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Private Equity

PA Capital invests across buyout, growth, and turnaround strategies in the North American Low Mid Market, leveraging over 20 years of relationships and data insights to access compelling private equity opportunities.

Access to the Low Mid Market

We specialize in a segment of the market that we believe offers key advantages over larger private equity strategies:

  • Potential for consistent outperformance across market cycles
  • Favorable supply/demand dynamics with less capital pursuing more opportunities
  • Value creation through business building, not financial engineering
  • Less leverage and lower purchase price multiples
  • Robust exit options without reliance on public IPOs
  • Enhanced terms, conditions, and alignment of interests

Our Dedicated Private Equity Strategies

Multi-Manager

Our flagship multi-manager strategy has focused on providing investors with exposure to high-quality private equity investment opportunities in the Low Mid Market since 1999.

We currently manage more than $2.6 billion across multi-manager commingled funds and separately managed accounts. PA Capital has completed more than 165 fund investments across over 100 different general partners, resulting in more than 140 advisory board seats.

PA Capital's private equity multi-manager vehicles typically target a portfolio construction with:

  • Core exposure to 12-15 buyout, growth, and turnaround private equity funds typically raising <$500 million and investing in companies with enterprise values <$150 million
  • Exposure to both established and emerging managers
  • Individual fund investments ranging from $20 to $50 million in size
  • Complementary direct co-investments and secondary transactions

Direct Co-investments

PA Capital's long tenure in the North American Low Mid Market enables robust sourcing of co-investment and direct investment opportunities from top-tier existing and prospective fund managers, as well as independent sponsors.

We currently manage more than $380 million across commingled co-investment funds and separately managed accounts.

Since 2002, PA Capital has successfully raised and invested five commingled direct co-investment vehicles and completed over 100 co-investments. Our dedicated co-investment vehicles focus on:

  • Direct equity investments in private companies typically with enterprise values <$250 million
  • 25+ positions per vehicle with investment sizes typically ranging from $5 to $15+ million each

Secondaries

Since an experienced team joined in 2012, PA Capital has successfully raised and invested two commingled funds dedicated to secondary opportunities in the Low Mid Market.

We have completed more than 70 secondary transactions, and we currently manage more than $470 million across commingled secondary funds and separately managed accounts.

PA Capital seeks secondary investments where the strength of the platform can create an advantage. As a result, we focus on investments that are directly sourced and/or have limited competition. Our dedicated secondaries vehicles target:

  • Diversified exposure to complex (GP-led) and traditional (LP-led) secondary transactions
  • 30+ investments typically ranging from $5-50+ million each

GP Stakes

Launched in partnership with an experienced investor in 2020, PA Capital’s dedicated GP Stakes strategy currently manages $500 million in a commingled vehicle. The strategy is focused on:

  • Building a portfolio of minority equity investments in top-tier mid-market GPs, typically with AUM between $1 billion and $10 billion
  • Providing strategic capital to established GPs sourced through our deep relationships with leading fund managers
  • Creating alternative ways for investors to access private equity with a differentiated return profile and meaningful cash yield
“The power of an integrated and specialized platform can bring tremendous value to our clients by helping them to navigate private equity investing through all market cycles.”

Our Approach

Our focus on the Low Mid Market is premised on business building and offers attractive returns across market cycles. Uncovering and accessing the most compelling opportunities requires a consistent presence, deep relationships, and robust data capabilities. We are your trusted partner in accessing the Low Mid Market.

“We believe the collective knowledge and network of our platform is vital to strong decision-making; we foster a team-based culture predicated on collaboration and information sharing.”
37

Total PA Capital Investment Professionals

23

Avg. Years Experience of Senior PA Capital Team

24

Private Equity and ODD Professionals