Andreessen Horowitz holds the top position in private market investor searches, with AI assistants consistently recommending the firm for hands-on operational scaling, aggressive wartime governance, and structured founder liquidity. Founders Fund mounted the largest advance between November 2025 and August 2026, climbing from #18 to #2 as models increasingly paired both firms on high-stakes competitive prompts.
General Atlantic Gap between platforms: ChatGPT Search now mentions General Atlantic 8.8 points more often than Google AI Mode in Private Market Investor Finder, a narrowed gap
Battery Ventures Gap between platforms: Google AI Mode now names Battery Ventures 7.7 points more often than ChatGPT Search in Private Market Investor Finder, a widened gap
Andreessen Horowitz Slipping: Andreessen HorowitzPrivate Market Investor Finder leader changed: Founders Fund moved ahead of Andreessen Horowitz
Founders Fund Gaining: Founders Fund overtook Andreessen Horowitz as the most-mentioned brand in Private Market Investor Finder
22% of citations point at the ranked brands’ own sites. linkedin.com, growthcapadvisory.com, ctacquisitions.com are the most-cited sites outside the ranked brands’ own domains.
Yes. The segment you’re describing is real, and the terminology I’d use when approaching investors is lower-middle-market software / tech-enabled services, founder-led software, or profitable SMB software—rather than “growth-stage tech.”
Explicitly focused on lower-middle-market B2B software and says it helps software companies scale profitably. This is probably one of the closest matches to your description.
Still wants a credible value-creation/growth story.
I need to find private equity investors focused on small to medium-sized technology companies, specifically for established, profitable firms rather than high-growth startups.
I need a list of private equity investors that focus on small to medium-sized technology companies, specifically for established, profitable firms rather than high-growth startups.
Very strong fit for founder-led, bootstrapped B2B software and tech-enabled services. Its historical criteria included $5M–$100M recurring revenue and profitable businesses or businesses with a path to profitability. Its new Fund VI closed at $1.3B in July 2026.
More growth-oriented than a classic “buy a mature cash-flow business” PE firm.
Specifically targets small and lower-middle-market software/services, with “a history of profitable growth”; prefers founders/family-owned businesses without prior institutional ownership.
Likely more interested in businesses with identifiable growth/value-creation levers.
Targets family- and founder-owned enterprise software, IT services and tech-enabled businesses, with recurring revenue and strong retention. Says EV can be <$150M, with software ARR >$5M.
“Breakout growth” is among its stated target characteristics, so assess fit carefully if growth is genuinely modest.
Exclusively lower-middle-market technology/software/tech-enabled services; targets $5M–$50M+ ARR and positive EBITDA or profitability within 12 months.
Their stated strategy is explicitly to accelerate growth, so it may be less appropriate for a genuinely low-growth company.
Lower-middle-market buyouts of established, profitable private companies; explicitly works with owners dealing with liquidity/succession. It has also built technology businesses serving SMBs.
Not a pure software fund, so sector fit depends on the business.
The distinction I'd make
If you're saying:
“We're profitable, have recurring revenue, have a defensible niche, but we're growing 5–15% rather than 50–100%.”
I'd initially concentrate on Clearhaven, Crestone, Etna, Banneker, and selected Serent deals.
If you're saying:
“We're profitable and growing ~15–30%, but we're too established for VC and want an institutional partner to professionalize/expand us.”
Then Serent, Bloom, Clearhaven, Banneker, and potentially Bain become more relevant.
And if the primary objective is owner liquidity / succession rather than maximizing hypergrowth, I'd broaden the search beyond software-specialist PE to lower-middle-market buyout firms. Frontenac is an example of that category.
One important point
Don't undersell the company by describing it as “not high growth.” To PE, the more useful framing is something like:
“A profitable, recurring-revenue SMB technology business with durable customer retention, strong cash generation, and an opportunity for disciplined organic growth and/or M&A.”
PE doesn't necessarily require VC-style growth. What it needs is a credible way to generate an attractive return—through cash flow, operational improvement, M&A, multiple expansion, or some combination.
If you give me (1) revenue/ARR, (2) EBITDA, (3) growth rate, (4) industry/software category, (5) approximate customer count, and (6) whether the owner wants majority or minority liquidity, I can narrow this to 10–15 PE funds that actually fit your profile, including their typical check size, transaction size, preferred ownership, and relevant portfolio companies.
For a stable, profitable, and capital-efficient "SMB tech" or vertical B2B SaaS company, traditional Venture Capital is often the wrong fit—they want hyper-growth at all costs and a $1B+ exit trajectory. Instead, your sweet spot is Lower-Middle Market (LMM) Private Equity and Growth Buyout firms. These investors specifically look for steady cash flow, high retention, and efficient operations rather than a money-burning growth curve.
A categorized breakdown of private equity funds that actively target profitable, bootstrapped, or founder-led SMB and vertical tech companies includes the following:
Specialized Lower-Middle Market Tech PE (Hands-On Operations)
Mainsail Partners — Focuses exclusively on bootstrapped, founder-owned B2B software companies in the lower-middle market. They bring an in-house operations team to help scale revenue and processes without blowing up the culture.
Serent Capital — Known for investing in profitable, capital-efficient B2B SaaS and tech companies. They have a massive dedicated growth team that assists with organic growth, executive hiring, and add-on acquisitions.
Accel-KKR — Focuses specifically on software and tech-enabled services businesses in the mid-market, doing both majority buyouts and minority growth equity. They are very comfortable with steady, recurring-revenue SMB tech.
Hg (Hg Saturn Fund) — Focuses entirely on B2B software and tech-enabled services, targeting established, high-retention businesses globally.
