Alumni Spotlight: Paul Tierney, Jr. ’60

Fenwick nurtured the service seeds planted by the parents of this alumnus, who has been employing the power of business to solve social problems for five decades.

By Mark Vruno

Image courtesy of Notre Dame Magazine.

Fenwick High School and University of Notre Dame alumnus Paul Tierney, Jr. ’60 resides on the East Coast in Darien, Connecticut, and New York City. But his humanitarian roots were planted at home in La Grange Park, IL, and at St. Francis Xavier Parish & School.

“My mother and father always talked about the importance of doing good works for your fellow man,” says Mr. Tierney, who is three months into his retirement as chairman of TechnoServe, an international, nonprofit organization that promotes business solutions to poverty. The company works with enterprising people in the developing world to build competitive farms, businesses and industries. “Our clients are small, poor, grassroots,” he notes.

Tierney encourages the use of private equity and venture capital to fund entrepreneurial firms in locales such as Africa and Latin America. As he told Forbes magazine in 2010, he believes this funding approach “can be a superior alternative to the traditional development funds funneled through the likes of the World Bank,” the international financial institution that provides loans to countries of the world for capital projects.

Paul Tierney at a Glance

  • From La Grange Park, IL / St. Francis Xavier

  • Fenwick High School, Class of 1960

  • University Notre Dame, 1964 (magna cum laude)

  • Harvard Business School, 1968 (Baker scholar)

  • U.S. Peace Corps (Chile)

Tierney’s portrait in the 1960 Bkackfriars Yearbook.

Growing up Catholic had a lot to do with his public-service interests, especially helping those less fortunate. “My parents taught that with great gifts, great action is expected,” points out Tierney, who has had a highly successful career in investments. The then-youngster heeded the advice of Mr. & Mrs. Tierney, whose ideals and principles, in turn, were honed and nurtured by the Dominicans at Fenwick. Fifty years ago, using the power of business to solve social problems was somewhat radical; it definitely was not a mainstream notion.

Tierney graduated magna cum laude in 1964 from ND, where he majored in philosophy. He applied to law school, business school and several doctoral programs but instead chose the Peace Corps, U.S. President John F. Kennedy’s volunteer organization founded three years earlier. “I was sent to Chile on an economic-development program to work with farmers in the agrarian reform movement,” he explains. “My job was to help people structure and improve cooperatives.”

While in rural South America, Tierney says he met a lot of bright people in development. “but few of them knew business or had practical skills.” So, after his service, he went to Harvard Business School (HBS) on a fellowship from the Ford Foundation“to learn how commerce actually works. By the time I finished my MBA program [in ’68 as a Baker Scholar],” he adds, “I thought that more effective work in economic development would be done in the private sector.” In a 2002 profile written by the Harvard Business School, Tierney says he realized he could make a larger impact on society if he first succeeded in business. “I’ve really had two careers,” he observed, “one as a for-profit financial entrepreneur and one as a crusader for economic development.”

Tierney set out on what would be a 30-year career in investment management, first starting a merchant bank in London and then overseeing financial programs at the U.S. Railway Association, which would become Conrail (now CSX). Next, he was a senior vice president at White, Weld & Co., which Merrill Lynch purchased. In 1978, he co-founded Gollust, Tierney & Oliver, the general partner for Coniston Partners, which was a $1-billion value investment partnership focused on strategic block investing and private equity. The firm split up in the mid-1990s.

“After about 15 years of building my own company, I felt like I should come up for air,” Tierney reflects. “I’d made some money, I had some experience, I saw how the real world operated, and I understood capital markets. But I still had a taste for the work I was interested in when I was in the Peace Corps.”

