ROAD TO CARRY

Our Thesis

Bridging tier-one capital with experienced investors and operators building platforms via disciplined serial acquisition strategies.

The Deployment Crisis.

Private equity is sitting on record levels of unallocated capital. While billions continue to flow into this asset class, funds struggle to deploy it efficiently in the crowded middle market private equity. The bottleneck for institutional finance is no longer raising money. It's finding executable deal flow at reasonable valuations.

Global Private Equity Dry Powder

2014
2016
2018
2020
2022
~$2.6T2024

Source: S&P Global Market Intelligence.

Average Purchase Multiple (EV/EBITDA)

~6-7xSMBs
~10-12xPrivate Equity
~15xS&P 500

Source: Stanford GSB, Cambridge Associates, CapitalIQ, Pitchbook.

The Buy-and-Build Arbitrage.

This deployment crisis creates opportunities for serial acquisition entrepreneurs. By acquiring foundational SMBs at efficient multiples and systematically scaling them into institutional-grade platforms, entrepreneurs unlock buy-and-build value creation. The playbook is there, but investors and operators need to execute.

The Direct Alpha Solution.

Family offices and tier-one allocators recognize this arbitrage. Rather than committing to blind-pool PE funds, they are actively shifting capital to back individual serial acquisition entrepreneurs—whether that's through an independent sponsor model, a holdco model, or a search model.

Billionaire Family Offices' Intention to Increase Exposure In the Next 12 Months

Funds
37%
Direct
49%

Source: UBS Billionaire Survey 2025.

Our mission is to accelerate mid-career professionals' road to carry through acquisition entrepreneurship.