DFX Intelligence
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M•••••• A•••••••• L••
Buyout firmClassification confirmedLower middle marketSEC registered investment adviser· Chicago, IL
••• Locked
As of · identity and classification; each section below carries its own date
- Regulatory AUM
- $681M
- PE fund assets
- $530M
- PE funds
- 14
- Investments held
- 5 of 6
- Deals, last 12 months
- 2
Form ADV
Form ADV
Form ADV
DFX transaction tape
DFX transaction tape
As of · identity and classification; each section below carries its own date
What matters now
- 1 deal180 days
1 deal since 3 Aug 2026: bought T••••• G••••• S•••••••• (majority stake, 3 Aug).
What it is buying now is the best guide to what it will buy next.
- +1funds on Form ADV
Private equity funds on its Form ADV went from 13 to 14 (+1).
New vehicles are a new flagship's feeders, parallels and co-invest sleeves being stood up: capacity arriving before the capital is announced.
Classification, Form ADV and stated criteria
How this organization is classified, and on what basisBuyout firm · 2 in historyShowHide
- Class
- Buyout firmconfirmed, confidence 85%
- Basis
- 21 of 22 distinct vehicles are sworn Private Equity Funds; 16 reported gross assets on a filing in 2022 or later
- Size band
- Lower middle marketdefined by: proxy: $0.53bn Private Equity Fund GAV on the Form ADV filed 2026-04-01
Classification history (2)
- Sep 23, 2026Buyout firm (confirmed, 85%)21 of 22 distinct vehicles are sworn Private Equity Funds; 16 reported gross assets on a filing in 2022 or later
- Sep 13, 2026Buyout firm (confirmed, 85%)18 of 18 distinct vehicles are sworn Private Equity Funds; 13 reported gross assets on a filing in 2022 or later
Regulatory footprint (Form ADV)RAUM $681M · 14 PE funds · filed Apr 1, 2026ShowHide
- Adviser type
- Registered investment adviser
- Form ADV filings
- Mar 30, 2012 to Apr 1, 2026
- RAUM
- $681Mregulatory assets under management of the adviser; not dry powder, not a fund size
- PE funds, latest filing
- 14
- PE fund GAV, latest filing
- $530Mreported gross assets (Form ADV), not fund size
- All private fund GAV
- $681Mevery private fund type, latest filing
- 2024 PE fund GAV
- $550Msum over funds typed Private Equity Fund with a 2024 or later as-of date
- PE share of funds, lifetime
- 96%
- Fund type mix
- Private equity fund: 14 funds, $530M reported gross assets, 21 ever reported
- Securitized asset fund: 1 fund, $151M reported gross assets
- Employees
- 14
- Headquarters
- Chicago, IL
- Office address
- ••• Locked
- Business phone
- ••• Locked
Stated criteria beside observed behaviour5 of 8 criteria stated · 5 observed dealsShowHide
Stated by the firm
- Sectors
- Industrials, technology, aerospace defense
- Geography
- not stated or not yet read
- Revenue
- not stated or not yet read
- EBITDA
- $5.0M to $30.0M
- Enterprise value
- not stated or not yet read
- Equity check
- $15.0M to $65.0M
- Control
- Majority
- Thesis
- ••• Locked
Observed from deals on record
- On record
- 5 companies, 6 holdings, 3 transactions
- Period
- 2025 to 2026 (6 dated observations, 3 holdings undated)
- Most deals
- Aerospace defense (2 of 5, e.g. TENICA Global Solutions and Aerospace & Defense)
- Subsectors
- Aerospace defense (2 of 5)
- Deal roles
- 1 platform, 5 with role not stated
- Control
- 1 control, 5 not stated
- Where
- Tx (1 of 5)
- By year
- 2025: 2 other deals; 2026: 1 other deal
- Repeat counterparties
- R•••• • G••• L•• (legal adviser) on 3 deals, A•••••• (sell-side adviser) on 2 deals and M•••• • V•• A•••• P••• (legal adviser) on 2 deals
5 companies on the graph (3 transactions); most in aerospace defense (2); 1 platform and 0 add-ons; observed 2025 to 2026
FundsHow vehicles are groupedFeeders, parallels, executive funds, alternative investment vehicles and lettered sleeves are folded under the fund they belong to, read from the vehicle names. Deal-by-deal co-investment vehicles are pooled. Current funds come first: families are ordered by vintage, newest first, among those holding at least a twentieth of the largest family’s assets, then by size. The figure is the sum of each vehicle’s latest reported gross assets on Form ADV, not a fund size.
