Private equity firms in Minnesota manage capital by investing in businesses, aiming to enhance their value while generating returns for their investors. The firms often focus on sectors like healthcare, manufacturing, and technology. With an eye toward sustainability and responsible investment practices, these companies offer invaluable support in both funding and strategic expertise. Recent industry trends show a significant shift towards impact investing, with firms increasingly seeking projects that align profit with purpose. This evolution is indicative of a broader commitment to ethical business practices that resonate with today’s investors.


The following companies represent the vibrant private equity scene in Minnesota, featuring sizes ranging from small teams of 1-10 to larger firms employing up to 500. These firms, located primarily in urban centers like Minneapolis and Minnetonka, were founded from 1938 to 2018 and specialize in a variety of investment strategies. Their focus includes traditional private equity, real estate investments, and infrastructure, illustrating the adaptive nature of the market here.


Continue reading to learn more about Minnesota's top private equity firms.


Top 21 Private Equity Companies in Minnesota


1. Norwest Equity Partners (NEP)

  • Website: nep.com
  • Ownership type: Private
  • Headquarters: Minneapolis, Minnesota, United States (USA)
  • Employee distribution: United States (USA) 100%
  • Founded year: 1961
  • Headcount: 11-50
  • LinkedIn: norwest-equity-partners

Norwest Equity Partners (NEP) is a private investment firm based in Minneapolis, Minnesota, with a history that spans over six decades. Founded in 1961, NEP specializes in private equity and investment management, focusing on building strong companies through capital investment and strategic guidance. The firm has raised a total of $6.7 billion across 11 funds, showcasing its ability to attract significant capital for its investment strategies. NEP primarily targets middle-market companies, investing in sectors such as business and consumer services, consumer products, and industrials. Their investment philosophy revolves around forming long-term partnerships with management teams, emphasizing operational improvements and sustainable growth. NEP has a notable history of successful investments, including early stakes in well-known brands like Dairy Queen and Select Comfort. The firm operates with a commitment to responsibility, engaging in community initiatives and promoting environmental, social, and governance (ESG) practices within its portfolio companies.


2. Denham Capital Management

  • Website: denhamcapital.com
  • Ownership type: Private
  • Headquarters: Minneapolis, Minnesota, United States (USA)
  • Employee distribution: United States (USA) 69%, Canada 15%, United Kingdom (UK) 10%, Other 6%
  • Founded year: 2004
  • Headcount: 51-200
  • LinkedIn: denham-capital

Denham Capital Management, founded in 2004 and based in Minneapolis, Minnesota, is an investment firm that specializes in private equity and credit investments. The firm primarily focuses on sustainable infrastructure and mining, providing financial resources and expertise to companies that are pivotal in the energy transition. With a capital base of $12 billion raised across various fund vehicles, Denham Capital has made investments in over 30 countries. Their investment strategies include sustainable infrastructure equity and credit, as well as mining, targeting projects that are critical for decarbonization and technological advancement. Denham Capital is dedicated to fostering long-term partnerships with entrepreneurs and companies that share their vision for growth and value creation, emphasizing sustainability in all their investment decisions.


3. Northstar Capital

  • Website: northstarcapital.com
  • Ownership type: Private
  • Headquarters: Minneapolis, Minnesota, United States (USA)
  • Employee distribution: United States (USA) 100%
  • Founded year: 1993
  • Headcount: 11-50
  • LinkedIn: northstar-capital

Northstar Capital, based in Minneapolis, Minnesota, is an investment management firm that specializes in junior capital investments and equity co-investments for lower middle market companies. Founded in 1993, the firm has built a reputation for providing tailored financing solutions to financial sponsors, business owners, and management teams. With a strong emphasis on long-term partnerships, Northstar Capital has successfully raised nearly $2 billion in capital since its inception. The firm has completed over 155 platform investments, showcasing its active involvement in the private equity sector. Northstar Capital's investment strategy focuses on companies with stable cash flows and proven management teams, primarily in industries such as healthcare, consumer goods, and business services. Their approach is characterized by a commitment to guiding deals from start to finish, ensuring that they add value throughout the investment process.