K1 Investment Management — Targets high-growth lower-middle-market enterprise software companies, but heavily emphasizes operational efficiency, go-to-market execution, and roll-up/add-on strategies for smaller software niches.
Broader Tech Growth Equity / Buyout
Francisco Partners — A massive tech-focused PE firm that works with everything from smaller growth-stage companies to large enterprise buyouts, known for deeply understanding software unit economics.
TA Associates — Focuses on profitable growth companies across technology and services, frequently doing minority recapitalizations or majority buyouts without requiring a VC-style "burn rate."
If you'd like to narrow this down, tell me:
What is your approximate ARR or EBITDA?
Are you founder-owned and bootstrapped , or do you have existing outside investors?
I can help you figure out which of these tiers matches your exact financial profile.
Yes. I’d target the lower-middle-market end of private equity, particularly firms that explicitly look for positive EBITDA, recurring revenue, founder/family-owned businesses, and established business models.
Excellent fit. Explicitly says stable profitability takes precedence over historical growth and avoids early-stage companies and unproven profitability. Focuses on technology-driven services, IT, outsourcing, consulting, etc.
Very relevant for smaller profitable technology/tech-enabled businesses, especially founder-owned companies. Explicitly says it doesn't invest in turnarounds/distressed situations.
Particularly interesting for enterprise software, IT services and industrial technology. Targets family/founder-owned companies with recurring revenue and high retention.
One of the better pure B2B software candidates. It invests in expansion/buyout-stage software rather than startups and emphasizes proven product-market fit and existing management teams.
Interesting for mature enterprise software with low growth but a path to improvement—unusually aligned with your “not a high-growth startup” requirement.
$5–15M+ ARR; North America; 80%+ gross retention. Profitability isn't required, so I'd rank it below the firms above for an already-profitable company.
Explicitly avoids unprofitable businesses/startups and invests in enterprise software, IT services and technology-enabled services. Caveat: primarily a co-investor alongside another PE sponsor rather than the lead investor.
$3–30M EBITDA; $1–3M investment.
Larger firms worth considering
LLR Partners is a strong technology specialist, but it's generally a better match if the company is somewhat larger. Its current strategy focuses on lower-middle-market software and tech-enabled companies, with published platform criteria of roughly $7–25M EBITDA and $40–150M equity investments.
Gauge Capital is another possibility at the upper end of the range. It invests in enterprise software, technology/SaaS/processing and other business services, generally looking for $5M+ EBITDA and $50–500M enterprise value.
My ranking for your specific description
If your company is already profitable, established, technology-focused, and not growing 30–50%+ per year, I'd start with:
Stone-Goff Partners — probably the closest philosophical fit.
Align Capital Partners — excellent lower-middle-market technology fit.
Elyton Capital — especially compelling for a smaller founder-owned company.
Svoboda Capital Partners — particularly for IT/services.
Etna Capital — especially for software/IT with recurring revenue.
DevCap Growth — best of the group if it's specifically B2B software.
Athena Equity Partners — worth approaching if growth is modest but the business has strong retention.
Grandview Partners — useful if you're open to a co-investment structure.
One important distinction: “technology company” is not necessarily the same thing as “software startup.” The PE firms above tend to be much more receptive to businesses such as vertical SaaS, established enterprise software, MSP/IT services, cybersecurity, data/analytics, tech-enabled B2B services, and niche technology platforms with $1–15M+ of EBITDA than to pre-profit SaaS companies.
If you give me (1) annual revenue, (2) EBITDA, (3) approximate growth rate, (4) type of technology/software, (5) U.S. state/country, and (6) whether you're seeking a full sale or minority investment, I can narrow this to 10–15 highly targeted PE firms, including their likely check size, ownership preference, geographic fit, and direct contact/inquiry information.
Here is a curated list of private equity (PE) firms that specialize in small-to-medium-sized (lower-middle to middle-market) technology companies, specifically targeting established, profitable, and often bootstrapped or founder-owned businesses rather than pre-revenue or high-burn startups:
Mainsail Partners : Focuses exclusively on growing, profitable, and bootstrapped/founder-owned B2B software and vertical SaaS companies in the lower middle-market. They use a dedicated internal operations team to help scaling firms expand professionally without relying on early-stage risk.
Thoma Bravo : A massive tech buyout specialist that explicitly reaches down into the middle-market (via their Discover platform) and lower middle-market (via their Explore platform) to acquire mature, stable, and profitable software enterprises.
Hg (specifically their Mercury lower-middle market strategy): Focuses on profitable B2B software and tech-enabled service businesses possessing predictable subscription or recurring revenue models with low volatility.
Accel-KKR : A mid-market-focused private equity firm that invests specifically in software and technology-enabled services businesses, targeting established companies looking for expansion capital, buyouts, or majority/minority recapitalizations.
: Targets lower-middle market tech-enabled services, vertical software, and business intelligence/data companies, typically making control investments in firms with proven, stable EBITDA footprints ($3M–$15M).[]()
Yes. If by “non-control” you mean you want growth/expansion capital while retaining voting and operating control, I would look primarily at growth equity and dedicated minority-investment funds, not traditional buyout PE.