18 families, 21 vehicles on record
M•••••• C•••••• F••• I•• L• · 2 vehicles · vintage 2020$224M
- M•••••• C•••••• F••• I•• L• buyout or unlabelled · 2020$211M
- M•••••• C•••••• F••• I•••• L• Feeder or parallel · 2020$13.5M
M•••••• C•••••• • S••••• S••• L•• · 1 vehicle · vintage 2019$37.1M
- M•••••• C•••••• • S••••• S••• L•• buyout or unlabelled · 2019$37.1M
M•••••• C•••••• • A••••••• S••• L•• · 1 vehicle · vintage 2019$27.9M
- M•••••• C•••••• • A••••••• S••• L•• buyout or unlabelled · 2019$27.9M
M•••••• C•••••• • N•• Q•• I• S••• L•• · 1 vehicle · vintage 2019$24.5M
- M•••••• C•••••• • N•• Q•• I• S••• L•• buyout or unlabelled · 2019$24.5M
M•••••• C•••••• • I•• S••• L•• · 1 vehicle · vintage 2018$52.7M
- M•••••• C•••••• • I•• S••• L•• buyout or unlabelled · 2018$52.7M
Co-investment vehicles · 3 vehicles · vintage 2024$94.2M
- M•••••• C•••••• • X•••••••• C••••••••• L•• Co-investment vehicle · 2024$47.2M
- M•••••• C•••••• • O•••• C••••••••• L•• Co-investment vehicle · 2022$44.6M
- M•••••• C•••••• • J••••• C••••••••• L•• Co-investment vehicle$2.3M
12 smaller families are in the full list of vehicles.
View all 21 vehiclesnewest vintage first, then largest
| Fund | Vehicle | Vintage | Reported gross assets (Form ADV), not fund size | GAV by year | Form D sold | Lifecycle |
|---|---|---|---|---|---|---|
| M•••••• C•••••• • X•••••••• C••••••••• L•• ADV: Private Equity Fund | Co-investment vehicle | 2024 first reported on Form ADV | $47.2M as of Apr 1, 2026 | no Form D | Early deployment | |
| M•••••• C•••••• • O•••• C••••••••• L•• ADV: Private Equity Fund | Co-investment vehicle | 2022 first reported on Form ADV | $44.6M as of Apr 1, 2026 | no Form D | Active deployment | |
| M•••••• C•••••• F••• I•• L• ADV: Private Equity Fund | buyout or unlabelled | 2020 Form D first sale | $211M as of Apr 1, 2026 | $106M | Active deployment | |
| M•••••• C•••••• F••• I•••• L• ADV: Private Equity Fund | Feeder or parallel | 2020 Form D first sale | $13.5M as of Apr 1, 2026 | $106M | Active deployment | |
| M•••••• C•••••• • R••••••••• S••• L•• ADV: Private Equity Fund | buyout or unlabelled | 2020 first reported on Form ADV | $82,549 as of Apr 1, 2026 | no Form D | Harvest | |
| M•••••• C•••••• • S••••• S••• L•• ADV: Private Equity Fund | buyout or unlabelled | 2019 first reported on Form ADV | $37.1M as of Apr 1, 2026 | no Form D | Unknown | |
| M•••••• C•••••• • A••••••• S••• L•• ADV: Private Equity Fund | buyout or unlabelled | 2019 Form D first sale | $27.9M as of Apr 1, 2026 | no Form D | Unknown | |
| M•••••• C•••••• • N•• Q•• I• S••• L•• ADV: Private Equity Fund | buyout or unlabelled | 2019 Form D first sale | $24.5M as of Apr 1, 2026 | no Form D | Unknown | |
| M•••••• C•••••• • N•• Q•• I• S••• L•• ADV: Private Equity Fund | buyout or unlabelled | 2019 Form D first sale | $5.9M as of Apr 1, 2026 | no Form D | Harvest | |
| M•••••• C•••••• • I•• S••• L•• ADV: Private Equity Fund | buyout or unlabelled | 2018 first reported on Form ADV | $52.7M as of Apr 1, 2026 | no Form D | Unknown | |
| M•••••• C•••••• M•••••••• F••• I•• L••• ADV: Private Equity Fund | Fund of funds | 2018 first reported on Form ADV | $40.6M as of Mar 22, 2021 | no Form D | Wound down | |
| M•••••• C•••••• • G•••••• S••• L•• ADV: Private Equity Fund | buyout or unlabelled | 2018 first reported on Form ADV | $17.3M as of Nov 6, 2020 | no Form D | Wound down | |
| M•••••• C•••••• • D•••••••• C•••••••• S••• L•• ADV: Private Equity Fund | buyout or unlabelled | 2018 first reported on Form ADV | $16.2M as of Apr 1, 2026 | no Form D | Harvest | |
| M•••••• C•••••• • A•• S••• L•• ADV: Private Equity Fund | buyout or unlabelled | 2018 first reported on Form ADV | $14.0M as of Aug 20, 2024 | no Form D | Mature | |
| M•••••• C•••••• • E••••• S••• L•• ADV: Private Equity Fund | buyout or unlabelled | 2018 first reported on Form ADV | $9.3M as of Mar 22, 2021 | no Form D | Wound down | |
