Private equity firms in Pennsylvania are vital players in the financial ecosystem, focusing on investing in and restructuring companies. This industry typically targets lower to middle market businesses and often engages in operational improvements, providing not just capital but also strategic guidance. As market conditions evolve, the demand for agile investor partnerships is increasing. Additionally, many firms are shifting focus toward innovation, valuing tech-driven enterprises. The landscape is expected to adapt further, balancing between traditional investments and novel opportunities, such as sustainable ventures, reflecting a broader trend in the investment community.

The list features 20 private equity firms located throughout Pennsylvania, varying in size from small teams of less than ten to larger entities with hundreds of employees. These firms, established between 1964 to 2021, specialize in areas such as healthcare, technology, and consumer products. Notable firms like NewSpring and Guardian Capital Partners highlight the state's active role in fostering growth among lower-market businesses, positioning themselves as strategic partners in their portfolio companies' success.

Continue reading to discover the top private equity firms in Pennsylvania.

Top 20 Private Equity Firms Companies in Pennsylvania

1. NewSpring

• Website: newspringcapital.com
• Ownership type: Private Equity
• Headquarters: Radnor, Pennsylvania, United States (USA)
• Employee distribution: United States (USA) 90%, Portugal 10%
• Latest funding: $2.8M, May 2024
• Founded year: 1999
• Headcount: 51-200
• LinkedIn: newspring-capital

NewSpring Capital, based in Radnor, Pennsylvania, is an investment firm that specializes in private equity and growth capital for lower-middle market companies. Founded in 1999, NewSpring has built a reputation for providing tailored investment solutions across various sectors, including technology and healthcare. The firm aims to help businesses scale and achieve their growth objectives by forming strong partnerships with management teams. With approximately 136 employees, NewSpring has a significant presence in the U.S. and a smaller footprint in Portugal. The firm has raised around $3.5 billion in assets under management and has completed over 250 investments, showcasing its active role in the private equity space. Their strategies include NewSpring Growth, NewSpring Healthcare, NewSpring Mezzanine, NewSpring Holdings, and NewSpring Franchise, each designed to address specific market needs and opportunities. Recently, NewSpring has continued to expand its portfolio, with notable investments in various sectors, reflecting its ongoing commitment to supporting entrepreneurs and driving growth.

2. Guardian Capital Partners

• Website: guardiancp.com
• Ownership type: Private
• Headquarters: Wayne, Pennsylvania, United States (USA)
• Employee distribution: United States (USA) 100%
• Founded year: 2008
• Headcount: 11-50
• LinkedIn: guardian-capital-partners

Guardian Capital Partners, based in Wayne, Pennsylvania, is a private equity firm founded in 2008. The firm focuses on control investments in the lower middle market, where it partners with businesses to drive growth and improve operational efficiency. Guardian Capital Partners prides itself on its operational expertise, which it leverages to create competitive advantages for its portfolio companies. The firm has made significant investments across various sectors, including education and consumer products, and has been recognized as a top founder-friendly investor by Inc. Magazine. Their strategy emphasizes partnership and value creation, aiming to empower businesses to reach their full potential. With a dedicated team of professionals, Guardian Capital Partners continues to actively manage and grow its investments, contributing to the success of its partners and the broader market.

3. Harron Entertainment

• Website: harron.com
• Ownership type: Corporate
• Headquarters: Chester, Pennsylvania, United States (USA)
• Latest funding: July 2014
• Founded year: 1964
• Headcount: 501-1000
• LinkedIn: harron-entertainment

Harron Entertainment, known as Harron Ventures, is a private family office based in Chester, Pennsylvania. Founded in 1964, the firm has a rich history rooted in the telecommunications sector, beginning with the acquisition and development of radio stations in the 1930s. Over the decades, the Harron family expanded into television and cable systems, notably forming Harron Communications Corp. in 1976, which grew to serve over 300,000 customers before its sale in 1999. Following the divestiture of their cable systems in 2018, Harron Ventures was established to focus on private equity opportunities, real estate investments, and debt financing. The firm primarily targets established, lower middle market companies, seeking to partner with family-owned and management-led businesses that have a proven track record. Their investment strategy includes co-investing with other private equity funds and family offices, emphasizing flexibility and operational enhancement.

