Track Record
Minds Capital Fund I deployed from early 2024 through late 2025
A snapshot of our portfolio
These are the averages we're asked about most often from our Fund I portfolio. They represent a good benchmark for high-quality independent sponsor-led acquisitions.
Active Portfolio Commitments
17
Average Revenue
$20.5m
Average EBITDA
$4.18m
Average Valuation
5.14x
Average Valuation (excl. tech deals)
4.74x
Average Base Case - IRR projection
40.3%
Average Base Case - MOIC projection
5.2x
A Typical Minds Capital Deal
A representative Sources and Uses from our portfolio as of December 2025 — 17 platform investments + 3 add-ons — and our overall database of 317 deals screened for Fund 1.
Sources ($25.6m)
Senior debt
$8.1m (1.8x)
Seller note
$1.5m (0.3x)
New equity
$11.3m (2.6x)
Rollover equity
$3.7m (0.8x)
Uses ($25.6m)
Cash at close
$18.2m
Seller note
$1.5m
New equity
$3.7m
Rollover equity
$1.0m
Expenses
$1.2m
Total Equity Raise: Ample space for Minds to increase its check size
The Flywheel at Minds Capital
We are "media first" at Minds. Producing industry-leading content is a pillar of our strategy. Using content we add value to the ecosystem, and receive value in return in the form of opportunities to invest in premium acquisitions.
30
Minds Capital Podcast episodes
380+
Acquiring Minds episodes
1M+
Linkedin impressions in 2025
10k+
weekly podcast downloads
Minds’s Process for Evaluating Investment Opportunities
1
Review Deal Materials
Review CIM, QoE, Pro Forma Introductory call
2
Downside Protection
Analyze projections:
How credible is the base case?
Viable path to 5x MOIC?
3
Upside Potential
Qualify deal against 89-point checklist
4 sections: Market, Target, Sponsor, Deal terms
6
Rank the Opportunity
“Is this the best deal of the month?”
5
Unanimous Approval
All 3 GPs submit survey with written assessment
4
Investor Briefing
Send email to investors about the new committed deal
Share if still open for co-investment
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“I get very excited when a base case is based on a continuation of what’s already happened, with the same multiple, same growth, same margins, rather than relying on too many things that have to go right.”
Niklas James