DFX Intelligence
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L•• M••••••••• L••
Secondaries managerClassification probableLower middle marketSEC registered investment adviser· Reston, VAl•••••••••.com
••• Locked
As of · identity and classification; each section below carries its own date
- Regulatory AUM
- $820M
- PE fund assets
- $551M
- PE funds
- 6
- Investments held
- 60 of 91
- Deals, last 12 months
- 1
Form ADV
Form ADV
Form ADV
DFX transaction tape
DFX transaction tape
As of · identity and classification; each section below carries its own date
Why this matters
- EBITDA $2.0M to $10.0MControl control,minority
- Last 12 months 1Most recent 9 months agoPlatform deals 7
- Graphs 2
Classification
How this organization is classified, and on what basisSecondaries manager · 3 in historyShowHide
- Class
- Secondaries managerprobable, confidence 70%
- Basis
- R2: 2 of 4 private equity vehicles are named continuation vehicle
- Size band
- Lower middle marketdefined by: proxy: $0.55bn Private Equity Fund GAV on the Form ADV filed 2024-03-09
- Strategies
- SECONDARIES
Classification history (3)
- Sep 16, 2026Hybrid manager (probable, 65%, cls-pe-2)R4: Private Equity Funds are 0 of 1 distinct vehicles; hedge, securitized or liquidity vehicles 0
- Sep 16, 2026Hybrid manager (probable, 65%, cls-pe-2)R4: Private Equity Funds are 0 of 1 distinct vehicles; hedge, securitized or liquidity vehicles 0
- Sep 13, 2026Secondaries manager (probable, 70%, cls-pe-1)R2: 2 of 4 private equity vehicles are named continuation vehicle
Regulatory footprint (Form ADV)
- Adviser type
- registered investment adviser
- Form ADV filings
- Oct 19, 2022 to Mar 10, 2026
- RAUM
- $820Mregulatory assets under management of the adviser; not dry powder, not a fund size
- PE funds, latest filing
- 6
- PE fund GAV, latest filing
- $551Mreported gross assets (Form ADV), not fund size
- All private fund GAV
- $820Mevery private fund type, latest filing
- 2024 PE fund GAV
- $551Msum over funds typed Private Equity Fund with a 2024 or later as-of date
- PE share of funds, lifetime
- 100%
- Fund type mix
- filed 2024-03-09, latest gav Private Equity Fund $551M, latest counts Private Equity Fund 4, lifetime distinct Private Equity Fund 4
- Employees
- 13
- Headquarters
- Reston, VA
- Office address
- ••• Locked
- Business phone
- ••• Locked
Stated criteria beside observed behaviour
71 observed deals
Stated by the firm
- Sectors
- not stated or not yet read
- Geography
- not stated or not yet read
- Revenue
- not stated or not yet read
- EBITDA
- $2.0M to $10.0M
- Enterprise value
- not stated or not yet read
- Equity check
- not stated or not yet read
- Control
- control,minority
- Thesis
- ••• Locked
Observed from deals on record
- roles
- add on 12, unknown 56, minority 2, platform 21
- period
- to 2025-12-09, from 2015-01-22, undated holdings 47, dated observations 87
- window
- last 2025-12-09, first 2015-01-22
- control
- control 29, unknown 60, minority 2
- companies
- 71
- geography
- count 2, share 0.028, value PA, count 1, share 0.014, value IL, count 1, share 0.014, value LA, count 1, share 0.014, value SC, count 1, share 0.014, value TN, count 1, share 0.014, value FL, count 1, share 0.014, value KS, count 1, share 0.014, value TX
- investments
- 91
- seller kinds
- family 10, founder 12
- transactions
- 44
- cadence by year
- 2015 platforms 8, 2016 other deals 2, 2018 add ons 1, other deals 1, 2019 add ons 3, other deals 2, 2020 platforms 2, other deals 2, 2021 platforms 4, other deals 2, 2022 other deals 2, 2023 add ons 3, other deals 2, 2024 add ons 3, other deals 4, 2025 other deals 2