Based on current 2026 mandates, these are the firms I’d put near the top of the list:
Investor
Best fit
Typical scale / structure
My take
New Mountain Capital – Strategic Equity
Established middle-market companies
Dedicated minority/non-control strategy
Excellent first call if your company is sizeable
Cyprium Partners
Lower-middle-market, profitable businesses
Minority equity + subordinated debt
One of the purest non-control specialists
Trivest Growth Investment Fund
Founder-owned lower/middle market
Typically 10–49% stakes
Excellent for founder retention
TA Associates
Larger growth companies
~$150–600M equity investments
Top-tier institutional growth investor
Summit Partners
High-growth tech, healthcare, business/services
~$10–500M+
Excellent if you're a category leader
General Atlantic
Larger, high-growth companies
Large growth-equity checks
Best for substantial/high-growth businesses
BBH Capital Partners
Family/founder-owned businesses
Minority or control
Very founder-friendly
Alterna Equity Partners
Lower-middle-market, especially U.S./South
Control + non-control
Interesting if you're in the Southeast
St. Cloud Capital
$10–150M revenue businesses
~$5–20M, including minority equity
Good for smaller expansion raises
Parkway Capital
Lower-middle-market
Minority equity + mezzanine
Good if you want a hybrid equity/debt solution
My top five
1. New Mountain Strategic Equity — probably the strongest pure institutional answer.
New Mountain closed a $1.2 billion Strategic Equity Fund II in January 2026, specifically dedicated to minority, non-control investments in founder- and sponsor-backed middle-market businesses. That's unusually direct alignment with what you're asking for.
2. Cyprium Partners — best if you want “capital without surrendering the keys.”
Cyprium explicitly describes itself as a non-control investor and can combine minority common/preferred equity with subordinated debt. It specifically finances facility/equipment expansion, acquisitions, shareholder liquidity and recapitalizations, while management retains control of the board, operations and strategy.
3. Trivest Growth Investment Fund — especially attractive for a founder-owned company.
Its dedicated non-control fund typically takes 10–49% of companies with $20M+ revenue and $6M+ EBITDA, explicitly allowing founders to retain control while accessing the resources available to Trivest's control portfolio companies.
4. TA Associates — excellent for a larger, mature growth company.
TA says its equity investments generally range from $150M–$600M and that it is equally comfortable with minority or majority positions. Capital can fund growth, working capital, acquisitions or shareholder liquidity.
5. Summit Partners — particularly compelling for technology, healthcare or growth-oriented services.
Summit explicitly does both minority growth and growth-buyout investments, with a stated $10M–$500M+ investment range. It has made 550+ investments and currently focuses on technology, healthcare/life sciences, and growth products/services.
A few others worth serious consideration
General Atlantic is particularly strong if your company has exceptional growth and is already fairly large. Its roots are actually in minority growth investing, and it continues to make minority growth investments—for example, its investment in HighLevel was explicitly structured as minority growth capital.
BBH Capital Partners is unusually interesting for a founder/family-owned company. It explicitly handles minority/non-control transactions where the owner wants to retain economic control, and it positions itself as a first institutional equity partner to founder-, family- and management-owned businesses.
Alterna Equity Partners focuses on established lower-middle-market U.S. businesses, with a particular emphasis on companies headquartered in the South, and explicitly makes both control and non-control investments.
St. Cloud Capital is worth looking at if your capital requirement is more like $5–20M. It targets U.S. lower-middle-market companies with roughly $10–150M of revenue and invests through debt and minority equity.
The important distinction
I wouldn't simply ask, “Who does minority investments?”
I'd ask:
“Who will give me enough capital to execute the expansion while allowing me to retain majority voting control, without imposing a de facto control arrangement through board rights, vetoes, preferred-stock provisions or aggressive return mechanics?”
That's a much more important distinction.
For example, a nominal 20% minority investment can still give an investor substantial control through board composition, reserved matters, redemption rights, liquidation preferences and other protective provisions. Conversely, a structured investment combining preferred equity and subordinated debt can sometimes give you considerably more flexibility than a straight common-equity minority deal.
If you give me four numbers — (1) annual revenue, (2) EBITDA, (3) how much capital you want to raise, and (4) your industry — I can narrow this to the 5–10 investors that are genuinely appropriate for your business, including their likely check size, ownership expectations, and who I'd contact first.
When seeking a capital infusion for a major expansion while retaining operational control and ownership, you are looking for growth equity or significant minority/non-control private equity investors. These firms specialize in taking a minority stake (typically 10% to 49%) and partnering with management rather than replacing them.[](https://growthcapadvisory.com/the-top-private-equity-firms-of-2026/)
The best-regarded "non-control" and growth equity investors vary slightly by sector and check size, but the top-tier global and middle-market firms in this category include:
General Atlantic : One of the absolute pioneers and heavyweights in dedicated growth equity. They focus entirely on providing capital for growth, take non-controlling stakes, and bring an expansive global operational network.
TA Associates : Renowned for targeted minority and majority growth investments across technology, healthcare, financial services, consumer, and business services. They have a reputation for being collaborative and flexible with existing management teams.
We are looking to scale our operations significantly and need a capital injection. Can you help me find private equity firms that offer growth equity without taking a controlling stake?
When scaling operations without giving up control, you want to target dedicated growth equity or minority-focused private equity firms. These investors specifically provide expansion capital in exchange for a non-controlling (minority) stake, leaving founders and existing management teams at the helm.
Top-tier firms that routinely execute minority growth investments include:
General Atlantic : A premier global growth equity firm focusing exclusively on late-stage and growth-oriented investments, partnering with companies to scale globally without seeking majority control.[](https://wvcapital.com/)
Summit Partners : A prominent global growth equity investor that routinely acquires minority stakes or makes growth-buyout investments while keeping executive teams empowered.
: A long-established growth private equity firm that targets profitable, high-growth companies across technology, healthcare, and financial services, operating comfortably as either a majority or minority partner.
I need to find private equity firms that provide capital for expansion while allowing current owners to retain control. What are some options for growth equity financing?
In these deals, the firm typically takes a non-controlling minority stake (often 20% to 49%), injects primary capital directly into the balance sheet to fuel growth, and takes a board seat to advise rather than dictate day-to-day operations.[](]()](]()]()
If you're looking for sovereign wealth funds (SWFs) that invest directly in early-stage startups, the key distinction is between funds that allocate capital to venture capital firms and those that can invest directly in companies at the seed, Series A, or Series B stages.
