Black Dragon Capital
Black Dragon Capital is a Miami-based private equity firm investing in mid-market technology companies in fintech, e-commerce, and media technology, operating an operationally-led model with a proprietary Toolkit methodology across a portfolio of approximately 14 companies funded by a $386 million fund.
- Company typePrivate
- Founded2013
- HeadquartersMiami Beach, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Black Dragon Capital does
Black Dragon Capital is a private equity firm headquartered in Miami/Boca Raton, Florida, founded in 2013 by Louis Hernandez Jr., the former CEO of Avid Technology (2013-2018). The firm invests in mid-market technology companies undergoing digital disruption, with a focus on fintech, e-commerce, and media technology sectors. It has raised $386 million in committed capital and currently holds a portfolio of approximately 14 companies spanning payments (Payveris, Dragon Pay, PayOnward, Veep), community financial services technology (Open Banking Solutions, Indus, Ladonware, GenAspire), e-commerce platforms (Naveo Commerce, Enterworks), and broadcast/media technology (Grass Valley, Digital Joy), plus newer ventures in youth fintech, next-generation learning, and athletic development.
The firm operates an operationally-led investment model, differentiating through its proprietary Black Dragon Toolkit and Black Dragon Performance Group — codified methodologies that apply decades of operating expertise to convert mid-market technology companies into market leaders. Revenue is generated through two standard PE streams: (1) recurring management fees on assets under management, and (2) transaction-based carried interest and portfolio company realization returns. The firm supplements this LP base with a FinTech Limited Partner Advisory Board composed of credit unions that serve as both investors and strategic co-development partners, enabling portfolio fintech companies to access community financial institution distribution.
Black Dragon Capital distributes capital and services through direct engagement with institutional LPs and credit union partners, supported by content marketing (white papers on digital disruption and media technology), PR distribution, social media presence, and industry conference participation. Its go-to-market combines sales-led fundraising with strategic co-investment partnerships, particularly the credit union LP structure that aligns limited partners with portfolio fintech outcomes.
Black Dragon Capital firmographics
Firmographics- Name
- Black Dragon Capital
- Legal name
- Black Dragon Capital Investment Management, LLC
- Website
- https://blackdragoncap.com
- Company type
- Private
- Founded year
- 2013
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Black Dragon Capital is a Miami-based private equity firm investing in mid-market technology companies in fintech, e-commerce, and media technology, operating an operationally-led model with a proprietary Toolkit methodology across a portfolio of approximately 14 companies funded by a $386 million fund.
- Ownership category
- akta.pro rank
Black Dragon Capital industry classification
Industry- Product category
- Private Equity — Technology-Focused Investment Management
- NAICS
- Portfolio Management and Investment Advice (52394), All Other Financial Investment Activities (52399)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Technology & Software Growth Equity (FSANACAA)
- akta.pro secondary industry
- Impact / ESG Venture Capital (FSANAAAG)
Keywords
Where Black Dragon Capital is headquartered
LocationHeadquarters
- HQ city
- Miami Beach
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Black Dragon Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Others
Revenue model
- Fund Management Fees: Black Dragon Capital generates revenue through management fees charged on assets under management. The firm completed fundraising of $386 million indicating significant fee-generating AUM.
- Carried Interest/Performance Fees: The firm earns carried interest on investment returns from its portfolio companies, representing performance-based compensation typical of private equity structures.
- Portfolio Company Returns: Realization of returns through sale of portfolio companies including Payveris, EnterWorks, and other investments.
Go-to-market motion2 records
Distribution channels2 records
Marketing channels5 records
Black Dragon Capital product offering
Product offeringCore offering
Black Dragon Capital is a technology-focused private equity firm that raises capital from institutional limited partners and makes control investments in mid-market technology companies undergoing digital disruption. The firm applies proprietary operational methodologies — including the Black Dragon Toolkit and Black Dragon Performance Group — to transform its portfolio companies into market leaders across fintech, e-commerce, and media technology sectors. It also operates a FinTech Limited Partner Advisory Board with credit union partners to co-invest in fintech opportunities.