4. Incline Equity Partners

• Website: inclineequity.com
• Ownership type: Private
• Headquarters: Pittsburgh, Pennsylvania, United States (USA)
• Employee distribution: United States (USA) 100%
• Latest funding: Other (Debt), July 2023
• Founded year: 2011
• Headcount: 51-200
• LinkedIn: incline-equity-partners

Incline Equity Partners, based in Pittsburgh, Pennsylvania, is a private equity firm founded in 2011. The firm specializes in middle market investments, primarily targeting businesses in the services, value-added distribution, and specialized light manufacturing sectors. Incline focuses on driving growth and enhancing value for its portfolio companies through strategic transformations, operational improvements, and talent acquisition. Their investment criteria include enterprise values ranging from $25 million to $750 million, with a flexible approach to transaction types such as buyouts, corporate divestitures, and minority recapitalizations. Incline's team is dedicated to working closely with management teams to develop tailored strategies that align with each company's unique needs. Their commitment to collaboration and transparency has fostered strong relationships with their portfolio companies, enabling them to achieve long-term success.

5. Alliance Holdings

• Website: allianceholdings.com
• Ownership type: Corporate
• Headquarters: Horsham, Pennsylvania, United States (USA)
• Employee distribution: United States (USA) 100%
• Latest funding: July 2022
• Founded year: 1994
• Headcount: 1-10
• LinkedIn: alliance-holdings

Alliance Holdings, Inc. is a private investment firm based in Horsham, Pennsylvania, established in 1994. The firm is dedicated to maximizing employee shareholder value through a portfolio that spans various industries and asset classes, including private equity and real estate. Alliance Holdings operates under a unique structure where it is entirely employee-owned, which promotes a strong commitment to the firm's long-term success. The company actively seeks investment opportunities across a range of sectors, including traditional industries and more unconventional areas such as cannabis and firearms. Their investment strategy is characterized by flexibility, allowing them to engage in complex and non-traditional investment scenarios. Alliance Holdings has made notable acquisitions, such as HydroWorx, a company specializing in hydrotherapy solutions, and has also ventured into media and entertainment assets. This approach reflects their aim to build a sustainable portfolio that benefits their employee owners. The firm has not reported any recent funding, indicating that their capital is internally generated and evergreen, allowing them to operate without the pressures of external investors.

6. Franklin Park

• Website: franklinparkllc.com
• Ownership type: Private
• Headquarters: Bala Cynwyd, Pennsylvania, United States (USA)
• Employee distribution: United States (USA) 86%, Ireland 14%
• Founded year: 2003
• Headcount: 11-50
• LinkedIn: franklin-park

Franklin Park, established in 2003 and based in Bala Cynwyd, Pennsylvania, is an investment firm that specializes in private market strategies. The firm focuses on private equity, private debt, and venture capital, providing institutional investors and high-net-worth individuals with access to professionally managed funds and direct co-investments. With a dedicated team boasting over 315 years of combined investment experience, Franklin Park emphasizes a customized and collaborative approach to meet the specific goals of its clients. Their investment strategies include global investments in private equity funds, private debt funds, and venture capital, particularly in technology and life sciences sectors. The firm operates with a fully independent and employee-owned structure, which enhances its ability to tailor solutions for its clients. Franklin Park also maintains a presence in Dublin, Ireland, further extending its reach in the private markets.