The most promising targets are generally sovereign investors with dedicated venture teams, strategic technology mandates, or affiliated investment platforms that make direct startup investments. Some SWFs invest directly only at later stages, so it's important to distinguish genuine early-stage activity from general venture capital exposure.
I'll focus on identifying the fund, its direct-investing vehicle, its startup-stage focus, and the best route for approaching it.
Best prospects to prioritize
Ranked by evidence of direct early-stage activity, not by assets under management.
1. Mubadala Investment Company
(High priority) (UAE / Abu Dhabi)
Why it fits: Mubadala's Ventures & Growth platform explicitly invests in early-stage and early-growth opportunities in the MENA region, alongside its direct portfolio and fund investments. Its MENA venture activity is a more relevant entry point than its traditional global private equity business.
Best route: Ventures & Growth; UAE Investments' MENA venture activity.
Why it fits: Temasek backs early-stage deep-tech companies through Xora Innovation. In a 2023 university commercialization initiative, Temasek committed S$65 million, mostly through Xora, to developing deep-tech startups. Areas include biotechnology, energy transition, and computing.
Best route: Xora Innovation for early-stage investments, rather than Temasek's broader investment team.
Link:
3. Sanabil Investments
(High priority for venture) (Saudi Arabia)
Why it fits: Sanabil is wholly owned by Saudi Arabia's Public Investment Fund (PIF) and invests across venture capital, growth capital, and small buyouts. Its portfolio explicitly separates direct investments from fund commitments. Its affiliated Sanabil Studio backs ventures from ideation and seed onward. One important caveat: Sanabil says its typical direct investments target established operating companies, so its studio is the clearer route for the earliest stages.
Best route: Sanabil's direct investment team for operating startups; Sanabil Studio for venture creation and seed-stage opportunities.
Why it fits: ADQ launched DisruptAD as a venture platform providing capital to early- and late-stage startups, alongside incubation and growth support. It is particularly relevant to startups that align with Abu Dhabi's strategic sectors and economic-development priorities.
Best route: DisruptAD, rather than ADQ's general infrastructure and large-company investment teams.
Link:
Additional sovereign investors worth screening
These are relevant, but their direct early-stage mandate is more limited or less clearly established.
Investor
What to know
Best fit
Qatar Investment Authority (QIA)
Its $3 billion Fund of Funds program primarily backs VC funds but permits targeted direct co-investments with participating funds.
Co-investments alongside established VC managers
Public Investment Fund (PIF)
The parent sovereign fund has a broad mandate; Sanabil is generally the more targeted entry point for venture investing.
How I would prioritize outreach
For seed through Series A
Start with Temasek/Xora, Mubadala's Ventures & Growth platform, and Sanabil Studio. These have the clearest publicly documented connections to early-stage investing or venture creation.
For Series A through Series B, particularly in MENA
Prioritize Mubadala and DisruptAD, followed by Sanabil's direct investment team. Validate each platform's current stage and geographic requirements before approaching.
For co-investments alongside a VC lead
Add QIA. Its program explicitly supports targeted direct co-investments, but it should not be treated as a conventional seed investor.
One important distinction: some sovereign funds invest directly on their own balance sheets, some use affiliated venture platforms, and others invest through funds or co-investments. Those are different routes to capital, even when the ultimate source of the money is the same sovereign investor.
Let me narrow this to the most relevant funds
What type of early-stage investment are you looking for? The answer could materially change the shortlist.
Yes. There is a fairly distinct corner of the lower-middle-market private-equity market built around founder succession, retiring owners, and “boring” traditional businesses—manufacturing, distribution, industrial services, specialty contracting, equipment rental, logistics, and B2B services.
The important distinction is that the best buyers aren't necessarily the biggest PE firms. Many are small PE funds, independent sponsors, permanent-capital holding companies, and operator-led acquisition firms.
The strongest matches
Firm
Typical fit
Why it stands out
Succession Equity
Small/LMM businesses
Its entire mission is acquiring successful businesses that need new ownership and management. Specifically lists manufacturing, distribution, equipment rental and business services.
Rockwood Equity Partners
$2–7M EBITDA; $10–75M revenue
Explicitly targets family/entrepreneur-owned companies and succession planning partnerships; focuses on manufacturers, distributors and B2B services.
Berkman Woods
~$1–15M EBITDA
Specifically seeks founder/family businesses facing succession and puts an operating executive or entrepreneur into the business. Focuses on specialty contracting, business services and niche manufacturing.
Koru Equity Partners
Small U.S. businesses
One of the most explicit: its situations of interest include “retiring owner(s)”, succession, family/founder-owned businesses and full sales.
Glen Oaks Capital
$1–10M EBITDA; $5–75M revenue
Manufacturing, industrial/environmental services, distribution and business services; explicitly lists family succession and retiring owner/managers as transaction situations.
Cellar Door Equity Partners
$10–50M revenue
Specifically describes itself as serving succession-driven transactions in the lower middle market, especially business services.
Teamshares
Smaller Main Street businesses
Particularly interesting for owners who want a transition rather than a conventional PE flip; Teamshares says it is one of the largest buyers of small businesses from retiring owners and transitions them toward employee ownership.
A few more worth putting on the radar
Palladium Equity Partners — Heritage strategy is more institutional and generally larger. Its Heritage strategy is aimed at established founder- and family-owned B2B/industrial companies at ownership-transition or growth inflection points.
TindWell Holdings is worth considering if the seller strongly values a long-term/permanent owner rather than a conventional 5-year PE exit.
Whitewater Capital Partners and Pioneer Holdings are other interesting regional/permanent-capital buyers for founder-owned industrial and service businesses.
