Investing in Lower Middle Market Growth
Our Limited Partners are accredited investors looking to invest personal capital in this asset class, which is known for competitive returns but is difficult for non-institutional investors to access. If that’s you, Fund II is open now.
The Opportunity
Minds Capital was founded in 2023 by Niklas James, Max Lummis, and Will Smith, three partners embedded in the world of independent sponsors (also known as "entrepreneurial private equity"). The partnership combines deep dealmaking expertise and financial diligence horsepower with a popular media platform.
The firm‘s investment strategy focuses on gap equity for independent sponsor-led acquisitions of businesses in the lower middle market. High-quality, high-volume deal flow enables Minds Capital to invest in a dozen such acquisitions each year. For accredited investors who join Minds Capital as limited partners, this is an opportunity to invest in a diversified basket of acquisitions in a fast-growing sector of private equity where returns are considerably higher than PE overall.
Track Record
Minds Capital Fund I began deploying capital in early 2024 at a pace of roughly one commitment per month. Investments have spanned industries, from healthcare to business services to software to manufacturing.
As of December 1st, 2025, Fund I has committed to 17 deals. The average EBITDA at close across these acquisitions is $4.2m, while the average valuation is 5.1x.
Learn More: Track Record
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What Our Investors Say
Fund II
Building on the momentum of Fund I, Minds Capital will open its second fund in the back half of 2025. The gap-equity strategy will remain the same, though the check size of investments will grow. Deal flow has grown since launch in 2024, and we expect that to continue as awareness of our value proposition spreads among the community of independent sponsors.
How to join
If you are an accredited investor interested in learning how to participate as a limited partner with Minds Capital, register for Fund II. We will follow up with more information.