We seek opportunities
in underserved markets.

Here’s how we approach our partnerships.
More Than Capital
Our partners bring deep investment experience as well as finance, capital markets and legal expertise. We actively partner with executive leadership and the board to drive growth and transformative change.

Investing Our Money

The Partners have committed 50% of the Fund’s capital.  We believe that a structured equity discipline mitigates risk while providing equity participation.  Our aim is to better align interests, to mitigate risk of capital loss and to disproportionately reward the Founder and key employees for successful execution.

We are not a typical private equity firm generating large fees and primarily managing other people’s money. The partners in a typical fund commit 1%-3% of total capital.

We believe that we are thoughtful and sophisticated with the asymmetrical structure of our investments.
We strive to better align interests with the Founder and key employees of our portfolio companies. Our mission is to partner with driven and competent leadership to grow innovative and disruptive businesses.

Disruptive Growth

Why Small and Lower Middle-Market Businesses? Why Private Equity?

According to U.S. Small Business Administration and U.S. Economic Census statistics, there are approximately 30.2 million small businesses employing approximately 48% of U.S. workers. Of these businesses, less than 300,000 or 1% have revenues greater than $5 million with approximately 260,000 businesses having revenues between $5 million and $50 million.

Across nearly all long-term time horizons, private equity has outperformed the public markets and generated strong returns on both an absolute and risk adjusted basis. And, the middle market and lower middle market have consistently outperformed larger private equity investments.
As private equity firms have raised larger funds, many have focused on larger and later stage investments. We believe, excluding technology, life science and media, small and lower middle market growth businesses are underserved by institutional venture capital and private equity.

We believe that the small and lower middle market strategy better aligns the incentives of the General Partner, the Limited Partner, the entrepreneur and the portfolio companies. Unlike larger private equity funds, the management fees are allocated to offset SG&A expense... wealth creation is derived from successful exits.

Targeted attributes:
  • Passionate & driven leadership
  • Depth of management team
  • Seeking growth capital
  • No prior institutional capital
  • Revenue: $5–$50 million
  • Market validation & differentiated market position
  • Step function growth
  • Sustainable unit economics
  • Path to attractive net margin

Compelling Risk Adjusted Returns (Remove this section & Graph)

Historical return data suggests that it is optimal to source the market’s beta in the most fee and tax effective manner, while sourcing alpha from the private markets.
We invest in Markets that are underserved by institutional capital

We invest in the heartland, as well as abroad

According to data from Pitchbook, 80%+ of venture capital investments in 2017 were invested in the San Francisco Bay Area (44%), New York City (16%), Boston (12%) and Los Angeles (9%).

By contrast, dynamic growth regions which are outside the VC/PE-focal markets are underserved by institutional capital.

meet the team and our partners.

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