Technology in the Service of Mankind

Tierney started looking for ways of getting re-engaged and surveyed several organizations. “I found many relief organizations, but I didn’t find many development-assistance organizations,” he told HBS. “I wanted something that was hands-on and firm-based, not just a think tank or a Band-Aid.” A friend mentioned TechnoServe, and Tierney’s world changed

Businessman and philanthropist Ed Bullard founded TechnoServe in 1968 after his experience volunteering at a hospital in rural Ghana, West Africa. Bullard was inspired to start an organization that would help hard-working people harness the power of private enterprise to lift themselves out of poverty. He launched TechnoServe – short for “technology in the service of mankind” – to help poor people by connecting them to information and market opportunities. “It was a much smaller organization back then, with a single office in Norwalk, CT, and an annual budget of around $5 million,” Tierney remembers.

“I visited four of the countries TechnoServe operated in and, as I saw what was going on in the field, I became more and more confident that this was an organization with a good approach that was making a real impact.” Tierney kept stepping up his involvement with TechnoServe, starting as a volunteer member, then a board member, then chairman of the Executive Committee and, ultimately, chairman in 1992.

Tierney in Ghana.

For 27 years he was at the helm, steering the philanthropic “ship” into countries such as Haiti in the Caribbean, India in South Asia and Mozambique in Southeast Africa along the Indian Ocean coast. Based in Washington, D.C., TechnoServe today has grown to more than 1,500 employees and operates in 29 countries. “Thirty-five years ago, there were only five or six [countries],” Tierney reports. TechnoServe has become a leader in harnessing the power of the private sector to help people lift themselves out of poverty. “By linking people to information, capital and markets, we have helped millions to create lasting prosperity for their families and communities,” proclaims its website.

One of his favorite success stories from the field is set in civil war-torn Mozambique, where Tierney encountered female workers in a cashew-processing facility who were grateful for their jobs. “It was very hard, grinding work, but these women told me they were happy to be able to do it in safe conditions,” he remembers. “They were sending their children to school with the money they were earning.”

At a coffee project in Tanzania, people literally broke out in song and dance, praising TechnoServe for the work it did, which has contributed to a greater level of education in the community. “It is gratifying to see how this type of work allows a second or third generation to continue on a trajectory of significantly increasing their standard of living,” he shares.

Meanwhile, at Aperture Venture Partners, the other half of Tierney’s time was spent assisting portfolio companies interested in healthcare in a variety of ways – from strategy and raising capital to M&A, business development and corporate governance. He also is co-founder, managing member and partner of Development Capital Partners, LLC, a New York-based investment firm with an exclusive focus on “frontier” and emerging markets such as Africa, India and Latin America. His son, Matthew, is the other co-founder.

Fenwick builds on foundation

When he thinks back to his high-school days 59+ years ago, Tierney cites the overall culture and style of Fenwick: “Its tradition of education and achievement,” he notes. Father Regan had a particularly strong influence over young Paul. “He was the best theology teacher, in my opinion, and made the most sense out of Christianity and Catholicism.”

As a Fenwick student, Tierney remembered Dean of Studies Fr. Jacobs as “approachable.”

Father Jacobs was Fenwick’s Dean of Studies in the late 1950s. “He was approachable,” Tierney recalls, “and talked a lot about [my] interests.” He has fond memories of Latin Teacher Fr. Hren’s invitation-only “Mozarteum” group that featured pizza and music. “For me, it added a level of sophistication to school,” says Tierney, admitting that Gene Autry cowboy songs were about the extent of his play-list genre early in life.

“At Fenwick, I participated in a lot of teams, clubs and activities,” he remembers. The 1960 Blackfriars yearbook lists Tierney as a member of the National Honor Society as well as the golf and debate teams. “Father Conway taught math and coached debate at that time,” he says. “We also competed in oratorical contests,” which is where Tierney developed his capacity to think on his feet, argue, debate and speak in public. He reflects: “These skills have served me well, always.”

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79th Edition of March Madness Has Fenwick Ties

Three Fenwick Friars are among the teams selected for the NCAA men’s and women’s tournaments this year.