- platform add on
- add ons 12, platforms 21, add ons per platform 0.57
- sector known for
- 23
- disclosed value usd
- n 0
- sector distribution
- count 5, share 0.07, value business services, examples KEMPER SPORTS, ABOUT YOUR POLICY, ABOUT THE PARTNERS GROUP, ABOUT SUNSTAR INSURANCE GROUP, count 4, share 0.056, value financial services, examples ABOUT GCG WEALTH MANAGEMENT, ABOUT PRIME CAPITAL FINANCIAL, Amwins Group, ABOUT BWG STRATEGY, count 3, share 0.042, value software, examples uTax Software, ABOUT CROSSLINK PROFESSIONAL TAX SOLUTIONS, ABOUT TERRA DOTTA, count 2, share 0.028, value tech enabled services, examples Cantey Tech Consulting, ABOUT CANTEY TECH, count 2, share 0.028, value consumer services, examples KAIZEN, i9 Sports, count 1, share 0.014, value aerospace defense, examples OutSolve, count 1, share 0.014, value industrial services, examples Team Air Distributing, count 1, share 0.014, value transportation logistics, examples ABOUT PENN POWER GROUP
- holding period years
- n 0
- repeat counterparties
- role legal adviser, shared 2, entity id c831a54a-dc12-43a5-ab2f-6edbf0aa024b, role sell side adviser, shared 2, entity id 9ec50d82-40a3-4b42-b4d4-975b55bdf92e, role legal adviser, shared 2, entity id bd17ac62-0874-4a79-9263-48b7ed6ee6ba, role lender, shared 2, entity id 7e0d0e96-9f66-4ac7-8165-b94ac1ac3cad, role lender, shared 2, entity id 409b85b8-6be2-4a64-85fc-c002d186d848
- subsector distribution
- count 4, share 0.056, value financial services, examples ABOUT GCG WEALTH MANAGEMENT, ABOUT PRIME CAPITAL FINANCIAL, Amwins Group, ABOUT BWG STRATEGY, count 4, share 0.056, value insurance agencies brokerage, examples ABOUT YOUR POLICY, ABOUT THE PARTNERS GROUP, ABOUT SUNSTAR INSURANCE GROUP, ABOUT VIRTUS, count 3, share 0.042, value software, examples uTax Software, ABOUT CROSSLINK PROFESSIONAL TAX SOLUTIONS, ABOUT TERRA DOTTA, count 2, share 0.028, value it services msp, examples Cantey Tech Consulting, ABOUT CANTEY TECH, count 1, share 0.014, value advertising marketing, examples KEMPER SPORTS, count 1, share 0.014, value automotive repair, examples KAIZEN, count 1, share 0.014, value aerospace defense, examples OutSolve, count 1, share 0.014, value hvac plumbing mechanical, examples Team Air Distributing
71 companies on the graph (44 transactions); most in business services (5); 21 platforms and 12 add-ons; observed 2015 to 2025
Funds
4 on record, 3 more on the reporting tape
| Fund | Vehicle | Vintage | Reported gross assets (Form ADV), not fund size | GAV by year | Form D sold | Lifecycle |
|---|---|---|---|---|---|---|
| L•• P••••••• I• C••••••••• F•••• L••• ADV: Private Equity Fund | Continuation vehicle | 2023 first reported on Form ADV | $180M as of Mar 9, 2024 | no Form D | Early deployment | |
| L•• P••••••• I• C••••••••• F••• • a• L••• ADV: Private Equity Fund | Continuation vehicle | 2023 first reported on Form ADV | $77.3M as of Mar 9, 2024 | no Form D | Early deployment | |
| L•• P••••••• I• ••••• L••• ADV: Private Equity Fund | buyout or unlabelled | unknown | $262M as of Mar 9, 2024 | no Form D | Early deployment | |
| L•••• N••••••• C•••••• I• L••• ADV: Private Equity Fund | buyout or unlabelled | unknown | $32.6M as of Mar 9, 2024 | no Form D | Unknown |
Gross assets by year from the annual reporting tape
These funds appear in this adviser’s Form ADV reporting. One row per fund per year (the latest filing of that year). Values are reported gross assets, not fund size.
