V29 launches with $165M to back profitable, founder-led companies
What's the deal? V29 Capital Management has launched as an independent private equity firm with more than $165 million raised, targeting minority investments in founder-led, technology-enabled businesses that are approaching or have reached profitability.
Why now? The New Haven, Connecticut-based firm spun out of Pritzker Vlock Capital Management, with the separation backed by funds managed by BlackRock, SagardDealroom has a profile for this one. Try Dealroom →, Pomona CapitalDealroom has a profile for this one. Try Dealroom →, and other investors. Karen Pritzker, whose family office previously housed the strategy, said she was "proud to see V29 launch as an independent firm."
What's the endgame? V29 plans to write cheques of up to $50 million per deal and make just one to three investments a year, taking 20% to 49% stakes via primary and secondary capital. It has already backed three companies.
The firm targets businesses with $35 million or more in trailing revenue that are reaching an EBITDA-positive stage, spanning healthcare, health tech, consumer, software, and tech-enabled services.
Who's running it? Founder and managing partner Elon Boms previously oversaw more than $1 billion in private assets at Pritzker Vlock, co-founded LaunchCapitalDealroom has a profile for this one. Try Dealroom → in 2008, and teaches at the Yale School of Management. Jason Gray, formerly head of Pritzker Vlock's investment team, co-manages the portfolio.
What's the pitch? Boms argues profitable founders are stuck between costly venture money and control sales. "We established V29 to give these founders a different option — flexible capital, long-term minority ownership, and a hands-on partnership," he said.
The signal: V29's launch fits a shift toward growth capital for companies that can show profitability rather than growth at any cost — echoing SEVA Growth's $160 million second fund in October, aimed at similar founder-led, near-break-even businesses. With fundraising still uneven and liquidity tight, V29 stands out less for its size than its concentrated approach.
Read more: citybiz.co
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