What these buyers are usually looking for
The archetypal target is something like:
$5–75M revenue
$1–10M EBITDA
15–40+ years in business
Founder/family owned
Stable, profitable cash flow
Strong reputation and customer relationships
A defensible niche
An owner who is approaching retirement or has no obvious successor
Industries such as:
precision manufacturing
metal fabrication
industrial distribution
HVAC/plumbing/electrical
specialty contracting
environmental services
equipment rental
testing/inspection
packaging
transportation/logistics
niche B2B services
One thing I'd emphasize
If this is for an actual business owner considering a sale, I would not simply send the company to 30 generic PE funds.
I'd build a targeted buyer universe based on EBITDA + industry + geography + seller objectives. A $1.5M-EBITDA machine shop in Colorado, for example, has a very different buyer universe from a $7M-EBITDA industrial distributor in Texas.
Also, the seller's desired outcome matters enormously:
100% cash exit → conventional PE / strategic buyers Cash + retained equity → LMM PE is particularly attractive Stay 1–3 years → many succession-focused investors Preserve employees/legacy → permanent-capital or operator-led buyers Never sell again → Teamshares / permanent-hold models can be unusually compelling
If you give me the industry, approximate revenue, EBITDA/SDE, state, and whether the owner wants a full exit or rollover equity, I can build you a ranked list of 15–20 actual buyers, with target size, geography, industry fit, ownership model, and links to their acquisition pages.
Because traditional, smaller businesses often generate between $1 million and $10 million in EBITDA (and therefore fall below the radar of mid-to-large-cap PE firms), specialized niches have emerged to handle these transitions.[](https://www.permanentequity.com/content/the-small-business-crunch)
1. Permanent/Long-Term Hold Equity Firms
Unlike traditional private equity—which looks to flip or sell a company in 3 to 7 years—these firms raise long-duration or permanent capital to act as a permanent home for traditional businesses. They appeal to retiring owners who care deeply about their legacy and keeping local workforces intact.[](]()](]()]()
Which investment groups specialize in succession buyouts for established, traditional companies where the founder is ready to exit?
For an established, traditional business whose founder is ready to retire or exit, I would focus on succession-focused private equity firms, long-term owner-operators, and independent sponsors rather than generalist private equity funds.
These buyers specialize in acquiring profitable, founder- or family-owned companies, transitioning leadership, and preserving the business's existing customer relationships, workforce, and reputation. Some offer a complete buyout; others structure a transaction that lets the founder retain a minority stake or help with the transition.
1. Investment groups I'd investigate first
The following U.S.-focused firms have publicly described strategies that closely match founder succession and ownership transitions.
Succession Equity
(Strong direct fit)
Focuses explicitly on succession for small and midsize businesses, offering exiting owners liquidity and companies new leadership, capital, and long-term ownership. A strong starting point for a founder who wants a successor rather than simply the highest bidder.
Charlesbank Capital Partners : Manages dedicated lower-middle market technology private equity strategies alongside their middle-market funds, focusing on management-led buyouts of established tech and tech-infrastructure companies.
Would you like to narrow this down by:
Preferred geographic focus (North America vs. Europe)
Target EBITDA or revenue size range
Specific tech sub-sectors (like Vertical SaaS vs. Managed Service Providers / IT Services)
Insight Partners : If your expansion involves software, B2B SaaS, or tech-enabled services, Insight is a premier scale-up investor that routinely takes minority positions while deploying an extensive on-site operations team (Onsite) to help scale go-to-market engines.
Trilantic North America : Focuses heavily on middle-market consumer and business services, specializing in significant minority investments where they act as collaborative, value-added partners to founder- and entrepreneur-led companies.[](https://growthcapadvisory.com/the-top-private-equity-firms-of-2026/)
To help narrow down which of these firms (or others) would be the best fit for your specific situation, tell me:
What industry or sector is your business in?
Roughly how much capital do you need for this expansion?
Insight Partners : Specializing in software, tech, and scale-ups, they frequently lead minority growth equity transactions to help fuel acceleration and go-to-market expansion.
Thoma Bravo : Features a dedicated growth platform specifically structured to make minority investments in high-growth software and technology businesses.
Accel-KKR : A middle-market, tech-focused firm offering flexible equity solutions that include minority growth investments alongside hands-on operational support.
If you'd like to narrow down the options, please share:
Your industry/sector (e.g., B2B software, healthcare, consumer, manufacturing)
Your approximate revenue or growth rate
The capital check size you are looking to raise
I can help tailor this list to the firms most active in your specific space.
Principia Growth — $5M–$25M late-stage growth investments, including minority positions.
Cohere Capital — “influential minority” investments in middle-market companies.
CHW Capital — active minority equity, starting around $500K.
If you give me your industry, annual revenue/EBITDA, amount of capital needed, and location, I can narrow this to the 10–15 most relevant firms and their typical check sizes.
Summit Partners – A premier global growth equity firm with a long history of taking minority positions in profitable, growing businesses across technology, healthcare, and consumer sectors without staging a takeover.
TA Associates – Focuses on scaling profitable companies in technology, healthcare, financial services, and consumer sectors. They frequently structure transactions as significant minority investments to back existing management teams.
Insight Partners – Primarily focused on software and technology-enabled growth, they routinely execute both majority and minority investments depending on what the founder prefers to accomplish.
JMI Equity – Focused specifically on software and tech-enabled service companies, JMI offers flexible minority (and occasional majority) investment options explicitly tailored to help bootstrapped or scaling companies accelerate.
Sageview Capital – Targets lower-middle-market and growth-stage companies in tech, financial services, and business services, focusing heavily on strategic minority stakes to fund expansion or acquisitions.