| Fund | Type (ADV) | Years | Path | Latest reported GAV | Source |
|---|---|---|---|---|---|
| L•• P••••••• I•••••••• L••• | Private Equity Fund | 2026 to 2026 | $158M filed Mar 10, 2026 | reports.adviserinfo.sec.gov | |
| L•• P••••••• I••• L••• | Private Equity Fund | 2026 to 2026 | $33.1M filed Mar 10, 2026 | reports.adviserinfo.sec.gov | |
| Y• C••••••••• L•• | Private Equity Fund | 2026 to 2026 | $21.8M filed Mar 10, 2026 | reports.adviserinfo.sec.gov |
Team
25 current, 0 former
Managing partner (8)
- M••• F•••••• R••••••• · Managing Partner · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
- M••• F•••••• R••••••• · Managing Partner · since May 1, 2012 SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)
- M••• K•••• · Managing Partner · start date unknown Press release wires (PR Newswire, GlobeNewswire, Business Wire public pages and RSS)
- M••• K•••• · Managing Partner · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
- M••• K•••• · Managing Partner · start date unknown Press release wires (PR Newswire, GlobeNewswire, Business Wire public pages and RSS)
- M•••••• D•••••• K•••• · Managing Partner · since May 1, 2012 SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)
- R••••• M••• · Managing Partner · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
- R••••• M••• · Managing Partner · since May 1, 2012 SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)
Partner (4)
- J•• F•••••• · Managing Director · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
- K•••• C••••••••• · Managing Director · start date unknown Press release wires (PR Newswire, GlobeNewswire, Business Wire public pages and RSS)
- K•••• C••••••••• · Managing Director · start date unknown Press release wires (PR Newswire, GlobeNewswire, Business Wire public pages and RSS)
- K•••• C••••••••• · Partner · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
Principal (1)
- D•••• S••••••••• · Principal · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
Vice president (3)
- C•••••••• C••••••••• · Senior Associate · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
- D••••• B•••••• · Vice President · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
- J••••• M••••••• · Vice President · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
Associate (6)
- B• B•••• · Associate · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
- C•••••• G•••• · Associate · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
- D•••• L•••• · Associate · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
- G•••• F••••••• · Associate · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
- K••• T•••• · Associate · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
- W••• P••• · Financial Associate · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
Business development (1)
- M•••• G••••••• · Business Development Associate · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
Platform (2)
- D•• H•••••• · Partner / CFO · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
- D••••• H•••••• · Chief Compliance Officer, Chief Financial Officer · since Sep 1, 2022 SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)
Portfolio
91 relationships, 21 platforms, 12 add-ons
Transactions
29 on record
| Date | Type | Target | This firm’s role | Source |
|---|---|---|---|---|
| Dec 9, 2025 | Growth investment | B••••• | Sponsor (confirmed), Sponsor (confirmed) | l•••••••••.com |
| Oct 16, 2024 | Add-on acquisition | A••••• C••••••••• | Sponsor (derived) | l•••••••••.com |
| Jun 5, 2024 | Growth investment | V••••• L•• | Sponsor (confirmed), Sponsor (confirmed) | l•••••••••.com |
| Jun 4, 2024 | Growth investment | Y••••••••• | Sponsor (confirmed), Sponsor (confirmed) | l•••••••••.com |
| May 1, 2024 | Add-on acquisition | N•••••• C•••••••• G•••• | Sponsor (derived) | l•••••••••.com |
| Apr 26, 2024 | Add-on acquisition | T•••••• | Sponsor (derived) | l•••••••••.com |
| Dec 12, 2023 | Add-on acquisition | R•••••••• P••••••••• S••••••• | Sponsor (derived) | l•••••••••.com |
