DFX Intelligence

Private Equity Intelligence

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Firms / 2• C•••••• P•••••••• L••

2• C•••••• P•••••••• L••

Buyout firm · probableLower middle marketCharlotte, NC2••••••••.comSEC registered investment adviser

25 Capital is an investment management firm that specializes in less liquid alternative private market investments

Classification

Class: Buyout firmprobable, confidence 65%
Basis: R6: 3 of 3 distinct vehicles are sworn Private Equity Funds; 1 reported gross assets on a filing in 2022 or later
Size band: Lower middle marketdefined by: proxy: $0.18bn Private Equity Fund GAV on the Form ADV filed 2024-10-11

Classification history (1)

Sep 13, 2026
Buyout firm (probable, 65%, cls-pe-1)
R6: 3 of 3 distinct vehicles are sworn Private Equity Funds; 1 reported gross assets on a filing in 2022 or later

Regulatory footprint (Form ADV)

Adviser type: registered investment adviser
Form ADV filings: Jan 5, 2012 to Oct 11, 2024
RAUM: $401Mregulatory assets under management of the adviser; not dry powder, not a fund size
PE funds, latest filing: 1
PE fund GAV, latest filing: $176Mreported gross assets (Form ADV), not fund size
All private fund GAV: $176Mevery private fund type, latest filing
2024 PE fund GAV: $176Msum over funds typed Private Equity Fund with a 2024 or later as-of date
PE share of funds, lifetime: 100%
Fund type mix: filed 2024-10-11, latest gav Private Equity Fund $176M, latest counts Private Equity Fund 1, lifetime distinct Private Equity Fund 3
Employees: 9
Headquarters: Charlotte, NC
Office address: 3540 TORINGDON WAY, SUITE 200, Charlotte, NC, 28277
Business phone: 704-426-8849

Stated criteria beside observed behaviour

no observed deals yet

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: not stated or not yet read
Enterprise value: not stated or not yet read
Equity check: not stated or not yet read
Control: not stated or not yet read
Thesis: not stated or not yet read

Observed from deals on record

Nothing observed yet. Behaviour is computed from transactions and portfolio relationships, which have not been collected for this firm.

Funds

3 on record

Fund	Vehicle	Vintage	Reported gross assets (Form ADV), not fund size	Form D sold	Lifecycle
2• C•••••• R••••••••• M••••••• O••••••••• M••••• F•••• L•• ADV: Private Equity Fund	buyout or unlabelled	2013 first reported on Form ADV	$176M as of Oct 11, 2024	no Form D	Harvest
2• C•••••• R••••••••• M••••••• O••••••••• M••••• C• L•• ADV: Private Equity Fund	buyout or unlabelled	2013 first reported on Form ADV	$0 as of Oct 4, 2013	no Form D	Wound down
2• C•••••• R••••••••• M••••••• O••••••••• M••••• B• L•• ADV: Private Equity Fund	buyout or unlabelled	2013 first reported on Form ADV	$0 as of Oct 4, 2013	no Form D	Wound down

Team

5 current, 11 former

Managing partner (4)

L••• N••••• · President · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
N••••••• J• B•••••• · Director Of Managing Member · since Mar 1, 2017 SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)
R••••• H••••••• T•••••• · Director Of Managing Member · since Sep 1, 2012 SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)
S•••• N•• A•••• · President/Director Of Managing Member/Chief Compliance Officer · since Jun 1, 2011 SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)

Other (1)

M•••••• S•••• S••••• · Head Of Sales & Trading · since Jun 1, 2011 SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)

11 former (kept with end dates)