4. North Sky Capital

  • Website: northskycapital.com
  • Ownership type: Private
  • Headquarters: Wayzata, Minnesota, United States (USA)
  • Employee distribution: United States (USA) 89%, Netherlands 11%
  • Founded year: 2000
  • Headcount: 11-50
  • LinkedIn: north-sky-capital

North Sky Capital, based in Wayzata, Minnesota, is an investment firm that specializes in impact investing. Founded in 2000, the firm has carved out a niche by focusing on investments that yield both strong financial returns and positive social and environmental impacts. North Sky Capital has raised over $1.8 billion in investor commitments and has been at the forefront of the impact investment movement, launching the first impact fund of funds in North America in 2005. Their investment strategies include Impact Secondaries, which targets cleantech, sustainable food, and healthy living sectors, and Sustainable Infrastructure, focusing on clean power and environmental projects. The firm is also recognized for its commitment to responsible investing, being a signatory to the Principles for Responsible Investment and a member of various organizations that promote sustainable and mission-related investing. Their ongoing efforts to create measurable impact through their investments highlight their relevance in the private equity space.


5. Carlson

  • Website: carlson.com
  • Ownership type: Corporate
  • Headquarters: Minnetonka, Minnesota, United States (USA)
  • Employee distribution: United States (USA) 51%, India 34%, United Kingdom (UK) 4%, Other 10%
  • Latest funding: March 2021
  • Founded year: 1938
  • Headcount: 51-200
  • LinkedIn: carlson

Carlson, founded in 1938, has evolved from its origins in loyalty programs to become a notable player in private investment. The firm launched Carlson Private Capital Partners in 2018, focusing on investing family capital in businesses that benefit from a long-term investment partner. Their strategy is rooted in collaboration with exceptional management teams to foster growth and operational excellence. Carlson has made significant strides in the private equity sector, with recent investments in companies such as Thermo Systems, a global automation control systems integrator, and Millennium, a distributor in the broadband infrastructure space. Their commitment to social change and corporate citizenship further enhances their investment strategy, reflecting a modern approach to private equity that values both financial returns and community impact.


6. Granite Equity Partners


Granite Equity Partners, founded in 2002 and based in St. Cloud, Minnesota, is a private investment firm dedicated to growing companies and enhancing community wellbeing. The firm manages a portfolio of established and profitable companies across various sectors, focusing on long-term ownership and stewardship. Granite Equity Partners aims to keep ownership local, particularly for Minnesota companies, as owners transition into retirement. Their investment strategy includes not only acquiring platform companies but also pursuing strategic add-on acquisitions to bolster existing businesses. The firm prides itself on rigorous governance practices and a culture that promotes trust, innovation, and excellence. They have consistently outperformed relevant public market indices and benchmarks, demonstrating their effectiveness in creating value for stakeholders. Granite Equity Partners is also committed to enhancing the wellbeing of employees and the communities in which they operate, reflecting a broader mission beyond mere financial returns.


7. Yukon Partners

  • Website: yukonpartners.com
  • Ownership type: Private
  • Headquarters: Minneapolis, Minnesota, United States (USA)
  • Employee distribution: United States (USA) 100%
  • Founded year: 2008
  • Headcount: 11-50
  • LinkedIn: yukon-partners

Yukon Partners is an investment firm based in Minneapolis, Minnesota, established in 2008. The firm specializes in providing private debt, equity, and structured capital products specifically tailored for middle market businesses. Their investment strategy focuses on transactions that are typically controlled by private equity sponsors, which includes buyouts, recapitalizations, acquisitions, and refinancings. Yukon Partners offers a range of financial solutions, including subordinated debt, preferred equity, and minority common stock, aimed at fostering growth and operational success for their portfolio companies. The firm has built a reputation for being relationship-focused and flexible, adapting to the unique needs of each investment opportunity. Their portfolio spans various industries, reflecting their active participation in the private equity landscape.