| M•••••• C•••••• • J•• S••• L•• ADV: Private Equity Fund | buyout or unlabelled | 2018 first reported on Form ADV | $5.7M as of Aug 20, 2024 | no Form D | Mature | |
| M•••••• C•••••• • H•••••• S••• L•• ADV: Private Equity Fund | buyout or unlabelled | 2018 first reported on Form ADV | $576,000 as of Nov 6, 2020 | no Form D | Wound down | |
| M•••••• C•••••• M•••••••• F•••• L••• ADV: Private Equity Fund | Fund of funds | 2010 Form D first sale | $41.6M as of Mar 22, 2021 | no Form D | Wound down | |
| E•••••••• O• S••• L•• ADV: Private Equity Fund | buyout or unlabelled | unknown | $39.9M as of Apr 1, 2026 | no Form D | Unknown | |
| M•••••• C•••••• • Q•••• P••••••••• S••• L•• ADV: Private Equity Fund | buyout or unlabelled | unknown | $7.4M as of Apr 1, 2026 | no Form D | Unknown | |
| M•••••• C•••••• • J••••• C••••••••• L•• ADV: Private Equity Fund | Co-investment vehicle | unknown | $2.3M as of Apr 1, 2026 | no Form D | Unknown |
TeamWhere the team comes fromEach row names its source in short; hover the source for its full description. Sources on this list: Investment organization websites (team, portfolio, strategy, criteria, news); SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites); Press release wires (PR Newswire, GlobeNewswire, Business Wire public pages and RSS). A person named by two sources under two spellings is shown once, with both sources.
22 current, 3 former
- Co-CEO & Managing Partner
- Managing Partner · since Jan 1, 2024
- Managing Partner · since Apr 1, 2008
- Partner
- Principal
Full team · 22 peoplegrouped by role, with sources
Managing partner (3)
- L•• R••••• · Co-CEO & Managing Partner · start date unknown Firm website
- L•••• W•••••• R••••• · Managing Partner · since Jan 1, 2024 Form ADV
- W••• S• M•••••• · Managing Partner · since Apr 1, 2008 Form ADV Press release Firm website
Partner (1)
- R••• P• S••• · Partner · start date unknown Press release
Principal (2)
- B••••• H••••• · Principal · start date unknown Firm website
- M•••••• P• E•••• · Principal · start date unknown Firm website
Vice president (4)
- B•••• L••••• · Senior Associate · start date unknown Firm website
- L••••• R••• · Vice President · start date unknown Firm website
- N••• G•••••• · Senior Associate · start date unknown Firm website
- Z••• W••• · Vice President · start date unknown Firm website
Associate (3)
- C••••• J•••• · Associate · start date unknown Firm website
- S•• B•••• · Associate · start date unknown Firm website
- T•••• H••• · Associate · start date unknown Firm website
Operating partner (2)
- G•• P•••• · Principal of Portfolio Operations · start date unknown Firm website
- T•• G•••••• · Vice President of Portfolio Operations · start date unknown Firm website
Business development (2)
- G•••• C••••• · Associate, Business Development · start date unknown Firm website
- T•••• A••••• · Head of Business Development · start date unknown Firm website
Investor relations (2)
- M••• P•••• · Vice President, Fundraising & Investor Relations · start date unknown Firm website
- N••••• M• H•••••••• · Head of Fundraising & Investor Relations · start date unknown Firm website
Platform (3)
- B•••• M•••••• G••••• · Chief Compliance Officer, Chief Financial Officer · since Mar 1, 2020 Form ADV Firm website
- C••• M••••• · Accounting Manager · start date unknown Firm website
- H••••• P•••••• · Office Manager · start date unknown Firm website
3 former (kept with end dates)
- J••• P•••• R••••• · Managing Partner · Apr 1, 2008 to Mar 29, 2018 Inference
- F•••• A••••••• M••••• · Managing Director · Mar 1, 2017 to Mar 31, 2020 Inference
- F•••• M••••• G•••••• · Chief Compliance Officer & Director · Aug 1, 2008 to Jun 17, 2013 Inference
DealsHow deals are mergedOne row per deal. A portfolio relationship and a transaction that describe the same deal (the same transaction, or the same company on the same date) are printed once, with the columns of both. 6 portfolio relationships and 2 transactions are on this record.