7. Argosy Private Equity

• Website: argosyprivateequity.com
• Ownership type: Private
• Headquarters: Wayne, Pennsylvania, United States (USA)
• Employee distribution: United States (USA) 100%
• Founded year: 1990
• Headcount: 11-50
• LinkedIn: argosy-partners

Argosy Private Equity, based in Wayne, Pennsylvania, is an investment firm that specializes in private equity and investment management. Founded in 1990, the firm has built a reputation for partnering with lower middle market businesses, primarily in advanced manufacturing and specialized services. Argosy focuses on providing both capital and strategic guidance to help these companies grow. Their proprietary Value Acceleration Methodology (VAM™) is a key component of their strategy, designed to enhance operational efficiency and drive revenue growth. With approximately $3.1 billion in assets under management, Argosy has successfully completed over 135 platform investments and has a dedicated team of professionals with decades of experience in the industry. Their commitment to integrity and transparency has established them as a trusted partner for business owners looking to scale their operations.

8. RAF Industries

• Website: rafind.com
• Ownership type: Private
• Headquarters: Bala Cynwyd, Pennsylvania, United States (USA)
• Founded year: 1979
• Headcount: 11-50
• LinkedIn: raf-industries

RAF Industries, based in Bala Cynwyd, Pennsylvania, is a private equity firm established in 1979. The firm specializes in investing in and developing businesses across multiple sectors, with a notable emphasis on healthcare and consumer products. RAF Industries adopts a long-term investment strategy, focusing on building meaningful partnerships with company owners and management teams. They provide not only capital but also strategic support to help their portfolio companies thrive in competitive markets. Over the years, RAF has successfully managed a range of platform investments and add-on acquisitions, demonstrating their commitment to fostering growth and operational excellence. Their unique financing model allows them to support companies through various economic cycles, ensuring stability and continued investment in their operations. This approach has led to successful outcomes for many of their portfolio companies, showcasing their ability to create value over time.

9. LL Funds

• Website: llfunds.com
• Ownership type: Private
• Headquarters: Philadelphia, Pennsylvania, United States (USA)
• Employee distribution: United States (USA) 100%
• Founded year: 2009
• Headcount: 11-50
• LinkedIn: ll-funds

LL Funds, LLC, founded in 2009 and based in Philadelphia, Pennsylvania, is an independent investment firm registered with the SEC. The firm specializes in asset-backed securities (ABS) and focuses on specialty consumer finance companies that rely on the ABS marketplace for their growth and success. LL Funds provides a range of financial solutions, including private equity funds that offer growth equity to specialty finance companies, lending funds that supply warehouse lines, and public market funds that invest in various ABS securities. Their clientele primarily consists of businesses in the specialty finance sector, showcasing their commitment to this niche. The firm operates with a team that combines expertise in equity sourcing, diligence, management, and credit origination, underwriting, and trading, positioning them as a knowledgeable player in the private equity space.

10. Tail End Capital Partners

• Website: tailendcapital.com
• Ownership type: Private
• Headquarters: Pittsburgh, Pennsylvania, United States (USA)
• Employee distribution: United States (USA) 100%
• Founded year: 2021
• Headcount: 1-10
• LinkedIn: tail-end-capital-partners

Tail End Capital Partners, based in Pittsburgh, Pennsylvania, is a private equity firm that specializes in GP-led secondary investments. Founded in 2021, the firm focuses on providing liquidity solutions and equity capital to lower-middle market companies. Tail End partners with private equity sponsors and independent sponsors to support growth initiatives and enhance returns for investors. The firm has built a reputation for its innovative approach, particularly in the area of continuation funds, which allow general partners to extend the hold period of their best-performing assets. Tail End has successfully exited investments, such as their recent sale of Gelpac to ProAmpac, and has participated in various continuation vehicles, demonstrating their active engagement in the private equity market. Their targeted sectors include software and tech-enabled services, recurring professional services, and specialty distribution and manufacturing, with a focus on companies generating between $10-$50 million of EBITDA.

