ICD Announces Major Growth Investment from Parthenon Capital Partners


  • ICD to significantly increase its technology personnel and resources
  • ICD Portal to support additional products and currencies
  • ICD to expand into new markets

San Francisco, CA — Institutional Cash Distributors (ICD), the world’s largest independent money market fund portal, and Parthenon Capital Partners (“Parthenon”), a growth-oriented private equity firm, have announced a strategic partnership, that – while remaining subject to standard regulatory approvals – provides ICD with an opportunity to leverage Parthenon’s resources to invest in client-centric technology, products, and people, as well as to expand its business model into new markets.

ICD Portal services more than $100B in assets across hundreds of clients, including much of the Fortune 100. “We are excited to partner with Parthenon to accelerate growth, capitalize on opportunities and better serve our clients,” says Tory Hazard, ICD’s Chief Executive Officer. “Parthenon’s shared vision, values and resources will help take ICD to another level.”

“In speaking with ICD’s clients as part of our diligence, each expressed a level of praise for the Company’s technology and service that I’ve rarely heard, which speaks to ICD’s client-centric operating philosophy,” says Andrew Dodson, a Managing Partner of Parthenon. “ICD has a very strong history of growth and leadership in the institutional trading and investment risk management space and is remarkably well positioned to expand globally and into new products. We are excited to partner with the ICD team to help the company reach its full potential.”

The company’s day-to-day operations and leadership team will remain unchanged, with Ed Baldry, Jeff Jellison and Tom Newton, co-founders of ICD, remaining in their ICD management and board of director roles.  “ICD’s ethos of providing extraordinary client service is why we have been so successful over the past 14 years.” says Ed Baldry, ICD Managing Director and Global Head of Sales. “Our partnership with Parthenon provides resources that will serve to enhance our clients’ overall ICD experience for years to come.”

Brian Golson, Managing Partner and co-CEO of Parthenon added, “We’re thrilled to partner with Tory, the ICD founders and the rest of the ICD team.  Throughout our research into technology-enabled investment management and treasury services, ICD distinguished itself through best-in-class technology and exceptional customer service.  We look forward to a partnership that allows the team to add multiple new areas of growth.”

ICD’s technology group is expanding its Golden, Colorado office space to accommodate significant personnel growth.  The additional resources will allow ICD Portal to add products, better integrate with strategic partners and release enhancements at a faster pace.  The firm is actively pursuing regulatory approval to expand into new markets and offer additional currency products on ICD Portal.

About ICD:
ICD is a leader in institutional trading and investment risk management. ICD’s next-generation Software-as-a-Service portal, best practices methodologies and award-winning Transparency Plus® exposure analytics, support corporate treasury with end-to-end solutions. The ICD Global Trade Desk™ provides expert service out of its San Francisco, London and Boston offices. ICD develops its own proprietary technologies through Institutional Cash Distributors Technology LLC in Golden, Colorado. Institutional Cash Distributors LLC is a FINRA/SIPC member. Institutional Cash Distributors Ltd is authorized and regulated by the Financial Conduct Authority in the United Kingdom. For more information, visit

About Parthenon Capital Partners:
Based in Boston and San Francisco, Parthenon Capital Partners is a leading mid-market private equity firm that utilizes niche industry expertise and a deep execution team to invest in growth companies in service industries. Parthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing new executives. Parthenon has particular expertise in healthcare technology and services, financial and insurance services, and business services, but seeks any service, technology or delivery business with a strong value proposition and proprietary know-how. Parthenon’s investment team has deep experience in corporate strategy, human capital, capital markets, and operations, thereby enabling the firm to pursue complex, multi-faceted value creation opportunities. For more information, visit