8. Onward Investors

  • Website: onwardinvestors.com
  • Ownership type: Private
  • Headquarters: Edina, Minnesota, United States (USA)
  • Employee distribution: United States (USA) 100%
  • Founded year: 2011
  • Headcount: 11-50
  • LinkedIn: onward-investors-llc

Onward Investors is a private investment firm based in Edina, Minnesota, founded in 2011. The firm specializes in commercial real estate, focusing on identifying mispriced assets and managing investments across various sectors, including industrial, office, multi-family, and hospitality. Onward Investors employs a value-based investment approach, leveraging their expertise to navigate market inefficiencies and capitalize on opportunities throughout different market cycles. Their clientele includes institutional investors and high-net-worth individuals looking to diversify their portfolios through strategic real estate investments. The firm emphasizes a collaborative environment, fostering teamwork and creativity among its partners, who have extensive experience in the industry. Onward's team has worked together for over a decade, bringing a wealth of knowledge in real estate investment and asset management to the table.


9. ShoreView Industries, LLC

  • Website: shoreview.com
  • Ownership type: Family Owned
  • Headquarters: Minneapolis, Minnesota, United States (USA)
  • Employee distribution: United States (USA) 100%
  • Founded year: 2002
  • Headcount: 11-50
  • LinkedIn: shoreview-industries-llc

ShoreView Industries, LLC, based in Minneapolis, Minnesota, is a private equity firm founded in 2002. The firm specializes in partnering with family and entrepreneur-owned businesses, providing them with capital and strategic support to foster growth. ShoreView focuses on sectors such as niche manufacturing, value-added distribution, and various service industries. They have a notable history of facilitating management transitions and pursuing growth initiatives through acquisitions. With a portfolio that includes over 120 companies and a commitment of $1.8 billion in capital, ShoreView has established itself as a significant player in the private equity market. Their investment strategy typically targets companies with revenues between $20 million and $300 million, and they engage in management-led buyouts, leveraged recapitalizations, and minority investments. ShoreView's collaborative approach emphasizes working closely with management teams to achieve long-term, stable growth.


10. Tonka Bay Equity Partners

  • Website: tonkabayequity.com
  • Ownership type: Private
  • Headquarters: Minnetonka, Minnesota, United States (USA)
  • Employee distribution: United States (USA) 100%
  • Founded year: 1998
  • Headcount: 1-10
  • LinkedIn: tonka-bay-equity-partners

Tonka Bay Equity Partners is a private equity firm based in Minnetonka, Minnesota, founded in 1998. The firm specializes in investing in established, profitable companies across various sectors, including highly engineered manufacturing, business services, and value-added distribution. With a focus on companies that have an EBITDA greater than $3 million, Tonka Bay provides not just capital but also strategic guidance to help businesses grow and thrive. They have completed 44 investments since inception and have raised over $560 million in capital across four funds. Their investment strategy is characterized by a patient and collaborative approach, working closely with management teams to enhance operations and drive growth. Tonka Bay has a history of successful partnerships, evidenced by their involvement in numerous add-on acquisitions and the creation of significant value for their partner companies.


11. Granite Partners

  • Website: granite.com
  • Ownership type: Corporate
  • Headquarters: St. Cloud, Minnesota, United States (USA)
  • Employee distribution: United States (USA) 100%
  • Latest funding: May 2004
  • Founded year: 2002
  • Headcount: 11-50
  • LinkedIn: granite-equity-partners

Granite Partners is an investment company based in St. Cloud, Minnesota, founded in 2002. The firm specializes in acquiring and nurturing companies, particularly those with strong local roots in Minnesota. Their mission is to grow these businesses while creating value for all stakeholders involved. Granite Partners operates with a long-term perspective, aiming for sustainability and community enhancement. They have developed a portfolio of companies across various sectors, including healthcare, manufacturing, and technology. The firm emphasizes rigorous governance practices and a culture of trust and innovation, which are essential for the growth and sustainability of the companies they invest in. Granite Partners also provides financial counseling services and support through the Granite Assistance Fund, reflecting their commitment to the well-being of employees and the communities they serve.


