DFX Intelligence
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N••••••• L•••• C••••••• L•••
Buyout firmClassification probableLower middle marketSEC registered investment adviser· Minneapolis, MN
••• Locked
As of · identity and classification; each section below carries its own date
- Regulatory AUM
- $575M
- PE fund assets
- $575M
- PE funds
- 7
Form ADV
Form ADV
Form ADV
As of · identity and classification; each section below carries its own date
Nothing material in the last 180 days. Last change: 27 Mar 2026, Private equity funds on its Form ADV went from 4 to 7 (+3).
Classification, Form ADV and stated criteria
How this organization is classified, and on what basisBuyout firm · 2 in historyShowHide
- Class
- Buyout firmprobable, confidence 80%
- Basis
- Own website statement
- Size band
- Lower middle marketdefined by: proxy: $0.23bn Private Equity Fund GAV on the Form ADV filed 2024-05-15
Classification history (2)
- Sep 18, 2026
- Sep 13, 2026Buyout firm (confirmed, 85%)4 of 4 distinct vehicles are sworn Private Equity Funds; 4 reported gross assets on a filing in 2022 or later
Regulatory footprint (Form ADV)RAUM $575M · 7 PE funds · filed Sep 16, 2026ShowHide
- Adviser type
- Registered investment adviser
- Form ADV filings
- Jul 16, 2021 to Sep 16, 2026
- RAUM
- $575Mregulatory assets under management of the adviser; not dry powder, not a fund size
- PE funds, latest filing
- 7
- PE fund GAV, latest filing
- $575Mreported gross assets (Form ADV), not fund size
- All private fund GAV
- $575Mevery private fund type, latest filing
- 2024 PE fund GAV
- $575Msum over funds typed Private Equity Fund with a 2024 or later as-of date
- PE share of funds, lifetime
- 100%
- Fund type mix
- Private equity fund: 7 funds, $575M reported gross assets
- Employees
- 10
- Headquarters
- Minneapolis, MN
- Office address
- ••• Locked
- Business phone
- ••• Locked
Stated criteria beside observed behaviour6 of 8 criteria stated · no observed deals yetShowHide
Stated by the firm
- Sectors
- Business services
- Geography
- North America, United States, Midwest
- Revenue
- $15.0M to $150M
- EBITDA
- $3.0M to $20.0M
- Enterprise value
- not stated or not yet read
- Equity check
- not stated or not yet read
- Control
- Control
- Thesis
- ••• Locked
Observed from deals on record
Nothing observed yet. Behaviour is computed from transactions and portfolio relationships, which have not been collected for this firm.
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.
3 families, 7 vehicles on record
N••••••• L•••• C•••••• F••• V• L••• · 1 vehicle · vintage 2025$275M
- N••••••• L•••• C•••••• F••• V• L••• buyout or unlabelled$275M
N••••••• L•••• C•••••• F••• I•• L••• · 2 vehicles · vintage 2021$262M
- N••••••• L•••• C•••••• F••• I•• L••• buyout or unlabelled · 2021$254M
- N••••••• L•••• C•••••• F••• I•••• L••• Feeder or parallel · 2023$7.4M
Co-investment vehicles · 4 vehicles · vintage 2024$38.7M
- N••••• C••••••••• L••• Co-investment vehicle$28.7M
- N•••••• C••••••••• L••• Co-investment vehicle$5.0M
- N••••••• Q•••• C••••••••• L••• Co-investment vehicle · 2024$3.0M
- N•••••• C••••••••• L••• Co-investment vehicle · 2022$1.9M
View all 7 vehiclesnewest vintage first, then largest
| Fund | Vehicle | Vintage | Reported gross assets (Form ADV), not fund size | GAV by year | Form D sold | Lifecycle |
|---|---|---|---|---|---|---|
| N••••••• Q•••• C••••••••• L••• ADV: Private Equity Fund | Co-investment vehicle | 2024 first reported on Form ADV | $3.0M as of Sep 16, 2026 | $0 | Unknown | |
| N••••••• L•••• C•••••• F••• I•••• L••• ADV: Private Equity Fund | Feeder or parallel | 2023 first reported on Form ADV | $7.4M as of Sep 16, 2026 | no Form D | Active deployment | |
| N•••••• C••••••••• L••• ADV: Private Equity Fund | Co-investment vehicle | 2022 Form D first sale | $1.9M as of Sep 16, 2026 | $5.0M | Unknown | |
| N••••••• L•••• C•••••• F••• I•• L••• ADV: Private Equity Fund | buyout or unlabelled | 2021 Form D first sale | $254M as of Sep 16, 2026 | $162M | Active deployment | |
| N••••••• L•••• C•••••• F••• V• L••• ADV: Private Equity Fund | buyout or unlabelled | unknown | $275M as of Sep 16, 2026 | $0 | Unknown | |
| N••••• C••••••••• L••• ADV: Private Equity Fund | Co-investment vehicle | unknown | $28.7M as of Sep 16, 2026 | $0 | Unknown | |
| N•••••• C••••••••• L••• ADV: Private Equity Fund | Co-investment vehicle | unknown | $5.0M as of Sep 16, 2026 | $0 | 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). A person named by two sources under two spellings is shown once, with both sources.
12 current, 0 former
- Limited Partner · since Mar 1, 2022
- Limited Partner · since Mar 1, 2022
- Limited Partner · since Mar 1, 2022
- Limited Partner · since Mar 1, 2022
- Director
Full team · 12 peoplegrouped by role, with sources
Partner (4)
- C•••••• B•••••• L••••• · Limited Partner · since Mar 1, 2022 Form ADV Firm website
- D••• S•••• W••••••••• · Limited Partner · since Mar 1, 2022 Form ADV Firm website
- J••• V• G•••••••• · Limited Partner · since Mar 1, 2022 Form ADV Firm website
- K•••• T••••••• S••• · Limited Partner · since Mar 1, 2022 Form ADV Firm website
Principal (4)
- B•••• J• U••••••••• · Director · start date unknown Firm website
- C••• P••••••• · Director · start date unknown Firm website
- C•••••• E• K•••••• · Director · start date unknown Firm website
- M• D••• H••• · Director · start date unknown Firm website
Vice president (1)
- S••••• R• K••••••• · Senior Associate · start date unknown Firm website
Associate (1)
- T•••• R••••• · Associate · start date unknown Firm website
Platform (2)
- C••••• R••• · Office Manager · start date unknown Firm website
- K•••• J• H••••• · Chief Compliance Officer · since Aug 1, 2021 Form ADV Firm website
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. 0 portfolio relationships and 0 transactions are on this record.
0 on record, newest first · 0 platforms · 0 add-ons
No deal naming this firm has been collected yet. Deals arrive from the firm’s portfolio page, SEC filings and cited announcements.
Placement agents, lenders, advisers and co-investors
0 relationships
No counterparty collected yet. These are counted from transactions that name both this firm and the other party, and from placement agents on this firm’s funds.
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
2 most recent
Across the graphs
N••••••• L•••• C••••••• 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.
Checking your plan…
Not yet on record: investments held, deals, last 12 months.