A••• H• C•••• · Director Of Managing Member · Mar 1, 2016 to Oct 11, 2024 Inference
J•••• B••• A•••• · Director Of Managing Member · Jul 1, 2014 to Mar 28, 2017 Inference
K•••• M•••••• B•••••••• · Director Of Managing Member · Sep 1, 2012 to Mar 26, 2015 Inference
N••• R•••••• · Director Of Managing Member · Sep 1, 2012 to Mar 22, 2016 Inference
R••••• W••••• S•••••• · Chairman Of The Board/Chief Executive Officer Of Member Of Relying Adviser · Aug 1, 2012 to Mar 22, 2016 Inference
J••••• C•••••• L•••• · Ultimate Beneficiary · Sep 1, 2012 to Mar 22, 2016 Inference
C••••••••• M•••••• L••••• · Chief Compliance Officer · Sep 1, 2012 to Mar 31, 2021 Inference
E••••• L•• · Vice President Of Finance And Controller · Dec 1, 2012 to Mar 22, 2016 Inference
J••••• P••• H•••• · Chief Compliance Officer · Apr 1, 2020 to Mar 28, 2023 Inference
R•••••• V•••••• G•••• · Chief Compliance Officer · Sep 1, 2022 to Oct 11, 2024 Inference
S•••••••• N•• R•••• · Vice President/Chief Compliance Officer · Jun 1, 2011 to Oct 3, 2012 Inference

Portfolio

0 relationships, 0 platforms, 0 add-ons

No portfolio relationship collected for this firm yet. They arrive from the firm’s portfolio page, deal announcements and filings.

Transactions

0 on record

No transaction naming this firm has been collected yet. The deal tape is read from SEC filings and cited announcements.

Placement agents, lenders, advisers and co-investors

1 relationships

Placement agents (1)

A••••••• A•••• M••••••••• L••••• 3 shared · strong · last Jan 1, 2013

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

2 most recent

Sep 1, 2026
Adviser CRD 158449 is not on the SEC registered or exempt adviser roster of 2026-09-01
Adviser off rosterInferenceSEC Form ADV monthly roster (registered + exempt reporting advisers)
Jan 5, 2012
2• C•••••• P•••••••• L•• first filed Form ADV in the extract (IA)
First Form ADV filingFactSEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)

Scores and what they are made of

Freshness98 · HIGH: as of: 2026-09-21items: [{"code":"DAYS_SINCE_NEWEST_EVIDENCE","points":0.9777777777777777,"evidence":"4 method: sum of component points, capped at 1.0
model score-pe-1
Research priority53 · ELEVATED: as of: 2026-09-21items: [{"code":"SCALE_BAND","points":0.2,"evidence":"LOWER_MIDDLE_MARKET"},{"code":"COmethod: sum of component points, capped at 1.0
model score-pe-1
Investment velocity0 · LOW: as of: 2026-09-21items: []method: sum of component points, capped at 1.0
missing: no dated transactions
model score-pe-1
Acquisition appetite0 · LOW: as of: 2026-09-21items: []method: sum of component points, capped at 1.0
missing: no transactions on the graph for this firm yet
model score-pe-1
Profile completeness50 · ELEVATED: as of: 2026-09-21items: [{"code":"FIELDS_PRESENT","points":0.5,"evidence":["website","description","fundmethod: sum of component points, capped at 1.0
missing: portfolio, transactions, stated criteria, lenders, lps, cross dfx
model score-pe-1
Fund deployment activity0 · LOW: as of: 2026-09-21items: []method: sum of component points, capped at 1.0
model score-pe-1

Across DFX

No link to the family office, independent sponsor or venture graphs yet. Links are made only on a shared identifier such as a CRD or CIK number.

Record

First observed: Sep 13, 2026
Last observed: 4 days ago
Observations: 21
Sources: 3
Open research tasks: 1

Reading this profile

Reported gross assets are what an adviser told the SEC a fund held on a date. They are not the fund’s size and not dry powder. RAUM is a regulatory measure of the adviser, not capital available to invest.

A section that says nothing has been collected means exactly that: the graph has not read that kind of record for this firm yet.

Across the graphs

2• C•••••• P•••••••• L•• is the same institution as 1 record in RIA and Wealth.

RIA 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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