12. Merced Capital


Merced Capital is a privately-held investment firm based in Minnetonka, Minnesota, founded in 1988. The firm specializes in alternative investment strategies, offering a range of services that include credit analysis, insurance investments, private lending, equipment investing, real estate, and operating interests. With a team that averages nearly thirty years of experience in alternative investing, Merced Capital focuses on identifying niche, complex, and off-the-run investment opportunities. The firm caters to institutional investors and high-net-worth individuals, providing unique investment opportunities and risk management solutions. Its investment philosophy is characterized by a rigorous underwriting process, a focus on downside risk, and a commitment to patient capital deployment without leveraging at the fund level. This approach has allowed Merced Capital to navigate various market cycles effectively, particularly in sectors like real estate and credit, where they have established a significant presence.


13. GMB Capital Partners

  • Website: gmbcapitalpartners.com
  • Ownership type: Private
  • Headquarters: Minneapolis, Minnesota, United States (USA)
  • Employee distribution: United States (USA) 100%
  • Founded year: 2004
  • Headcount: 11-50
  • LinkedIn: gmb-mezzanine-capital

GMB Capital Partners, based in Minneapolis, Minnesota, is an investment firm founded in 2004 that specializes in middle-market financing. The firm provides mezzanine capital and investment management services to privately owned companies, primarily in sectors such as manufacturing and healthcare. GMB Capital Partners typically targets businesses with enterprise values ranging from $20 million to $200 million, offering investment sizes up to $30 million. Their approach is characterized by a commitment to flexibility, allowing them to tailor financial solutions to meet the unique needs of their clients. With a team that boasts extensive experience in private company financing, GMB has built a strong network of relationships that enhances their deal sourcing and investment capabilities. They have successfully financed a variety of companies, demonstrating their active role in supporting growth and acquisitions in the middle market.


14. Deepwater Asset Management

  • Website: deepwatermgmt.com
  • Ownership type: Private
  • Headquarters: Minneapolis, Minnesota, United States (USA)
  • Employee distribution: United States (USA) 100%
  • Founded year: 2017
  • Headcount: 11-50
  • LinkedIn: loup-funds

Deepwater Asset Management is an investment management firm based in Minneapolis, Minnesota, founded in 2017. The company specializes in managing equity investment funds that span both public and private markets. With a team of 11 to 50 employees, Deepwater focuses on identifying high-quality growth businesses and transformative technologies. Their investment strategy caters to high-net-worth individuals and institutional investors seeking opportunities in innovative sectors. Deepwater's approach includes venture capital investments, allowing them to engage with early and growth-stage companies. They also provide public equity funds that leverage decades of experience in the public markets, emphasizing technology and growth-focused strategies. The firm is registered with the U.S. Securities and Exchange Commission, underscoring its compliance and commitment to regulatory standards in the investment industry.


15. Proterra Investment Partners

  • Website: proterrapartners.com
  • Ownership type: Private
  • Headquarters: Minneapolis, Minnesota, United States (USA)
  • Employee distribution: United States (USA) 63%, China 12%, United Kingdom (UK) 8%, Other 17%
  • Latest funding: September 2019
  • Founded year: 2016
  • Headcount: 51-200
  • LinkedIn: proterra-investment-partners

Proterra Investment Partners is a private equity firm based in Minneapolis, Minnesota, that focuses on investments in the natural resources sectors, including agriculture, food, and metals and mining. Established in 2016, Proterra spun out from Black River Asset Management, a subsidiary of Cargill, Inc. The firm aims to provide unique investment opportunities by leveraging strong local partnerships and sustainable practices. Proterra's investment strategies include sustainable agriculture, credit, and food, targeting small to middle-market agribusinesses in the U.S. Their commitment to social responsibility is evident in their emphasis on ethical conduct and adherence to ESG standards, which guide their investment decisions and practices. With offices in multiple countries, including the U.S., U.K., Brazil, China, Singapore, and Australia, Proterra is positioned to capitalize on emerging trends in the natural resources sector.


