DFX Intelligence
Private Equity Intelligence
Firms, funds, people, portfolio companies and transactions from sworn filings and cited announcements, kept as a graph with a date and a source on every edge. Reported gross assets are never fund size, regulatory AUM is never dry powder, and a deal value prints only when someone disclosed it.
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Firms / 4•• C••••••• L••
4•• C••••••• L••
Buyout firm · probableLower middle marketWakefield, MA4•••••••••.comSEC registered investment adviser
424 Capital partners with founder-led B2B services companies in the lower middle market primarily across healthcare and energy transition – supporting growth and scale.
Classification
- Class
- Buyout firmprobable, confidence 80%
- Basis
- own website statement
- Size band
- Lower middle marketdefined by: proxy: $0.26bn Private Equity Fund GAV on the Form ADV filed 2024-05-01
Classification history (2)
- Sep 18, 2026Buyout firm (probable, 80%, cls-pe-2)own website statement“424 Capital is a lower middle market private equity firm and growth capital partner to founder-led B2B tech-enabled services businesses.”4•••••••••.com
- Sep 13, 2026Buyout firm (confirmed, 85%, cls-pe-1)R6: 8 of 11 distinct vehicles are sworn Private Equity Funds; 7 reported gross assets on a filing in 2022 or later
Regulatory footprint (Form ADV)
- Adviser type
- registered investment adviser
- Form ADV filings
- Jul 20, 2017 to May 1, 2024
- RAUM
- $298Mregulatory assets under management of the adviser; not dry powder, not a fund size
- PE funds, latest filing
- 7
- PE fund GAV, latest filing
- $256Mreported gross assets (Form ADV), not fund size
- All private fund GAV
- $298Mevery private fund type, latest filing
- 2024 PE fund GAV
- $256Msum over funds typed Private Equity Fund with a 2024 or later as-of date
- PE share of funds, lifetime
- 73%
- Fund type mix
- filed 2024-05-01, latest gav Other Private Fund $38.9M, Private Equity Fund $256M, Venture Capital Fund $2.7M, latest counts Other Private Fund 1, Private Equity Fund 7, Venture Capital Fund 2, lifetime distinct Other Private Fund 1, Private Equity Fund 8, Venture Capital Fund 2
- Employees
- 21
- Headquarters
- Wakefield, MA
- Office address
- 301 EDGEWATER PLACE,, SUITE 425, Wakefield, MA, 01880
- Business phone
- 781-295-4000
Stated criteria beside observed behaviour
32 observed deals
Stated by the firm
- Sectors
- technology, infrastructure, healthcare, energy, business services, environmental services
- 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
- control
- Thesis
- At 424, we invest thematically, entering each opportunity with a clear thesis on what can be built in the space, and then actively support strategic acquisitions to help bring that vision to life.
Observed from deals on record
- roles
- add on 3, unknown 25, platform 4
- period
- to 2025-05-23, from 2023-07-06, undated holdings 27, dated observations 10
- window
- last 2025-05-23, first 2023-07-06
- control
- control 4, unknown 28
- companies
- 32
- geography
- count 1, share 0.031, value MO
- investments
- 32
- seller kinds
- transactions
- 5
- cadence by year
- 2023 add ons 1, platforms 1, other deals 1, 2025 add ons 2
- platform add on
- add ons 3, platforms 4, add ons per platform 0.75
- sector known for
- 10
- disclosed value usd
- n 0
- sector distribution
- count 4, share 0.125, value energy, examples Donahue & Sons Mgmt., Inc., Qe Solar, Solar panels in a field, Tritium3 Renewable Services, count 2, share 0.062, value healthcare services, examples Dentist in glasses using tools on a patient, LearnWell, count 2, share 0.062, value business services, examples Friend Studio, Environ, count 1, share 0.031, value consumer services, examples Neovera, count 1, share 0.031, value software, examples CSS Health
- holding period years
- n 0
- repeat counterparties
- subsector distribution
- count 4, share 0.125, value energy, examples Donahue & Sons Mgmt., Inc., Qe Solar, Solar panels in a field, Tritium3 Renewable Services, count 1, share 0.031, value dental, examples Dentist in glasses using tools on a patient, count 1, share 0.031, value advertising marketing, examples Friend Studio, count 1, share 0.031, value outpatient mental health substance, examples LearnWell, count 1, share 0.031, value landscaping, examples Neovera, count 1, share 0.031, value software, examples CSS Health, count 1, share 0.031, value management consulting, examples Environ
32 companies on the graph (5 transactions); most in energy (4); 4 platforms and 3 add-ons; observed 2023 to 2025
Funds
9 on record
| Fund | Vehicle | Vintage | Reported gross assets (Form ADV), not fund size | GAV by year | Form D sold | Lifecycle |
|---|---|---|---|---|---|---|
| 4•• C•••••• F••• I•• L• ADV: Private Equity Fund | buyout or unlabelled | 2023 first reported on Form ADV | $27.6M as of May 1, 2024 | no Form D | Unknown | |
| B•••• V•••••• F••• I••• L• ADV: Other Private Fund | SPV | 2022 first reported on Form ADV | $38.9M as of May 1, 2024 | no Form D | Early deployment | |
