Our People

The people of LFE capital share a philosophy of maintaining the highest ethical and professional standards in all aspects of its business, and developing positive, collaborative relationships with its business partners. Together the principals of LFE Capital bring over 70 years of related business experience in investment management and business operations.

Leslie Frécon

Prior to founding LFE Capital, Ms. Frécon was senior vice president, corporate finance, at General Mills, where she held management positions in corporate finance and operations. Her success as a business executive leading operating teams and executing business transactions, together with her appreciation for an underserved and growing segment of the small business market, formed the basis for her first fund. Prior to her almost 17 years at General Mills, Ms. Frécon was a corporate lending officer at Bank of America in Los Angeles. Ms. Frécon is a director of The Ryland Group, a NYSE company and one of the nation’s largest homebuilders. She is a director of API Outsourcing, M.A. Gedney, and Avant Healthcare, LFE Capital portfolio companies. She is also a director of Associated Packaging Company, a Castle Harlan portfolio company. Ms. Frécon is an executive board member of the Greater Twin Cities United Way. She is an advisory board member of the Center for Women’s Business Research in Washington, D.C. and WomenVenture, a Minnesota non-profit agency. Ms. Frecon is also a member of the Minnesota Women's Economic Roundtable and the Women Presidents' Organization. She holds an M.B.A. in finance from UCLA and a B.A. with distinction from Stanford University.

Ron Leaf

Mr. Leaf'’s background includes 11 years as the founder and manager of Wells Fargo Mezzanine Capital and four years in corporate development at Liberty Enterprises, a former Wells Fargo portfolio company. Mr. Leaf has directed the origination, portfolio management, and exit of over 40 investments in smaller middle market companies. In addition, he has seven years experience in commercial lending and corporate finance at U.S. Bank and Wells Fargo Bank. Mr. Leaf is a director of Coolibar, Halo Innovations, and JobDig, all LFE Capital portfolio companies. Mr. Leaf has a B.S. summa cum laude in economics from The University of Minnesota and an M.B.A. with distinction in finance and accounting from the Kellogg School of Management at Northwestern University.

Duane Harris

Mr. Harris has 15 years of experience as a principal and senior executive in middle-market investing, most recently as one of the founders and managing partners of Northstar Capital, LLC and prior to that as senior vice president at Churchill Capital, Inc. At both firms he served as a senior manager in the investment process for over 50 transactions and as a member of the investment approval committee for 30 of those investments. Before entering the private equity fund management business, Mr. Harris spent five years at General Mills in strategic planning, ten years as a professor of finance and economics at Iowa State University and three years as an economist with the Federal Reserve Bank of Philadelphia. Mr. Harris earned B.S. and M.S. degrees from Iowa State and a Ph.D. in finance from the Wharton School at the University of Pennsylvania.

Kellie Bauer

Ms. Bauer is responsible for all accounting and reporting activities of LFE Capital. Ms. Bauer has also managed accounting functions for small businesses in various industries, including six years with LFE Capital. She has a B.S. in accounting from Metropolitan State University and is licensed as a Certified Public Accountant in the state of Minnesota.

Barb Gooch

Ms. Gooch is responsible for investor communications and fund administration for LFE Growth Fund II. She has 18 years of experience in private equity fund administration. During that time, she managed the administrative function for seven separate funds totaling more than $500 million in commitments. Over the previous eleven year period, Barb held administrative positions at CitiCorp and Minnegasco.

Alliances and Professional Representatives

Castle Harlan

LFE Capital and Castle Harlan formed a strategic alliance to leverage each firm’s respective networks and resources to find and manage investments. Leonard Harlan, Chairman of the Executive Committee of Castle Harlan, serves on the Review Board of LFE Capital Fund I. Justin Wender, President and Chief Investment Officer of Castle Harlan, serves on the Investment Committee of LFE Capital Fund II.

Business Advisory Council

Composed of over 20 business and community leaders representing diverse functional and industry expertise, the council supports the investment activities of LFE Capital on an as needed basis.

Professional Representatives

Legal Counsel:
Leonard, Street and Deinard
Pepper Hamilton
Accounting and Tax Advisors: PriceWaterhouseCoopers
Custodian:Wells Fargo Bank