16. Hennepin Partners

  • Website: hennepinpartners.com
  • Ownership type: Family Owned
  • Headquarters: Minneapolis, Minnesota, United States (USA)
  • Employee distribution: United States (USA) 100%
  • Founded year: 2018
  • Headcount: 11-50
  • LinkedIn: hennepinpartners

Hennepin Partners is an investment bank based in Minneapolis, Minnesota, established in 2018. The firm specializes in providing M&A advisory services tailored for the middle market. They offer strategic advice to a range of clients, including entrepreneurs, private equity firms, and corporations. With a team that boasts extensive experience across various industries, Hennepin Partners is dedicated to delivering personalized service and senior-level commitment. Their expertise spans sectors such as agriculture, healthcare, energy, and technology, among others. The firm has executed hundreds of transactions, with an aggregate value exceeding $50 billion, showcasing their capability in handling significant deals. Hennepin Partners operates with a focus on the middle market, ensuring that their clients receive the same quality of advice typically reserved for larger corporations. They have also formed an international alliance, enhancing their global reach and access to foreign buyers, which further solidifies their position in the investment banking sector.


17. Stillwater Asset Management LLC


Stillwater Asset Management LLC, based in Stillwater, Minnesota, is a woman-owned investment management firm that specializes in private credit and private debt. Founded in 2017 by Lena Motz, the firm aims to provide attractive risk-adjusted returns to institutional investors and high net worth individuals. Stillwater employs a value investment approach, focusing on the acquisition, management, and disposition of commercial loan portfolios, particularly in complex situations where distress may be present. Their services include loan valuation, servicing, and consulting, particularly for senior living operations. The firm prides itself on its personalized service, leveraging a team with extensive experience in credit markets to navigate intricate investment opportunities. Stillwater's strategy is designed to preserve principal investment while pursuing absolute returns through rigorous due diligence and creative exit strategies. The firm has established a reputation for its expertise in commercial real estate mortgages and small balance commercial loans, making it a notable player in its niche.


18. Rice Park Capital Management

  • Website: riceparkcapital.com
  • Ownership type: Private
  • Headquarters: Plymouth, Minnesota, United States (USA)
  • Employee distribution: United States (USA) 100%
  • Latest funding: $300.0M, January 2022
  • Founded year: 2018
  • Headcount: 11-50
  • LinkedIn: rice-park-capital

Rice Park Capital Management, founded in 2018 and based in Plymouth, Minnesota, is a private investment firm that specializes in real estate and finance. The firm offers a range of services, including investments in mortgage servicing rights, strategic equity investing, and real estate credit strategies. With a team that has invested over $10 billion in mortgage and structured finance, Rice Park Capital has established itself as a player in the real estate technology and services sector. The firm manages alternative investment funds and has a portfolio that includes over 30 businesses in the real estate technology space. As of December 2023, Rice Park Capital manages assets exceeding $900 million, reflecting their active role in the market and their ability to attract significant capital. Their focus on customized capital solutions and transparent strategies highlights their commitment to navigating complex market opportunities effectively.


19. EQ Holdings

  • Website: eqh.com
  • Ownership type: Private
  • Headquarters: Golden Valley, Minnesota, United States (USA)
  • Employee distribution: United States (USA) 100%
  • Founded year: 1989
  • Headcount: 201-500
  • LinkedIn: equus-holdings-inc

EQ Holdings, based in Golden Valley, Minnesota, is an investment firm that specializes in building a portfolio of assets through both control and non-control investments. Founded in 1989, the firm has evolved from its origins as a technology retailer into a player focused on driving sustainable growth and transformation in various sectors, particularly technology. EQ Holdings partners with businesses to enhance operational efficiencies and market positioning. Their investment strategy is characterized by a long-term perspective, allowing them to support companies through extended hold periods. The firm is employee-owned, which aligns the interests of its workforce with the success of the investments. This structure not only promotes a culture of accountability but also encourages a commitment to creating value across their portfolio. EQ Holdings has a history of investing in companies that demonstrate strong management capabilities and significant growth potential, making them a relevant entity in the private equity industry.


