Black-led Private Equity Firms

Black-led Private Equity Firms | Vol. 2

By Tony O. Lawson

Private equity firms raise capital, acquire companies, and shape how those businesses are run, scaled, and exited.

The structure determines where capital flows, how companies are built, and which operators control the outcome.

These firms are deploying capital across lower middle-market buyouts, industrial services, healthcare, private credit, and pan-African growth equity.

ICV Partners

ICV Partners is a private equity firm focused on control investments in lower middle market companies across business services, consumer, food and beverage, and healthcare.

The firm targets companies with revenues between $25 million and $300 million and EBITDA between $10 million and $40 million. ICV typically invests 45% to 55% of transaction value in equity, with the remainder funded through senior debt.

Management teams retain meaningful ownership and participate in performance-based incentive structures tied to equity value creation. ICV works with management at the board level to support revenue growth, operational execution, and long-term value creation across its portfolio companies.

ICV was founded by Willie Woods.

GenNx360 Capital Partners

GenNx360 Capital Partners is a private equity firm focused on control investments in middle market industrial and business services companies across North America.

The firm manages approximately $2.5 billion across multiple funds and reports a five-year average net IRR of 21.6%. GenNx360 holds MBE certification from the National Minority Supplier Development Council.

The firm targets companies in sectors including automation, environmental services, packaging, and equipment services. Its investment approach combines a structured operational framework with a buy-and-build strategy executed through add-on acquisitions.

GenNx360 was founded by Ronald Blaylock, who serves as Chairman and continues to oversee the firm’s strategy.

RLJ Equity Partners

RLJ Equity Partners is a private equity firm focused on control buyouts, recapitalizations, and growth equity investments in middle market companies across North America.

The firm targets companies with enterprise values between $25 million and $100 million and typically invests $10 million to $30 million of equity per transaction.

RLJ invests in profitable companies led by established management teams and structures transactions to align ownership with management. The firm works with portfolio companies to support revenue growth and execute acquisition strategies.

Managing Partner Rufus Rivers leads day-to-day investment operations. The firm was founded by Robert L. Johnson.

Pharos Capital Group

Pharos Capital Group was co-founded by Kneeland Youngblood in 1998.

Pharos is co-headquartered in Dallas and Nashville and has raised $1.53 billion since inception, with $665 million in assets under management as of December 31, 2025.

The firm invests $20 million to $50 million per transaction in middle market healthcare companies, targeting provider services, value-based care, behavioral health, chronic disease management, and healthcare technology.

The firm focuses on control investments in healthcare businesses across these segments. Pharos operates under a Rural Business Investment Company license through the USDA, extending its reach into areas where institutional capital is limited.

The firm has completed investments in 61 companies since inception.

o15 Capital Partners

o15 Capital Partners is an alternative investment firm providing private credit and structured equity solutions to lower middle market companies.

The firm invests across the capital structure, including first lien, unitranche, second lien, mezzanine, and structured equity investments, in both sponsor-led and non-sponsor transactions.

o15’s inaugural Emerging America Credit Opportunities Fund closed with approximately $400 million in commitments. Early investments include a $28 million senior secured facility for Simplify Compliance and a $43 million co-led financing for Echo360.

The firm was co-founded by Kenneth Saffold, Colin Meadows, and Brian Morris, who lead investment activity.

Helios Investment Partners

Helios Investment Partners is a private investment firm focused on businesses operating across Africa.

The firm manages more than $3 billion across private equity and private credit strategies and invests across sectors including telecommunications infrastructure, financial services, fintech, energy, logistics, and distribution.

Helios has built and invested in infrastructure platforms, including telecom tower businesses operating across multiple countries. The firm invested in Interswitch, an electronic payments platform operating across Africa.

Helios was founded by Tope Lawani and Babatunde Soyoye, who continue to lead the firm’s investment strategy.

Helios is the largest B Corp-certified emerging market private equity firm globally.

Shoppe Black maintains a network of investors looking to deploy capital across real estate, operating businesses, and digital assets. If you’re looking to access opportunities in this space, you can join the network here.

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