Chicago private equity firm has stake in Gaza aid company
WASHINGTON (Reuters) -A Chicago-based private equity firm - controlled by a member of the family that founded American publishing company Rand McNally - has an "economic interest" in the logistics company involved in a controversial new aid distribution operation in Gaza.
McNally Capital, founded in 2008 by Ward McNally, helped "support the establishment" of Safe Reach Solutions, a McNally Capital spokesperson told Reuters. SRS is a for-profit company established in Wyoming in November, state incorporation records show.
It is in the spotlight for its involvement with the U.S.- and Israeli-backed Gaza Humanitarian Foundation, which last week started distributing aid in the war-torn Palestinian enclave. The foundation paused work on Wednesday after a series of deadly shootings near the distribution sites of people on their way to pick up aid. It has suffered from the departure of senior personnel.
"McNally Capital has provided administrative advice to SRS and worked in collaboration with multiple parties to enable SRS to carry out its mission," the spokesperson said. "While McNally Capital has an economic interest in SRS, the firm does not actively manage SRS or have a day-to-day operating role."
SRS is run by a former CIA official named Phil Reilly, but its ownership has not previously been disclosed. Reuters has not been able to establish who funds the newly created foundation.
The spokesperson did not provide details of the scale of the investment in SRS by McNally Capital, which says it has $380 million under management.
McNally Capital founder Ward McNally is the great great great grandson of the co-founder of Rand McNally. The McNally family sold the publishing company in 1997.
A spokesperson for SRS confirmed it worked with the foundation, also known as GHF, but did not answer specific questions about ownership.
GHF, which resumed aid distribution on Thursday, did not respond to a request for comment
While Israel and the United States have both said they don't finance the operation, they have pushed the United Nations and international aid groups to work with it, arguing that aid distributed by a long-established U.N. aid network was diverted to Hamas. Hamas has denied that.
Israel blocked almost all aid into Gaza for 11 weeks until May 19, and has since only allowed limited deliveries in, mostly managed by the new GHF operation.
This week GHF pressed Israel to boost civilian safety beyond the perimeter of its distribution sites after Gazan health officials said at least 27 Palestinians were killed and dozens wounded by Israeli fire near one of the food distribution sites on Tuesday, the third consecutive day of chaos and bloodshed to blight the aid operation.
The Israeli military said its forces on Tuesday had opened fire on a group of people they viewed as a threat after they left a designated access route near the distribution center in Rafah. It said it was investigating what had happened.
The U.N and most other aid groups have refused to work with GHF because they say it is not neutral and that the distribution model militarizes aid and forces displacement.
SRS subcontracts with U.S. private security firm UG Solutions, which provides armed U.S. military veterans to guard the distribution sites and transportation of the aid, two sources familiar with the operations said. UG Solutions did not respond to a request for comment.
The SRS spokesperson said in a statement that under Reilly's leadership, "SRS brings together a multidisciplinary team of experts in security, supply chain management, and humanitarian affairs."
McNally Capital has investments in defense contracting companies. Among the firms it acquired was Orbis Operations, a firm that specializes in hiring former CIA officers. Orbis did not return calls for comment. Reilly used to work for Orbis.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
USA Today
16 minutes ago
- USA Today
Tesla's new 3-row Model Y L may never hit US roads, Musk hints
Tesla TSLA.O CEO Elon Musk said the company's new six-seat Model Y variant, launched in China this week, might never enter production in the United States, citing the rise of self-driving vehicles. The Model Y L, built at Tesla's Shanghai factory, features a longer wheelbase and three rows of seats, and is priced at around $47,200. It went on sale in China on Tuesday, where Tesla faces mounting competition from domestic EV makers such as BYD and Xiaomi "This variant of the Model Y doesn't start production in the US until the end of next year," Musk said in a response to a post from an X user. "Might not ever, given the advent of self-driving in America." Musk did not elaborate on how the rise of autonomous driving would negate the need for a six-seater vehicle. Tesla did not immediately respond to a request for comment. New Tesla model announced: Tesla says longer, three-row Model Y L 'coming soon' to China Gas-powered SUVs with three rows have long been popular among American families. However, making profitable three-row EVs is still a challenging business for automakers. Recent policy changes by the Trump administration are also set to make electric vehicles more expensive, prompting automakers to focus more on smaller, cheaper variants. Tesla is also preparing to launch a cheaper Model Y variant, likely with fewer premium features, later this year, which Musk has described as "just a Model Y". Tesla has increasingly shifted focus in the U.S. to its robotaxi ambitions. The company launched a limited robotaxi service in Austin in June and aims to scale operations to half of U.S. population by the end of this year. Musk told investors last year that building traditional vehicles would be "pointless" in a self-driving future. Next year, Tesla is set to start production of the Cybercab, a dedicated two-seater robotaxi model without a steering wheel and pedals. Reporting by Akash Sriram in Bengaluru and Abhirup Roy in San Francisco; Editing by Anil D'Silva
USA Today
