WASHINGTON, June 28, 2011 /PRNewswire/ — Hovde Private Equity Advisors LLC (“Hovde”) is pleased to announce that on Wednesday, June 22, 2011, Financial Services Partners Fund I (the “Fund”) closed on the previously announced sale of Concord Capital, Inc. (“Concord”) to LPL Holdings, Inc., the parent company of LPL Financial LLC, the nation’s largest independent broker-dealer.

Over the course of the last five years as a Fund portfolio company, Concord grew its clients fivefold, more than tripled its revenues, and achieved demonstrable profitability. Furthermore, Concord’s client base evolved from primarily banks to what became a wide range of financial organizations—including trust companies, banks, broker-dealers, clearing firms, and independent advisory firms.

Joseph J. Thomas, Managing Director of Hovde Private Equity Advisors and a Concord Board Member, said: “I have been very pleased by the growth and diversification of Concord’s business under the leadership of CEO Lee Argush over the last five years, and I am confident that Concord’s customers and employees will be well served as a part of the LPL organization. We believe that an exit of the Fund’s investment in Concord at this point provides very meaningful returns for our Fund’s investors, and it demonstrates our ability to manage investments during a very tumultuous period in the financial services industry.”

Hovde Acquisition, founded in 1994 and based in Washington, DC, is an affiliate of Hovde Private Equity Advisors and the manager of Financial Services Partners Fund. Hovde Acquisition and its affiliated private equity companies have a history and proven track record of investing in and successfully managing community banks across the United States. Since its founding in 1994, Hovde Acquisition has made equity investments in 12 community banks and thrifts as well as four specialty finance/financial services companies.

SOURCE Hovde Capital Advisors LLC