11. Lovell Minnick Partners LLC

• Website: lmpartners.com
• Ownership type: Private
• Headquarters: Radnor, Pennsylvania, United States (USA)
• Employee distribution: United States (USA) 100%
• Founded year: 1999
• Headcount: 11-50
• LinkedIn: lovell-minnick-partners

Lovell Minnick Partners LLC is a private equity firm based in Radnor, Pennsylvania, specializing in investments in growth-oriented middle-market companies. Established in 1999, the firm has developed a strong focus on sectors such as financial services, fintech, and business services. Lovell Minnick partners with management teams to enhance value creation through strategic acquisitions and operational improvements. With a robust network of industry experts and a commitment to a human capital-driven approach, the firm has successfully invested in over 50 portfolio companies and completed more than 175 add-on acquisitions. Their investment strategy is characterized by thorough due diligence and a deep understanding of the nuances within their target sectors, positioning them for long-term success.

12. Cloverlay

• Website: cloverlay.com
• Ownership type: Private
• Headquarters: Conshohocken, Pennsylvania, United States (USA)
• Employee distribution: United States (USA) 100%
• Founded year: 2015
• Headcount: 11-50
• LinkedIn: cloverlay

Cloverlay is an investment management firm based in Conshohocken, Pennsylvania, founded in 2015 by a team of experienced private equity professionals. The firm specializes in Adjacent Private Markets, offering a range of investment opportunities that include co-investments and esoteric funds. Cloverlay aims to provide institutional investors and high-net-worth individuals with access to niche strategies that are often absent from traditional private equity allocations. Their investment strategy emphasizes the fundamental value of both tangible and intangible assets, targeting segments that are typically less correlated with mainstream markets. Cloverlay's portfolio includes investments in various asset-intensive verticals, such as royalty assets, financial assets, core capital assets, and resource assets. They generally invest between $10 million and $50 million into private market opportunities, focusing on the lower end of the market where they believe compelling investments can be found. The firm is committed to enhancing portfolio diversification through its unique investment approach.

13. Renovus Capital Partners

• Website: renovuscapital.com
• Ownership type: Private
• Headquarters: Wayne, Pennsylvania, United States (USA)
• Employee distribution: United States (USA) 100%
• Founded year: 2010
• Headcount: 11-50
• LinkedIn: renovus-capital-partners

Renovus Capital Partners is a private equity firm based in Wayne, Pennsylvania, specializing in investments within the knowledge and talent sectors. Established in 2010, the firm has built a portfolio that includes companies in education, healthcare services, technology services, and professional services. With over $1.5 billion in committed capital, Renovus partners with founder-led businesses, offering not only financial support but also operational guidance to facilitate growth and strategic initiatives. Their investment strategy is centered on identifying companies with strong customer value propositions and meaningful growth opportunities. Renovus has made over 100 portfolio and add-on investments, demonstrating their active role in the private equity market. The firm is committed to enhancing the profitability and value of its investments through a structured value creation playbook, which includes operational improvements and strategic acquisitions.

14. Raf

• Website: rafequity.com
• Ownership type: Private
• Headquarters: Bala Cynwyd, Pennsylvania, United States (USA)
• Employee distribution: United States (USA) 78%, Argentina 11%, Iran 11%
• Founded year: 1979
• Headcount: 11-50
• LinkedIn: raf-industries

Raf, based in Bala Cynwyd, Pennsylvania, is a private equity firm founded in 1979. The firm specializes in long-term investments in entrepreneurial ventures across various industries, notably healthcare and consumer products. Raf partners with business owners to provide not just capital but also strategic support aimed at fostering growth and operational excellence. Their investment philosophy is rooted in building meaningful relationships, which is reflected in their approach to working closely with portfolio companies. Over the years, Raf has successfully managed a portfolio that includes nearly three dozen platform companies and has executed over 40 add-on acquisitions. Their focus on solid management teams and a history of growth positions them as a significant player in the private equity sector.

