and managed by WAVE Equity Partners, LLC. Designed specifically for investment funds, the capital call line of credit will allow WAVE Equity Partners to manage the Fund’s cash flows in a more efficient and timely manner.
“This loan will help us to better serve our investors by allowing us to speedily secure new funding opportunities without making frequent capital calls.” said Praveen Sahay, Managing Director of WAVE Equity Partners.
“We are delighted to offer this product to WAVE,” said Sushil K. Tuli, President & CEO of Leader Bank, “and we look forward to working with investors who seek similar funding solutions for their investment portfolios.”
WAVE Equity Partners specializes in investments for technology designed to address several of the largest global challenges, including clean energy, food, water and waste recycling. WAVE maintains what it terms a “small and selective portfolio of high conviction companies,” which have included companies that develop safe and superior batteries for electric cars, recycle toxic water and waste, manufacture improved insulation to prevent food and medicine spoilage, grow local and fresh food, and manufacture highly efficient industrial equipment. “Leader Bank is proud to support WAVE in its efforts to improve the world for our employees, customers and communities,” said Mr. Tuli. “We are impressed with their management team and we look forward to a long and productive relationship between our two companies.”
“Leader Bank took the time to meet with us, understand how our fund worked and what we needed to accomplish with this loan,” said Charlie Bridge, the CFO for the Fund. “They went back to their office and structured a solution that was exactly what we needed.” The Leader Bank team for the Capital Call Line of Credit included Mr. Tuli, Michael W. Bonsey, EVP and Chief Credit Officer, and Sandeep Jain, Commercial Portfolio Manager.
About Leader Bank
Founded in 2002, Leader Bank is a Massachusetts-based entrepreneurial financial institution that approaches banking differently. The core tenets of Leader Bank include world-class client service, exemplary products, and innovation to meet the needs of its clients. At its founding, Leader Bank had $6.5 million in assets – in the two decades since, the Bank has grown into one of the most successful financial institutions in the Commonwealth with $4 billion in assets. Leader Bank’s team members have been at the forefront of supporting the Bank’s rapid growth and client-oriented solutions over the last two decades as the Bank has expanded its commercial and retail products and solutions. Leader Bank is a committed corporate citizen and prides itself on partnering with and supporting philanthropic organizations. More information on Leader Bank can be found at www.leaderbank.com.