16 minutes ago
- USA Today
Epstein grand jury records to remain sealed, but judge says government can release info
A judge denied the Justice Department's bid to unseal records from the grand jury that indicted the late financier Jeffrey Epstein on sex trafficking charges, saying the material paled in comparison to the trove of records the government has about the case but is not releasing. Manhattan-based U.S. District Judge Richard Berman's Aug. 20 decision came as President Donald Trump has sought to quell discontent from his conservative base of supporters over his administration's decision not to release files of the case. The judge wrote that it would be more logical for the government to directly release the vast amount of information it has collected from its investigation into Epstein than to petition the court to release the more limited grand jury materials, whose secrecy is protected by law. "The Government's 100,000 pages of Epstein files and materials dwarf the 70 odd pages of Epstein grand jury materials," Berman wrote. "The grand jury testimony is merely a hearsay snippet of Jeffrey Epstein's alleged conduct." The Justice Department did not immediately respond to a request for comment. Trump, a Republican, had campaigned for a second term in 2024 with promises to make public Epstein-related files, and accused Democrats of covering up the truth. But in July, the Justice Department declined to release any more material from its investigation of the case and said a previously touted Epstein client list did not exist, angering Trump's supporters. Evidence seen and heard by grand juries, which operate behind closed doors to prevent interference in criminal investigations, cannot be released without a judge's approval. In July, Trump instructed Attorney General Pam Bondi to seek court approval for the release of grand jury material from Epstein's case. The grand jury that indicted Epstein heard from just one witness, an agent with the Federal Bureau of Investigation, the Justice Department said in a court filing in July. Epstein died by suicide in 2019 while awaiting trial on sex-trafficking charges. He had pleaded not guilty. His death in jail and his friendships with the wealthy and powerful sparked conspiracy theories that other prominent people were involved in his alleged crimes and that he was murdered. The New York City chief medical examiner determined that Epstein's death was a suicide by hanging. On Aug. 11, a different Manhattan-based judge, Paul Engelmayer, denied a similar request by the Justice Department to unseal grand jury testimony and exhibits from the case of Ghislaine Maxwell, Epstein's longtime girlfriend. Maxwell is serving a 20-year prison sentence following her 2021 conviction for recruiting underage girls for Epstein to abuse. Engelmayer wrote that the public would not learn anything new from the release of materials from Maxwell's grand jury because much of the evidence was made public at her monthlong trial four years ago. The grand jury testimony contained no evidence of others besides Epstein and Maxwell who had sexual contact with minors, Engelmayer wrote. Maxwell had pleaded not guilty. After losing an appeal, she has asked the U.S. Supreme Court to review her case. In July, a Florida judge rejected the administration's request to unseal grand jury records from federal investigations there into Epstein in 2005 and 2007. Epstein served a 13-month sentence after pleading guilty in 2008 to a state-level prostitution charge as part of a deal now widely regarded as too lenient. (Reporting by Luc Cohen in New York; Editing by Noeleen Walder, Daniel Wallis and David Gregorio)
Los Angeles Times
16 minutes ago
- Los Angeles Times
TrustedTech Unveils Rebrand and Evolved Focus
Rebrand aims to reflect TrustedTech's evolution from licensing provider to full-service technology partner, and new status as a Microsoft Managed Partner Irvine-based TrustedTech, a Microsoft Managed Partner and provider of Microsoft cloud solutions and IT modernization services, has unveiled its brand, an evolution into an innovation-driven technology partner focused on AI, IT infrastructure and Modern Work digital transformation. As companies race to modernize their IT environments, integrate AI responsibly and maximize Microsoft cloud investments, TrustedTech has redefined its role: from a licensing provider to a full-scale technology partner. The rebrand is described as a commitment to the company's primary focus on helping customers cut through complexity, adopt intelligent tools like Microsoft Copilot and build future-ready infrastructure with confidence. 'This evolution isn't about a new name and logo, it's about rising to meet the moment,' said Julian Hamood, founder of TrustedTech. 'Every part of our rebrand was to allow our current and future customers the ability to access sophisticated technologies while minimizing time-to-value in today's fast-moving technology landscape. It's not just a better version of who we were but the best form of who we will be for businesses who need a true partner to help them navigate AI adoption, modernize legacy systems and make smarter, faster technology decisions.' TrustedTech's new phase brings expanded offerings that include Microsoft Copilot implementation, Azure infrastructure tenant migrations, Microsoft 365 optimization, security hardening, tailored licensing advisory and a more comprehensive list of professional services and technical break/fix support – especially for those going through mergers & acquisitions. 'Our customers are navigating rapid technology shifts that demand smarter strategies and reliable support,' added Hamood. 'We're committed to empowering IT leaders to confidently adopt AI, optimize cloud environments and modernize their infrastructure, delivering practical solutions that drive real business outcomes. TrustedTech is here to turn complexity into clarity, so our clients can focus on growth and innovation.' Information sourced from TrustedTech. To learn more, contact