When you approach these firms, you'll want to ask about specific mechanisms that protect your autonomy:
Governance & Protective Provisions: Ensure that while they get standard minority protections (like anti-dilution or approval rights on major things like selling the company or changing the core charter), day-to-day operational control and budgeting stay with you.[](https://umbrex.com/resources/private-equity-glossary/minority-investment/)
To help narrow down which of these partners might fit best, tell me:
What industry or sector is your company in?
What is your approximate annual revenue or growth rate?
If your goal is to fund business expansion without giving up control of the company, I would focus on private equity firms that specialize in minority growth equity, non-control private equity, and founder-friendly recapitalizations.
Unlike a traditional buyout, these arrangements allow you to raise capital for hiring, acquisitions, new locations, product development, or geographic expansion while retaining majority ownership and, potentially, day-to-day decision-making authority. The key is to negotiate governance rights as carefully as the investment amount.
1. Private equity firms worth exploring
Here is a starting shortlist of firms with investment strategies relevant to owners who want growth capital while retaining control.
1. Trivest
(Strong fit for founder-owned businesses)
Trivest's Growth Investment Fund specifically targets fast-growing businesses whose founders want to retain a majority stake. This is one of the most direct matches for an owner seeking expansion capital without selling control.
Best for: Founder- and family-owned businesses in the lower middle market.
Its Strategic Equity strategy invests in minority, non-control positions in founder-backed and sponsor-backed businesses. In January 2026, it announced a $1.2 billion second Strategic Equity fund, focused on middle-market companies in selected growth sectors.
Best for: Established middle-market companies seeking substantial growth capital.
This firm offers minority growth investments, structured secondary transactions, and flexible capital solutions for software, AI, and technology-enabled services companies. Its published focus includes businesses with $10 million or more in revenue.
Best for: Technology businesses funding product development, sales expansion, or scaling.
Sunstone invests in growth equity and majority buyouts in North American technology businesses, including sizable minority investments. You would need to specify that you are seeking a minority, non-control transaction.
Pawar Capital describes recapitalization investments that provide owners with liquidity while allowing them to retain significant ownership and day-to-day operational control. Its strategy also includes mezzanine debt. Confirm whether a proposed transaction would be a minority investment or another structure.
Best for: Profitable, closely held U.S. businesses seeking growth capital or an ownership transition.
2. Which financing structure best protects your control?
The right investor is only half the equation. The deal structure determines how much ownership, decision-making authority, and future upside you keep.
Minority growth equity
An investor buys a minority stake, and the business receives capital for expansion. You retain majority ownership, subject to negotiated governance and veto rights.
Best starting point if maintaining control is your priority.
Growth debt or subordinated debt
You raise capital without issuing ordinary equity. Payments, interest, covenants, and potentially warrants or other equity features apply.
Best when cash flow can support repayments and minimizing dilution matters.
Minority recapitalization
An investor purchases existing shares, injects new capital into the company, or does both. Owners can receive partial liquidity while continuing to operate the business.
Best if you want expansion capital plus some personal liquidity.
Structured equity or preferred equity
The investor receives a negotiated return, distribution preference, or other protections. This can limit ordinary-share dilution but may create more complex economics.
Best when investor and owner needs don't fit a standard minority investment.
These structures can be tailored to the transaction; none automatically guarantees that owners retain full operating control.
3. What to negotiate before accepting capital
When approaching firms, focus on these five points:
Ownership: Target a minority investment that leaves existing owners with majority equity.
Board control: Retain the ability to appoint a majority of directors, if feasible.
Reserved matters: Limit investor vetoes to specific major decisions rather than routine operations.
Management: Preserve your authority over hiring, pricing, budgets, and ordinary business decisions.
Exit rights: Review drag-along provisions, forced-sale rights, redemption terms, and any required exit timeline.
An investor can own less than 50% and still have substantial control through board composition or contractual rights. Have an experienced corporate attorney review the terms before signing.
4. Let’s narrow the list to the best-fit investors
The most useful next step is to match the firm's investment criteria to your company's size, industry, and capital needs.
Share whatever you know; approximate figures are fine.
Industry
Business services
Manufacturing or distribution
Healthcare
Software, technology or AI
Consumer products or services
Other
Annual revenue
Under $5 million
$5M–$10M
$10M–$25M
$25M–$100M
Over $100 million
Annual EBITDA (approximate operating earnings)
Under $1 million
$1M–$2M
$2M–$5M
$5M–$15M
Over $15 million
Not sure / not applicable
Capital you want to raise
Under $2 million
$2M–$5M
$5M–$15M
$15M–$50M
Over $50 million
Primary use of funds
Organic growth, hiring, or new locations
Acquisitions or a buy-and-build strategy
Equipment, facilities, or capacity
Working capital or balance-sheet support
Owner liquidity plus business expansion
Preferred ownership structure
Minority investment only; owners retain control
Debt or non-dilutive capital; avoid selling equity
Open to structured equity or a creative financing arrangement
Geography
United States
United States and Canada
International / other
[Find matching investment firms]
With those details, I can build a more targeted shortlist with investment-size ranges, relevant portfolio experience, official websites, and contact links, prioritizing firms that explicitly pursue non-control investments rather than conventional buyout firms.
For a bootstrapped, founder-owned business, the type of investor you’re looking for is usually a minority growth-equity investor or a private equity firm that does founder liquidity / partial recapitalizations.
The goal is to sell a portion of your shares, take some cash off the table, and continue owning and operating the business—rather than sell 100% of the company or take on venture capital with an expectation of hypergrowth.
There are three related deal structures worth exploring:
Minority secondary investment: The investor buys some of your existing shares directly. The proceeds go to you, not the business.
Partial buyout / founder recapitalization: An investor buys a stake in the company, often combining founder liquidity with new capital or a reorganization of ownership.