15. Metro Global Ventures LLC

• Website: metrogv.com
• Ownership type: Family Owned
• Headquarters: Bala Cynwyd, Pennsylvania, United States (USA)
• Employee distribution: United States (USA) 100%
• Founded year: 2012
• Headcount: 1-10
• LinkedIn: metro-global-ventures-llc

Metro Global Ventures LLC, founded in 2012 and based in Bala Cynwyd, Pennsylvania, is an operationally-focused private investment firm that targets middle market opportunities. The firm specializes in investing in small and mid-sized businesses, particularly those that are founder-owned. Their investment strategy includes management buyouts, corporate divestitures, and the acquisition of family businesses. Metro Global Ventures prides itself on its personal and strategic approach, leveraging the extensive experience of its partners in both investing and building businesses. They seek to partner with strong management teams to drive growth and create long-term value. The firm has a track record of success in various sectors, including business services, consulting, software, and technology, and is committed to providing capital and expertise to help entrepreneurs thrive.

16. Rubenstein Partners

• Website: rubensteinpartners.com
• Ownership type: Private
• Headquarters: Philadelphia, Pennsylvania, United States (USA)
• Employee distribution: United States (USA) 100%
• Founded year: 2005
• Headcount: 51-200
• LinkedIn: rubenstein-partners

Rubenstein Partners is a Philadelphia-based real estate investment firm that was established in 2005. The firm specializes in equity and debt opportunities within the office property sector across the United States. With a team of approximately 94 employees, Rubenstein Partners operates as a registered investment advisor and fund manager, focusing on value-added investments. They manage a series of private equity funds and provide investment management services to a variety of institutional investors, including public and private pension funds, university endowments, and family offices. The firm has a history of executing complex real estate transactions and has developed a reputation for its expertise in the office asset class. Their vertically-integrated platform allows them to leverage in-house capabilities in transactions, redevelopment, and property management, which enhances their ability to mitigate risks and achieve superior returns for their investors.

17. Heller Capital Group, LLC

• Website: hellercg.com
• Ownership type: Private
• Headquarters: Lancaster, Pennsylvania, United States (USA)
• Founded year: 2013
• Headcount: 11-50
• LinkedIn: heller-capital-group-llc

Heller Capital Group, LLC is a private equity firm based in Lancaster, Pennsylvania, founded in 2013. The firm specializes in investing across various sectors, including finance, technology, real estate, pharmaceuticals, eCommerce, hospitality, and aviation. Heller Capital partners with businesses at different stages of their life cycles, from startups to mature companies, providing both capital and strategic guidance to help them achieve their goals. The firm is known for its patient capital approach, focusing on long-term growth and the establishment of strong partnerships. Heller Capital also emphasizes community engagement and philanthropy, reflecting its commitment to positively impacting the lives of those it interacts with. As of now, there is no reported funding activity, indicating a self-sustaining operational model.

18. PPR Note Co.

• Website: pprnoteco.com
• Ownership type: Private
• Headquarters: Berwyn, Pennsylvania, United States (USA)
• Founded year: 2007
• Headcount: 11-50
• LinkedIn: pprnoteco

PPR Note Co., also known as PPR Capital Management, is a private equity firm based in Berwyn, Pennsylvania, established in 2007. The firm specializes in private equity real estate, focusing on investment opportunities in distressed assets, mortgages, and both residential and commercial real estate across the United States. PPR Capital Management aims to provide accredited investors with avenues for passive income while fostering a positive social impact in the communities they engage with. Their investment strategy includes direct and co-investments, leveraging a team of portfolio managers and loan surveillance professionals to manage assets throughout their lifecycle. The firm emphasizes risk-adjusted returns through various methods, including cash flow from performing assets, securitization, refinancing, and asset sales.