| Jul 27, 2023 | Add-on acquisition | U•••••• N•••••• G•••• | Sponsor (derived) | l•••••••••.com |
| Jun 1, 2023 | Type not stated | T••• A•• D••••••••• | Sponsor (confirmed), Sponsor (confirmed) | l•••••••••.com |
| Feb 28, 2023 | Add-on acquisition | E••••••••• P•••••• | Sponsor (derived) | l•••••••••.com |
| Oct 17, 2022 | Majority recapitalization | O••••••• | Sponsor (confirmed) | l•••••••••.com |
| Oct 17, 2022 | Majority recapitalization | O••••••• | Sponsor (confirmed) | l•••••••••.com |
| Dec 14, 2021 | Platform acquisition | C••••••••• E••••• S••••••••• | Sponsor (confirmed), Sponsor (confirmed) | l•••••••••.com |
| Jul 12, 2021 | Platform acquisition | C••••• T••• C••••••••• | Sponsor (confirmed), Sponsor (confirmed) | l•••••••••.com |
| Feb 16, 2021 | Type not stated | K••••• C•••••••• C••••• | Sponsor (confirmed), Sponsor (confirmed) | l•••••••••.com |
| Dec 24, 2020 | Platform acquisition | B•• S••••••• | Sponsor (confirmed), Sponsor (confirmed) | l•••••••••.com |
| Mar 3, 2020 | Growth investment | D•••••• I••••••••• S••••••• L•• | Sponsor (confirmed), Sponsor (confirmed) | l•••••••••.com |
| Oct 4, 2019 | Minority investment | P•••• C•••••• I••••••••• A•••••••• L•• | Sponsor (confirmed), Sponsor (confirmed) | l•••••••••.com |
| May 13, 2019 | Add-on acquisition | P•••••• T••••••••• C••••••••• | Sponsor (confirmed) | l•••••••••.com |
| May 13, 2019 | Add-on acquisition | P•••••• T••••••••• C••••••••• | Sponsor (confirmed) | l•••••••••.com |
| May 13, 2019 | Add-on acquisition | P•••••• T••••••••• C••••••••• | Sponsor (confirmed) | l•••••••••.com |
| May 29, 2018 | Majority recapitalization | W••• P•••••• C••••••••• L•• | Sponsor (confirmed) | l•••••••••.com |
| Apr 4, 2018 | Add-on acquisition | T•• V•• Z••• R••••••• G•••••• A••••••••• A••••• P••••••• | Sponsor (confirmed) | l•••••••••.com |
| Nov 1, 2016 | Type not stated | O••••••• | Sponsor (confirmed), Sponsor (confirmed) | l•••••••••.com |
| Aug 4, 2015 | Platform acquisition | S•••••• I•••••••• G•••• | Sponsor (confirmed), Sponsor (confirmed) | l•••••••••.com |
| Jul 7, 2015 | Platform acquisition | n•••••• | Sponsor (confirmed), Sponsor (confirmed) | l•••••••••.com |
| Apr 28, 2015 | Platform acquisition | B••••••••• | Sponsor (confirmed), Sponsor (confirmed) | l•••••••••.com |
| Jan 22, 2015 | Platform acquisition | Q•••• M•• C••••• | Sponsor (confirmed), Sponsor (confirmed) | l•••••••••.com |
| date unknown | Add-on acquisition | u••• S••••••• | Sponsor (confirmed) | l•••••••••.com |
Placement agents, lenders, advisers and co-investors
5 relationships
Lenders (2)
- A••••••• P••••••• L•• 1 shared · one time · last Nov 1, 2016
- F••• P••••• C•••••• L•• 1 shared · one time · last Nov 1, 2016
Financial advisers (1)
- P•••• S•••••• • C•• 1 shared · one time · last Jun 4, 2024
Legal advisers (2)
- M•••• • V•• A•••• P••• 1 shared · one time · last Jun 4, 2024
- D•• P•••• 1 shared · one time · last Jun 5, 2024
LP commitments
0 disclosed
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
60 most recent
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- Oct 17, 2022••• LockedPlatform investmentFactO•••••••Press release wires (PR Newswire, GlobeNewswire, Business Wire public pages and RSS)
- Oct 17, 2022••• LockedPlatform investmentFactO•••••••Press release wires (PR Newswire, GlobeNewswire, Business Wire public pages and RSS)
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- Nov 1, 2016••• LockedPlatform investmentFactO•••••••Press release wires (PR Newswire, GlobeNewswire, Business Wire public pages and RSS)
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- Jul 7, 2015••• LockedPlatform investmentFactn••••••Press release wires (PR Newswire, GlobeNewswire, Business Wire public pages and RSS)
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- Jan 22, 2015••• Locked
Across the graphs
L•• M••••••••• L•• is the same institution as 2 records in Independent Sponsors and RIA and Wealth.
Independent Sponsors1RIA and Wealth1
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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