Majority recapitalization with rollover equity: The investor acquires control, you take substantial liquidity, and you retain a meaningful stake in the next phase of growth.
For a profitable, bootstrapped company, the distinction matters: some investors specialize in minority investments, while others will only provide founder liquidity if they acquire control.
10 firms to put on your shortlist
I focused on U.S.-oriented investors whose published strategies indicate they work with founder-owned businesses, provide owner liquidity, or consider minority investments. These are not all interchangeable: some are genuine non-control investors, while others typically want majority ownership.
1. Best starting points for a founder who wants to retain control
Profile: Founder-owned, lower-middle-market companies across industries.
Size: $2–25 million in earnings or free cash flow; $5–75 million equity investments.
Why consider them: Explicitly offers owner liquidity and is comfortable with minority ownership. Its evergreen, family-office capital base also gives it flexibility on investment structure and holding period.
Profile: Family-, founder- and management-owned companies.
Why consider them: Their published approach explicitly combines partial founder liquidity with growth capital, acquisitions or debt reduction. They offer both control and non-control investments and often act as a company's first institutional equity partner.
Profile: Founder-led and owner-managed lower-middle-market companies.
Size: Published criteria start at $1 million in EBITDA.
Why consider them: They specifically describe flexible capital, recapitalizations and significant minority investments designed to provide owner liquidity while allowing the founder to participate in future growth.
Size: $5–25 million EBITDA; $15–75 million equity investments.
Why consider them: They specifically identify founder-owned and privately owned sellers as target partners and consider both majority and structured minority ownership.
Size: $1–5 million EBITDA and $2–25 million revenue.
Why consider them: They explicitly advertise minority and majority investments, flexible deal structures, and partial or full founder liquidity. One caveat: they describe an operator-oriented approach, so clarify how much day-to-day involvement they expect.
Profile: Founder-owned vertical enterprise software and AI-oriented businesses.
Size: $5 million or more in core ARR.
Why consider them: They explicitly discuss founder liquidity without a full sale, with a stated minority equity structure of 10–30%. This is a particularly relevant specialist if you're a software company.
2. Worth approaching if you're open to selling control
These firms are relevant if your objective is primarily personal liquidity, even if you retain a substantial minority stake afterward.
Focuses on founder-entrepreneurs and majority recapitalizations, with a published minimum of $2 million in annual EBITDA. Its stated model allows entrepreneurs to gain liquidity while partnering for future growth.
Targets founder- and family-owned B2B and industrial companies, typically with $3–12 million EBITDA and $10–50 million invested capital. It considers control-oriented and significant minority positions.
Focuses on majority acquisitions of lower-middle-market founder- and family-owned companies, with founders and management retaining equity and participating in future upside. Better suited if you're willing to share control.
A Charlottesville-based firm focused on founder- and family-owned U.S. businesses. Its published structures include majority recapitalizations and growth capital, making it a potentially relevant regional contact if you're in the Mid-Atlantic. Its stated structures do not establish that it will buy a non-controlling stake.
How I'd narrow this down
For your specific goal—taking chips off the table without giving up the business you bootstrapped—I would start with Copley Equity Partners, BBH Capital Partners and Amadeo Global, then consider Rainier and Northgate depending on your size and willingness to share control. For a software business, add Roswell Growth Partners.
Before approaching anyone, get clear on three deal parameters:
How much personal liquidity? For example, $3 million, $10 million or $25 million.
How much ownership are you willing to sell? For example, 15–25% versus a 51% controlling stake.
What is the business worth today? Investors will generally focus on EBITDA, revenue quality, growth, customer concentration and industry.
One important distinction: if you want to sell existing shares, make that explicit. A firm offering “growth capital” might invest new money into the company without providing much cash directly to you.
Let's make the list much more targeted
I can narrow this to investors whose deal sizes and ownership preferences match your business, rather than sending you a generic private equity list.
Share whatever you know; approximate answers are fine.
1. What industry are you in?
Software / SaaS
Business services
Manufacturing / distribution
Consumer / ecommerce
Healthcare
Other / diversified
2. Annual revenue
Under $5M
$5M–$10M
$10M–$25M
$25M–$50M
$50M+
3. Approximate annual EBITDA
Under $1M
$1M–$2M
$2M–$5M
$5M–$10M
$10M+
Not sure / not applicable
4. How much cash do you want to take off the table?
Under $2M
$2M–$5M
$5M–$10M
$10M–$25M
$25M+
5. What ownership structure would you accept?
Retain control; sell a minority stake
Open to selling control but retaining equity
Either, depending on valuation and terms
6. Where is the business based?
United States
Canada
UK / Europe
Other / international
[Find matching investors]
With those answers, the next shortlist can focus on firms that actually fit your size, likely transaction value, and desired level of control—and include the right contact or submission page for each.
Strategic technology and Saudi ecosystem opportunities
Mubadala Capital
Its Ventures platform has built a portfolio of early-stage and growth investments. Distinguish its venture business from its private equity and third-party fund-management activities.
Public Investment Fund (PIF - Saudi Arabia)
PIF executes direct venture and technology ecosystem creation through various specialized subsidiaries, local funds (like SVC/Joa Capital ecosystems), and direct tech plays aimed at building out domestic and international capabilities across deep tech and AI.[](https://www.omfif.org/2025/12/sovereign-funds-are-becoming-the-new-venture-capitalists/)
Taiwan National Development Fund / Taiwania Capital (Taiwan)
Taiwan’s sovereign/government-backed funding mechanism utilizes dedicated operational venture arms like Taiwania Capital to make direct equity investments into early-stage high-tech, semiconductor, and biotech startups locally and internationally.[](https://www.omfif.org/2025/12/sovereign-funds-are-becoming-the-new-venture-capitalists/)
Ireland Strategic Investment Fund (ISIF - Ireland)
ISIF operates with a double-bottomline mandate (commercial return plus economic impact for Ireland) and frequently executes direct investments and co-investments into early-stage indigenous Irish tech, life sciences, and AI innovation clusters.[](https://www.ey.com/en_ie/insights/ai/sovereign-funds-drive-genai-vc-investment-surge)
If you have a specific geography, sector (like AI, biotech, or fintech), or ticket size in mind, I can help narrow down which of these sovereign entities is the best fit for your stage.