6 on record, newest first · 1 platforms · 0 add-ons
| Date | Company | Deal | This firm’s role | Status | Partner | Source |
|---|---|---|---|---|---|---|
| Aug 3, 2026 | T••••• G••••• S•••••••• | Majority investment | Sponsor (confirmed) | active held 2 months | W••• M•••••• (confirmed) | m•••••••••.com |
| Dec 18, 2025 transaction announcement | A••••••• T•••••• S•••••• | Portfolio relationship | Role unknown | active held 9 months | R••• P• S••• (confirmed) | Fact Press release |
| Dec 18, 2025 | A••••••• T•••••• S•••••• | Growth investment | Sponsor (confirmed), Sponsor (confirmed) | active held 9 months | R••• P• S••• (confirmed) | m•••••••••.com |
| date unknown | A•••••••• • D•••••• | Portfolio relationship | Role unknown | exited | unknown | Fact Firm website |
| date unknown | O•• T•••• O•• V•••••• D•••••• B••••••••• F•••••• | Portfolio relationship | Role unknown | active | unknown | Fact Firm website |
All 6 dealsnewest first
| Date | Company | Deal | This firm’s role | Status | Partner | Source |
|---|---|---|---|---|---|---|
| Aug 3, 2026 | T••••• G••••• S•••••••• | Majority investment | Sponsor (confirmed) | active held 2 months | W••• M•••••• (confirmed) | m•••••••••.com |
| Dec 18, 2025 transaction announcement | A••••••• T•••••• S•••••• | Portfolio relationship | Role unknown | active held 9 months | R••• P• S••• (confirmed) | Fact Press release |
| Dec 18, 2025 | A••••••• T•••••• S•••••• | Growth investment | Sponsor (confirmed), Sponsor (confirmed) | active held 9 months | R••• P• S••• (confirmed) | m•••••••••.com |
| date unknown | A•••••••• • D•••••• | Portfolio relationship | Role unknown | exited | unknown | Fact Firm website |
| date unknown | O•• T•••• O•• V•••••• D•••••• B••••••••• F•••••• | Portfolio relationship | Role unknown | active | unknown | Fact Firm website |
| date unknown | N••••••••• t•• G••••• J•••••• T••••••• | Portfolio relationship | Role unknown | active | unknown | Fact Firm website |
Placement agents, lenders, advisers and co-investors
5 relationships
Placement agents (1)
- E•••• F•••••••• C••••••••• L•• 2 shared · recurring · last Apr 5, 2021
Financial advisers (1)
- A•••••• 1 shared · one time · last Dec 18, 2025
Legal advisers (3)
- R•••• • G••• L•• 2 shared · recurring · last Aug 3, 2026
- P••••••••• 1 shared · one time · last Aug 3, 2026
- M•••• • V•• A•••• P••• 1 shared · one time · last Dec 18, 2025
LP commitmentsHow LPs are totalledOne line per LP, largest disclosed total first. A commitment that the same LP reports again in a later document is counted once in its total; both documents stay in the full list. Rows repeated line for line from one document are shown once.
0 LPs, 0 disclosed commitments
No LP commitment collected yet. An LP edge needs a public disclosure with a quote, such as a pension plan’s report or an announcement naming the LP.
Events
7 not already shown above, of 9 most recent
- Aug 3, 2026••• Locked
- May 21, 2026••• Locked
- Apr 1, 2026••• Locked
- Mar 25, 2026••• Locked
- Dec 18, 2025••• Locked
Full timeline · 9 eventsnewest first, including the LP commitments and deals above
- Aug 3, 2026••• Locked
- Aug 3, 2026••• Locked
- May 21, 2026••• Locked
- Apr 1, 2026••• Locked
- Mar 25, 2026••• Locked
- Dec 18, 2025••• Locked
- Dec 18, 2025••• Locked
- Nov 19, 2025••• Locked
- Mar 30, 2012••• Locked
Across the graphs
M•••••• A•••••••• L•• is the same institution as 3 records in Independent Sponsors, RIA and Wealth and Private Credit.
Independent Sponsors1RIA and Wealth1Private Credit1
Which record it is in each graph, what it is called there, and what the two were joined on. The Data Factory holds all nine graphs and the identity layer between them.
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