Product overview
Black Dragon Capital is a multi-phased investment firm focused on advanced technology and fintech. The firm operates a portfolio of 14 portfolio companies spanning fintech (Dragon Pay, Ladonware, Veep, PayOnward, Open Banking Solutions, Indus, Payveris), e-commerce (Naveo Commerce, Enterworks), and mediatech (Grass Valley, Digital Joy) sectors, along with newer ventures in youth fintech banking (GenAspire), next-gen learning (Dragons Academy), and athletic development (Dragons Elite Athletics). The firm differentiates through its proprietary operationally-led investment methodology, including The Black Dragon Toolkit and Black Dragon Performance Group, which apply decades of operational expertise to convert mid-market technology companies into market leaders.
Differentiator
Problem solved
Functional benefit
Products and services
- The Black Dragon Toolkit A proprietary operational methodology that Black Dragon Capital applies to portfolio companies, consisting of tools, templates, and guidelines hardened over decades of operating and investing in technology sectors to help convert mid-market technology companies into market leaders.
- Black Dragon Performance Group (DPG) An operational performance enhancement service that applies proprietary tools and expertise to help portfolio companies navigate digital disruption and achieve market leadership.
- FinTech Limited Partner Advisory Board A strategic advisory board comprising credit union partners (including SESLOC Credit Union) that guides Black Dragon Capital's fintech investment strategy and enables credit unions to participate in co-investment opportunities and gain early access to fintech innovations.
Quantifiable outcome
- 603% Enterprise Value of AUM growth from December 2018 to December 2022
- +2 more outcomes
Companies that use Black Dragon Capital
Customer profileNamed customers2 records
Segments3 records
Ideal customer profiles3 records
Black Dragon Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Black Dragon Capital partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core and supporting.
- SESLOC Credit UnioncoreBlack Dragon Capital formed a strategic partnership with SESLOC Credit Union, one of the fastest-growing credit unions in Central California serving over 56,000 members across nine counties. Through the partnership, SESLOC Credit Union joins Black Dragon's FinTech Limited Partner Advisory Board and the two organizations will work together to create and scale fintech companies aimed at helping credit unions transform their businesses amid digital disruption in financial services.
- Multiple Credit Unions (GenAspire Acquisition)coreBlack Dragon Capital acquired 100% of GenAspire (formerly Copper Banking), a teen banking solution, in partnership with multiple prominent credit unions. The investment aims to leverage GenAspire's platform to connect credit unions with younger demographics through financial education and digital banking services.
- Multiple Credit Unions (FinTech LP Advisory Board)coreBlack Dragon Capital established a FinTech Limited Partners Advisory Board comprising multiple prominent credit union partners to guide strategic decisions on fintech investments. The advisory board enables credit unions to participate in shaping the firm's investment strategy and gain early access to fintech innovations.
- R SystemssupportingBlack Dragon Capital partnered with R Systems, a digital consulting and AI analytics firm, to help accelerate portfolio companies' growth through digital transformation and AI-powered analytics capabilities.
- Grass ValleycoreGrass Valley, a leading technology supplier of advanced broadcast and media solutions, is a portfolio company owned by Black Dragon Capital. Louis Hernandez Jr. serves as Executive Chairman. The partnership focuses on accelerating Grass Valley's evolution to market leader in cloud-based media technology.
Scale indicators5 records
Recent moves8 records
Expansion highlights5 records
Black Dragon Capital competitors and assessment
Company assessmentBroad incumbents
- Thoma Bravo: One of the largest technology-focused private equity firms, taking control positions in mid-market and large-cap software companies. Comparable to Black Dragon Capital in its technology focus and operationally-engaged approach, though significantly larger in fund size.
- Vista Equity Partners: A leading technology-focused private equity firm applying a structured operating model (Vista Standard) to portfolio companies. Directly comparable to Black Dragon's operationally-led, toolkit-driven mid-market technology investment thesis, though at substantially greater scale.
