TNInvestco fund names new investment chief

Former Wachovia analyst recently earned VU MBA, law degree

One of the investment groups that has been among the most active in the TNInvestco arena has named a new director to oversee its investment sourcing and management.

Council & Enhanced Tennessee Fund officials said Rick Apple will be responsible day to day “for all aspects of the investment process, from deal sourcing and screening to portfolio monitoring and reporting.” Apple joined the Tennessee Fund and Council Capital — which partnered in 2009 with Enhanced Capital out of New York to launched a TNInvestco fund — two years ago while he was working on his MBA and law degrees at Vanderbilt University.

“Rick will be a valuable resource for identifying investments and assisting the portfolio companies with their growth and success,” said Denny Bottorff, Council’s managing general partner. “We are excited for him to join our group full-time and take responsibility for this important fund.”

Apple began his career in New York as a consultant with Oliver Wyman working with banks, insurers and investment banks and focusing on risk management and portfolio modeling. He later was an analyst in the industrial growth investment banking group at Wachovia Securities.

The C&E Tennessee Fund is working with a $14 million pool of TNInvestco capital. It has invested in pharmacy venture NuScriptRX, solar panel marketer Energy Source Partners and financial services providers Shareholder InSite and Payment America, among others.