20. Traction Capital

  • Website: tractioncapital.com
  • Ownership type: Private
  • Headquarters: Wayzata, Minnesota, United States (USA)
  • Employee distribution: United States (USA) 100%
  • Founded year: 2011
  • Headcount: 1-10
  • LinkedIn: traction-capital

Traction Capital, based in Wayzata, Minnesota, is a hybrid venture capital and private equity firm established in 2011. The firm specializes in providing financial capital and strategic support to early-stage and middle-market growth startups across various industries, including technology and manufacturing. With a team composed of experienced entrepreneurs and business owners, Traction Capital is dedicated to fostering the growth of businesses in Minnesota and neighboring states. They leverage their extensive network, which includes industry experts and seasoned investors, to offer more than just funding; they provide 'smart' capital that aids in business development. Their investment criteria focus on companies with annual revenues ranging from $250K to $5M for venture capital and $500K to $2.5M EBITDA for private equity. Traction Capital has built a reputation for its hands-on approach, helping portfolio companies navigate challenges and scale effectively. They also engage with the community through initiatives like the EO Accelerator program, which supports local entrepreneurs in achieving their business goals.


21. AB CarVal

  • Website: abcarval.com
  • Ownership type: Private Equity
  • Headquarters: Minneapolis, Minnesota, United States (USA)
  • Employee distribution: United States (USA) 73%, United Kingdom (UK) 26%, Other 2%
  • Latest funding: May 2022
  • Founded year: 1987
  • Headcount: 201-500
  • LinkedIn: carval-investors

AB CarVal is an investment management firm based in Minneapolis, Minnesota, specializing in alternative investments. Established in 1987, the firm has built a reputation for its expertise in distressed credit markets. AB CarVal's investment strategies include corporate securities, loan portfolios, structured credit, and hard assets. The firm has successfully navigated various credit market cycles, having invested approximately $149 billion in over 5,700 transactions across 82 countries. Currently, AB CarVal manages around $16 billion in assets, catering primarily to institutional investors seeking unique investment opportunities. The firm emphasizes a disciplined investment approach, leveraging its extensive experience and global network to identify value in complex situations. AB CarVal is also committed to responsible investing, integrating environmental, social, and governance factors into its decision-making processes.



Private Equity Insights: Key Companies in Minnesota


CompanyHeadquarterSizeFoundedOwnership
Norwest Equity Partners (NEP)Minneapolis, Minnesota, United States (USA)11-501961Private
Denham Capital ManagementMinneapolis, Minnesota, United States (USA)51-2002004Private
Northstar CapitalMinneapolis, Minnesota, United States (USA)11-501993Private
North Sky CapitalWayzata, Minnesota, United States (USA)11-502000Private
CarlsonMinnetonka, Minnesota, United States (USA)51-2001938Corporate
Granite Equity PartnersSt. Cloud, Minnesota, United States (USA)11-502001Private
Yukon PartnersMinneapolis, Minnesota, United States (USA)11-502008Private
Onward InvestorsEdina, Minnesota, United States (USA)11-502011Private
ShoreView Industries, LLCMinneapolis, Minnesota, United States (USA)11-502002Family Owned
Tonka Bay Equity PartnersMinnetonka, Minnesota, United States (USA)1-101998Private
Granite PartnersSt. Cloud, Minnesota, United States (USA)11-502002Corporate
Merced CapitalMinnetonka, Minnesota, United States (USA)11-501988Private
GMB Capital PartnersMinneapolis, Minnesota, United States (USA)11-502004Private
Deepwater Asset ManagementMinneapolis, Minnesota, United States (USA)11-502017Private
Proterra Investment PartnersMinneapolis, Minnesota, United States (USA)51-2002016Private
Hennepin PartnersMinneapolis, Minnesota, United States (USA)11-502018Family Owned
Stillwater Asset Management LLCStillwater, Minnesota, United States (USA)1-102017Private
Rice Park Capital ManagementPlymouth, Minnesota, United States (USA)11-502018Private
EQ HoldingsGolden Valley, Minnesota, United States (USA)201-5001989Private
Traction CapitalWayzata, Minnesota, United States (USA)1-102011Private
AB CarValMinneapolis, Minnesota, United States (USA)201-5001987Private Equity


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