By Mark Vruno

Loyola-Chicago (28-5) won the Missouri Valley Conference this season and punched its ticket to the Big Dance. (Chicago Tribune photo)

The 2018 edition of March Madness commences today as the NCAA Basketball Tournament play-in games tip off. There’s still a buzz coming from Rogers Park on the North Side of Chicago, where the Loyola University men’s team is in the “Big Dance” for the first time in more than 30 years (since 1985). Presently, there are 17 Friars enrolled at Loyola, including Kevin Latz ’16, who exclaims, “Students are more excited about Loyola basketball than ever before! I know some students who are even flying to Texas for their first game. A lot of students are talking about watching their basketball games for the first time, which is great for school spirit.” Latz and his classmates are cheering loudly for the 11th-seeded Ramblers, which take on the 6th-seeded Miami Hurricanes on Thursday afternoon at 2:10 p.m. in Dallas.

Fifty-five years ago, the Ramblers defeated Mississippi State to win the National Championship amid Civil Rights tension.

Fenwick’s own math-teaching whiz Roger Finnell ’59 was a student on campus in the early 1960s, when the Ramblers won the National Championship. Mr. Finnell’s memories of that special time:

“1963 was my senior year at Loyola. I remember everyone being amazed at all of the really good teams we were beating, including Ohio State early in the season — sort of like how Loyola first got noticed this season when they upset Florida, ranked top 5 at the time.

“First semester I was in a tough Political Science class with two basketball bench players. They did not survive to be eligible second semester!

“I remember the night of the championship game. It was a Saturday night, and the game was only on the radio with a television replay that night at around 10:00. Certainly nothing like the coverage these days.

“I remember the famous story of when we were going to play Mississippi or Mississippi State in an early tournament game. The Mississippi governor was threatening not to let the team play us because we had African-Americans on the team (four of five starters). Their coach literally snuck the team out of the state a day early to prevent the governor from blocking their travel to the game site.

“The championship game was very exciting to listen to and very close all the way. I remember the play-by-play announcer (Red Rush?) going wild when we won in overtime.

“I believe the present Loyola team is only one victory shy of matching the 1963 win total. Go Ramblers!”

Selection Sunday

Planek and the “other” Friars are in!

The Friars of Providence College punched their ticket to the 2018 NCAA Division I Tournament by beating Creighton in overtime in the Big East Tourney quarter-finals last Thursday. Fenwick double-Friar Tom Planek ’14, a 6’7″ senior forward on Provie’s men’s basketball team in Rhode Island, walked on and subsequently earned a scholarship. Those Friars have posted a win-loss record of 21-13 and lost an exciting overtime game to Villanova on Saturday night in the Big East Tournament. On Friday, their 10th-seeded team will play Texas A&M (#7 seed) at 11:15 a.m. in Charlotte, North Carolina (so-called West Region). Planek, who has seen action in 12 games to date this season, earned his bachelor’s degree in three years and will graduate this spring with an M.B.A. He is from Oak Park.

Danny Dwyer is the second of seven members of FHS’s Class of 2014 who played college basketball in the 2017-18 season. Dwyer is a 6’8” senior forward for the University of Pennsylvania (Philadelphia), which won the Ivy league conference tourney on Sunday with a 68-65 victory over Harvard. In the Midwest bracket, the 16th-seeded Quakers will take on the mighty Kansas Jayhawks in the first round on Thursday at 1 p.m. in Wichita. Originally from River Forest, Dwyer has faced some health-related challenges this season but still is on the team.

Nixon’s MSU team is in the NCAA Division II Tourney.

Jamal Nixon is a 6’4” freshman guard for the Minnesota State Mavericks (Mankato) in the Northern Sun Conference; hometown: Plainfield. The 24-9 Mavs earned an at-large berth in the Division II NCAA Tournament and are seeded 8th in the Central Region. On Saturday they upset defending national champion Northwest Missouri State, then defeated Southwest Minnesota State 74-70 in the semifinal game on Sunday to advance to the Sweet Sixteen. Next, they face Northern State (from South Dakota) for the region championship and a berth in the final eight. Tipoff is 7 p.m. on Tuesday night in Maryville, Missouri.

Nixon, Dwyer and Planek join these other Friars who hooped it up at the next level this season:

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