| 4•• C•••••• C••••••••• F••• I• L• ADV: Private Equity Fund | Co-investment vehicle | 2021 first reported on Form ADV | $64.7M as of May 1, 2024 | no Form D | Active deployment | |
| 4•• C•••••• F••• I• L• ADV: Private Equity Fund | buyout or unlabelled | 2021 first reported on Form ADV | $58.1M as of May 1, 2024 | no Form D | Active deployment | |
| B•••• V•••••• P••••••• I•• L• ADV: Private Equity Fund | buyout or unlabelled | unknown | $89.0M as of May 1, 2024 | no Form D | Unknown | |
| B•••• C••••••••• I••• L• ADV: Private Equity Fund | Co-investment vehicle | unknown | $9.0M as of May 1, 2024 | no Form D | Unknown | |
| F•••••• S•••••• L•• ADV: Private Equity Fund | buyout or unlabelled | unknown | $6.0M as of May 1, 2024 | no Form D | Unknown | |
| B•••• P••••••• I•• L•• ADV: Private Equity Fund | buyout or unlabelled | unknown | $2.0M as of May 1, 2024 | no Form D | Mature | |
| B•••• P•••••••• L•• ADV: Private Equity Fund | buyout or unlabelled | unknown | $456,912 as of Mar 31, 2020 | no Form D | Wound down |
Team
13 current, 2 former
Managing partner (2)
- B•••••• M••••••• · Managing Partner · start date unknown Press release wires (PR Newswire, GlobeNewswire, Business Wire public pages and RSS)
- W••••• B••••••• · Managing Partner · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
Partner (1)
- A••• N••••• · Partner · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
Principal (5)
- B•••••• M••••••• · Principal · since Dec 1, 2015 SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)
- F••••••• H••••• M••••• · Principal · since Jul 1, 1998 SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)
- K••• D••••• S•••••• · Principal · since Feb 1, 2017 SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)
- P•• G•••••• · Principal · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
- W••••• B••••••• · Principal · since Dec 1, 2004 SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)
Vice president (2)
- D••• E••••• · Vice President · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
- J••• C••••• · Senior Associate · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
Analyst (1)
- J••• M•••• · Analyst · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
Platform (2)
- J••••••• M•••• M•••• · Chief Compliance Officer And Director Of Finance & Operations · since Jan 1, 2015 SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)
- R••••••• J••••• · Office Manager / Executive Assistant · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
2 former (kept with end dates)
- E••••• C••• W••••••• · Class C Member · Dec 1, 1999 to Jun 30, 2022 Inference
- J••••••• D•••••• G•••• · Partner · Feb 1, 2017 to Mar 29, 2019 Inference
Portfolio
32 relationships, 4 platforms, 3 add-ons
Transactions
5 on record
| Date | Type | Target | This firm’s role | Source |
|---|---|---|---|---|
| May 23, 2025 | Add-on acquisition | D•••••• • S••• M••••• I••• | Sponsor (derived) | prweb.com |
| Mar 25, 2025 | Add-on acquisition | S•••••• C••••••••• P••••••• | Sponsor (derived) | 4•••••••••.com |
| Nov 29, 2023 | Type not stated | V•••••• | Sponsor (confirmed) | 4•••••••••.com |
| Sep 22, 2023 | Add-on acquisition | 1••• S••••••• a•• A•••••••• | Sponsor (derived) | 4•••••••••.com |
| Jul 6, 2023 | Platform acquisition | T••••••• R•••••••• S••••••• | Sponsor (confirmed) | 4•••••••••.com |
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 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
11 most recent
- May 28, 2025MAY 28, 2025 Q• S•••• Acquires D•••••• & S••• expanding its land stewardship and vegetation management capabilities
- Mar 25, 2025MAR 25, 2025 T•••• R••••••• M•••••••••, Inc. Acquires S•••••• C••••••••• P•••••••, Strengthening Its Position as a Global Leader in Enterprise Asset Management and Digital Transformation
- Feb 6, 2025FEB 06, 2025 Solution Group Partners with 424 Capital to Accelerate Growth and Expand Service Offering
- Sep 18, 2024SEP 18, 2024 424 Capital is pleased to announce the sale of M•••••• I•
- Feb 14, 2024FEB 14, 2024 Practis Announces Acquisition of HearWorks, Adding AI Enhanced Marketing and Database Automation Services
- Nov 29, 2023424 Capital Announces Investment in V••••••Platform investmentFactV••••••Press release wires (PR Newswire, GlobeNewswire, Business Wire public pages and RSS)
- Nov 29, 2023NOV 29, 2023 424 Capital Announces Investment in V••••••
- Sep 22, 2023SEP 22, 2023 N•••••• Strengthens its Cybersecurity Arsenal with Acquisition of 1••• S••••••• a•• A••••••••
- Jul 6, 2023Q• S•••• Acquires Tritium
- Jul 6, 2023JUL 06, 2023 Q• S•••• Acquires Tritium
- Jul 20, 20174•• C••••••• L•• first filed Form ADV in the extract (ERA)
Across the graphs
4•• C••••••• L•• is the same institution as 3 records in Venture Capital, Independent Sponsors and RIA and Wealth.
Venture Capital1Independent 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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