Teamshares : A massive buyer in the small-business space that purchases traditional small businesses from retiring owners, transitions a portion of the equity to the existing employees, and installs trained local leadership to run the company permanently.[](https://www.teamshares.com/resources/selling-with-purpose/)
2. Lower Middle Market (LMM) & Micro-Cap PE Specialists
Note: Dozens of regional micro-cap PE funds (often managing $50M to $250M in total fund size) operate locally or state-specifically to target these exact manufacturing and trade businesses.
Retiring owners frequently prefer searchers because the buyer intends to step in as the full-time CEO, protect the company culture, and preserve local jobs rather than stripping the company down.
Are you looking at this from the perspective of a business owner planning an exit , or an investor looking to deploy capital into this space? I can provide more tailored examples or structural details based on your angle.
Best for smaller, blue-collar and service businesses
Targets family-owned and founder-led companies, particularly industrial, consumer, skilled-trade, and general-service businesses. Its published criteria include $2 million–$20 million in revenue, positive EBITDA, and owners approaching retirement or seeking a succession solution.
Website:
Berkman Woods — BW Capital
Best for established businesses with $1M–$15M EBITDA
Acquires established businesses, often founder- or family-owned, and pairs them with experienced operators or entrepreneurs who take over leadership. Its target industries include specialty contracting, professional and business services, healthcare, and niche manufacturing.
Website:
Palladium Equity Partners — Heritage strategy
Best for industrial and B2B companies
Its Heritage strategy targets established founder- and family-owned businesses, with a focus on B2B and industrial products and services. Published criteria include $3 million–$12 million in EBITDA and $10 million–$50 million in invested capital, including management buyouts.
Website:
Legacy Transition Partners
Best for a founder who cares about legacy and continuity
Acquires majority stakes in founder-owned and entrepreneur-led businesses, bringing capital, strategic leadership, and operational support while seeking to preserve what made the company successful.
Website:
FortéOne Capital
Best for specialty manufacturing and industrial services
Focuses on control acquisitions of specialty manufacturing, building-products, and industrial-services companies. Its published target is $2 million–$10 million EBITDA and $10 million–$80 million enterprise value.
Website:
CTA
Best for founders seeking an exit process and buyer matching
Explicitly works with family- and founder-owned businesses on exit strategies and succession. Its industry interests include manufacturing, building products, business services, automotive aftermarket, and multi-location services. It reports a minimum EBITDA target of $3 million.
Website:
2. Additional buyers worth knowing
These groups are particularly relevant if the company is in a traditional industry and you want an investor that can work directly with the founder and management team.
Parkland Group
Specifically targets retiring owners and businesses with $5 million–$50 million in annual revenue. It describes a transaction in which it acquired 89% of a business alongside an internal manager who acquired the remaining 11%. Particularly relevant to Midwest business owners.
Explicitly identifies owner succession and management buyouts among its investment circumstances. Relevant sectors include distribution, manufacturing, construction-related businesses, and business services. Its published criteria include revenue above $10 million.
An operator-led acquisition firm that emphasizes continuity, long-term ownership, and relationships with founders. Its stated target is $2 million–$10 million in EBITDA across a range of industries, including plumbing, electrical, roofing, manufacturing, and construction.
Particularly suitable for recurring-revenue service companies, franchise systems, and multi-unit operators. It targets $1 million–$10 million in EBITDA and emphasizes founder succession and deal-by-deal capital.
Founder wants to retire and hand over the business
Confirm the buyer's funding and closing certainty
Traditional private equity
Larger, profitable company with growth potential
May expect a resale or exit within a defined period
Independent sponsor or holding company
Founder values continuity and hands-on ownership
Financing may need to be assembled for each acquisition
Management buyout backed by an investor
A trusted employee or executive can run the company
Requires a credible successor and financing structure
A founder should also decide whether they want a 100% sale, a majority sale with retained equity, or a gradual management transition. These options can produce very different outcomes for proceeds, control, taxes, and the company's future.
4. Let’s narrow this to the most relevant buyers
The best shortlist depends heavily on the company's size and industry. If you share a few details, I can identify the most suitable firms rather than give you a generic private equity directory.
Company profile
Industry
Manufacturing / industrial
Distribution / wholesale
Construction, building products, or trades
Business or professional services
Transportation or logistics
Other traditional business
Annual revenue
Under $5 million
$5 million–$10 million
$10 million–$25 million
$25 million–$50 million
Over $50 million
Annual EBITDA (operating earnings before interest, taxes, depreciation, and amortization)
Under $1 million
$1 million–$3 million
$3 million–$5 million
$5 million–$10 million
Over $10 million
Not sure
Geography
Midwest
Northeast
South
West
Nationwide buyer search
Preferred transaction
Full exit — founder sells 100%
Majority sale with retained equity
Management or employee buyout
Open to options
Most important outcome
Highest sale price
Preserve employees, culture, and company legacy
Fast, dependable closing
Long-term ownership without a quick resale
[Find the best-fit buyers]
With those details, the shortlist can be ranked by actual investment criteria and succession experience, including firms that are more likely to acquire the entire company and let the founder step away after a transition period.
