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The WSJ recently reported that it has the ability to invest that money in Israeli companies, which is the first such known arrangement.

Affinity's fund, which hasn't yet held a final close, is primarily backed by sovereign wealth funds of Middle Eastern countries like Saudi Arabia.

The big picture: One surprise here is that Affinity's first big deal is in California instead of Israel.

JPMorgan and Citigroup are managing the process for Mosaic, which says it's funded more than $8 billion in solar and sustainable home improvement loans since inception in 2010.

There's talk that existing Mosaic investor Warburg Pincus may sell some of its stake into the deal, but still would be expected to remain the company's largest outside shareholder.

Affinity is co-leading the round, which is expected to close later this quarter, alongside J.

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Why it matters: This would be the first major deal for Affinity, which has raised more than $3 billion for its debut fund.ĭetails: Mosaic is said to be raising more than $200 million in Series D funding at a valuation north of $1 billion. 'There is a strong leadership team with a cohesive vision for the organization – bringing the breadth of expertise and services together at scale by creating a highly operational work environment that will benefit both Mosaic and our clients.Affinity Partners, the private equity firm formed last year by former President Trump’s son-in-law Jared Kushner, has agreed to invest in Mosaic, an Oakland, Calif.-based fintech company that provides loans for residential solar installations, Axios has learned from multiple sources. 'I'm bullish on what's happening at Mosaic,' said Carosella. Throughout his career, he has established an impressive track record spearheading financial, operational and change management processes across various types of companies, including global organizations, private equity portfolio holdings, and investment-backed growth stage companies. Most recently, Carosella served as Executive Vice President, N.A. He'll help us work smarter so we can stay focused on creating great work for our clients.' Justine Greenwald, Co-Managing Director, Chief Creative Officer noted, 'Among Joey's priorities is building big picture strategies that will lead to long-term organizational growth while at the same time streamlining the day-to-day way we work across the agency. We're excited to see what he can do with us here at Mosaic.' 'We've seen him transform organizations with technology-supported processes that made a real difference in driving executional excellence. He's a problem-solver,' said Debbie Kaplan, Co-Managing Director and Chief Delivery Officer at Mosaic North America. 'Joey has a proven track record for building incredibly efficient agency infrastructures. He will also improve procedures and efficiencies to maximize success across Company teams, clients, and brands. In his new position, he will be responsible for daily operations that generate client output across Production, Resource Management, Production Management, Legal, Risk, Procurement, and Field Operations.

Carosella will oversee client output teams and work closely with leadership on implementing long-term growth strategies for the business.Ĭarosella is an industry innovator with more than 20 years of experience handling operational oversight and driving business improvements to strengthen company revenue and performance. Carosella brings 20 years of expertise to elevate and grow the integrated marketing agencyĬHICAGO, J/PRNewswire/ - Mosaic North America, an integrated marketing agency that builds brands in dimension, announced the appointment of Joey Carosella as Executive Vice President of Operations, effective today.