19. LLR Partners

• Website: llrpartners.com
• Ownership type: Private
• Headquarters: Philadelphia, Pennsylvania, United States (USA)
• Employee distribution: United States (USA) 100%
• Latest funding: Other (Debt), September 2021
• Founded year: 1999
• Headcount: 51-200
• LinkedIn: llr-partners

LLR Partners is a private equity firm based in Philadelphia, Pennsylvania, founded in 1999. The firm specializes in providing growth capital and strategic consulting services primarily to companies in the technology and healthcare sectors. With a team of 51-200 employees, LLR Partners collaborates closely with business leaders to define and implement high-impact growth initiatives. They leverage their extensive network and resources to drive value creation, focusing on areas such as education, fintech, industrial technology, and software. Over the years, LLR has raised more than $7 billion across seven funds, showcasing their active involvement in the private equity industry. Their investment strategy typically targets companies with a minimum revenue of $10 million, seeking equity capital investments ranging from $25 million to $200 million. This strategic focus allows them to partner with businesses that have proven, scalable models and strong growth potential.

20. Riverarch Equity Partners

• Website: riverarch.com
• Ownership type: Private
• Headquarters: Pittsburgh, Pennsylvania, United States (USA)
• Employee distribution: United States (USA) 100%
• Founded year: 1982
• Headcount: 11-50
• LinkedIn: pnc-riverarch-capital

Riverarch Equity Partners, based in Pittsburgh, Pennsylvania, is a private equity firm founded in 1982. The firm specializes in investing in growing companies, providing equity investments and strategic support to help businesses accelerate their growth while preserving their culture and legacy. Riverarch partners with capable management teams to execute growth strategies, including add-on acquisitions and market expansions. Since its inception, Riverarch has completed more than 30 platform acquisitions and invested over $1 billion across various sectors. The firm is known for its collaborative approach, entrusting management with the operation of the business while offering value-added support on key strategic initiatives. Riverarch has provided equity to over 100 companies, demonstrating its active involvement in the private equity industry.

Private Equity Firms Insights: Key Companies in Pennsylvania

Company	Headquarter	Size	Founded	Ownership
NewSpring	Radnor, Pennsylvania, United States (USA)	51-200	1999	Private Equity
Guardian Capital Partners	Wayne, Pennsylvania, United States (USA)	11-50	2008	Private
Harron Entertainment	Chester, Pennsylvania, United States (USA)	501-1000	1964	Corporate
Incline Equity Partners	Pittsburgh, Pennsylvania, United States (USA)	51-200	2011	Private
Alliance Holdings	Horsham, Pennsylvania, United States (USA)	1-10	1994	Corporate
Franklin Park	Bala Cynwyd, Pennsylvania, United States (USA)	11-50	2003	Private
Argosy Private Equity	Wayne, Pennsylvania, United States (USA)	11-50	1990	Private
RAF Industries	Bala Cynwyd, Pennsylvania, United States (USA)	11-50	1979	Private
LL Funds	Philadelphia, Pennsylvania, United States (USA)	11-50	2009	Private
Tail End Capital Partners	Pittsburgh, Pennsylvania, United States (USA)	1-10	2021	Private
Lovell Minnick Partners LLC	Radnor, Pennsylvania, United States (USA)	11-50	1999	Private
Cloverlay	Conshohocken, Pennsylvania, United States (USA)	11-50	2015	Private
Renovus Capital Partners	Wayne, Pennsylvania, United States (USA)	11-50	2010	Private
Raf	Bala Cynwyd, Pennsylvania, United States (USA)	11-50	1979	Private
Metro Global Ventures LLC	Bala Cynwyd, Pennsylvania, United States (USA)	1-10	2012	Family Owned
Rubenstein Partners	Philadelphia, Pennsylvania, United States (USA)	51-200	2005	Private
Heller Capital Group, LLC	Lancaster, Pennsylvania, United States (USA)	11-50	2013	Private
PPR Note Co.	Berwyn, Pennsylvania, United States (USA)	11-50	2007	Private
LLR Partners	Philadelphia, Pennsylvania, United States (USA)	51-200	1999	Private
Riverarch Equity Partners	Pittsburgh, Pennsylvania, United States (USA)	11-50	1982	Private

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