Direct peers
- Francisco Partners: A technology-focused PE firm specializing in mid-market control investments across fintech, healthcare IT, and enterprise software. Closely comparable to Black Dragon Capital in fund size, sector focus, and mid-market technology control investment strategy.
- Insight Partners: A growth equity and buyout firm focused on technology and software companies. Comparable to Black Dragon Capital in its operator-led model and mid-to-late-stage technology investment focus, though typically larger check sizes and broader stage coverage.
- BV Investment Partners: A mid-market technology-focused PE firm investing in fintech, software, and tech-enabled services. Highly comparable to Black Dragon Capital in fund size, sector concentration (fintech emphasis), and lower-middle-market control investment strategy.
- Volition Capital: A mid-market growth equity firm focused on software, fintech, and e-commerce companies. Closely comparable to Black Dragon Capital in fund size range, sector mix (fintech + e-commerce), and growth-stage investment orientation.
- Edison Partners: A growth equity firm investing in technology-enabled financial services, healthcare, and enterprise solutions. Comparable to Black Dragon Capital in mid-market fintech focus and operationally-engaged investment approach.
- Susquehanna Growth Equity: A growth equity firm affiliated with Susquehanna International Group that invests in technology and financial services. Comparable to Black Dragon Capital in mid-market fintech focus and growth-stage investment approach.
- Accel-KKR: A technology-focused PE firm making control and growth investments in mid-market software and tech-enabled services. Directly comparable to Black Dragon Capital in mid-market technology control investing and operationally-driven value creation approach.
- JMI Equity: A growth equity firm investing in software, fintech, and tech-enabled services companies. Comparable to Black Dragon Capital in mid-market growth equity focus, software/fintech sector mix, and operator-engaged investment model.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks5 records
Key highlights7 records
Customer concentration
Black Dragon Capital social profiles
Digital presenceBlack Dragon Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Black Dragon Capital leadership team
Management profileNumber of profiles
Profiles10 records
Black Dragon Capital subsidiaries and ownership
Company hierarchySubsidiaries2 records
Black Dragon Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Black Dragon Capital M&A and investment
M&A and investmentM&A4 records
Investments20 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Black Dragon Capital
What does Black Dragon Capital do?
Black Dragon Capital is a technology-focused private equity firm that raises capital from institutional limited partners and makes control investments in mid-market technology companies undergoing digital disruption. The firm applies proprietary operational methodologies — including the Black Dragon Toolkit and Black Dragon Performance Group — to transform its portfolio companies into market leaders across fintech, e-commerce, and media technology sectors. It also operates a FinTech Limited Partner Advisory Board with credit union partners to co-invest in fintech opportunities.
Is Black Dragon Capital a public or private company?
Black Dragon Capital is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Black Dragon Capital founded?
Black Dragon Capital was founded in 2013. It employs 11 to 50 people.
Where is Black Dragon Capital based?
Black Dragon Capital is headquartered in Miami Beach, United States, in the North America region.
How does Black Dragon Capital make money?
Three revenue lines are on record. Fund Management Fees are the primary driver. The others are carried Interest/Performance Fees and portfolio Company Returns.
Who are Black Dragon Capital's main competitors?
Broad incumbents on record are Thoma Bravo and Vista Equity Partners. Direct peers are Francisco Partners, Insight Partners, BV Investment Partners, Volition Capital, Edison Partners, Susquehanna Growth Equity, Accel-KKR and JMI Equity.
Does Black Dragon Capital have an API?
No public API is recorded for Black Dragon Capital.
What industry is Black Dragon Capital in?
Black Dragon Capital's product category is Private Equity — Technology-Focused Investment Management. Its primary akta.pro industry code is FSANACAA, Technology & Software Growth Equity, with a secondary code of FSANAAAG, Impact / ESG Venture Capital. Its NAICS code is 52394 and its SIC code is 6282.