Harbert Management has hired David Crosland as managing partner of Harbert Private Equity Fund III. He is based out of Atlanta and will be expanding the HPEF III investment team into the Atlanta market. He was previously a founding partner of Atlanta Equity Investors, a middle-market growth equity and buyout fund. He was also a founding partner of Arcapita, a private equity firm that grew its presence in the Southeast under his leadership. Steve McGrath, also formerly with AEI, is joining Mr. Crosland as a principal with Harbert's Atlanta office. He has also served with Liberty Lane Partners, Royal Bank of Canada and Chatham Capital.