Alpine Investors
Alpine Investors is a people-driven private equity firm that invests in software and services businesses in the upper middle market (EBITDA $1-50M, EV up to $1B), managing $18.5B AUM across nine flagship funds and operating a PeopleFirst talent platform that has produced 70+ CEOs.
- Company typePrivate
- Founded2001
- HeadquartersSan Francisco, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Alpine Investors does
Alpine Investors is a people-driven private equity firm founded in 2001 by Graham Weaver in San Francisco, with additional offices in New York and Austin. The firm invests in software and services businesses in the upper middle market, targeting companies with EBITDA of $1-50 million and enterprise values up to $1 billion across the United States, Canada, Europe, and Australia. Alpine manages $18.5 billion in assets under management across nine flagship funds, with Fund IX closing at the $4.5 billion hard cap in 2023. The firm has executed 850+ lifetime investments and operates an active buy-and-build platform of 18+ platforms and 700+ add-ons over the past five years.
The firm's core differentiator is its PeopleFirst operating philosophy, operationalized through the Atlas value-creation team and six executive talent programs. The CEO-in-Training (CIT), CEO-in-Residence (CIR), and Investor-in-Residence (IIR) programs have produced 70+ CEOs and placed 129 PeopleFirst Leaders across the portfolio, including 86 women or BIPOC executives. The Atlas team provides Talent, Go-to-Market, and Portfolio Operations functions, supported by a Sprint/Pass Playbook for rapid deal execution. The firm explores 18,000+ deals annually and offers a 24-hour deal feedback commitment to intermediaries.
Alpine generates revenue through management fees on committed capital across its nine flagship funds and carried interest from successful fund realizations. Notable portfolio platforms include Apex Service Partners (the nation's largest residential HVAC, plumbing, and electrical services business with $3B+ annual revenue across 75 brands in 46 states), Evergreen Services Group (managed IT services with a stated $5B revenue target by 2030), Medusind (healthcare revenue cycle management), Vertex Service Partners (roofing and exterior services at $600M+ revenue), and Aspen Standard Wealth (RIA holding company with $14B in client assets). The firm is B Corp certified, UNPRI-certified, and has been Great Place to Work certified for seven consecutive years, with a current B Impact Score of 103.1.
Alpine Investors firmographics
Firmographics- Name
- Alpine Investors
- Legal name
- Alpine Investors
- Website
- https://alpineinvestors.com
- Company type
- Private
- Founded year
- 2001
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Alpine Investors is a people-driven private equity firm that invests in software and services businesses in the upper middle market (EBITDA $1-50M, EV up to $1B), managing $18.5B AUM across nine flagship funds and operating a PeopleFirst talent platform that has produced 70+ CEOs.
- Ownership category
- akta.pro rank
Alpine Investors industry classification
Industry- Product category
- Private Equity Investment Management
- NAICS
- Portfolio Management and Investment Advice (523940)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Large-Cap / Mega-Fund Buyout (FSANABAA)
- akta.pro secondary industry
- Capital Raising Advisory (Debt/Equity/Private Capital) (BPAHADAG)
Keywords
Where Alpine Investors is headquartered
LocationHeadquarters
- HQ city
- San Francisco
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
Alpine Investors business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Others
Revenue model
- Management Fees: Private equity management fees charged on committed capital across 9 flagship funds totaling $4.5+ billion in Fund IX alone.
- Carried Interest: Performance-based carried interest from successful fund realizations across software and services investments.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Investment criteria-based pricing |
Go-to-market motion1 record
Distribution channels4 records
Marketing channels7 records
Alpine Investors product offering
Product offeringCore offering
Alpine Investors is a people-driven private equity firm that invests in software and services businesses in the upper middle market, targeting companies with EBITDA of $1-50 million and enterprise values up to $1 billion. The firm raises and manages flagship private equity funds ($54M Fund 1 in 2001 through $4.5B Fund IX in 2023, totaling $18.5B AUM) and supports portfolio companies through its PeopleFirst operating philosophy, Atlas value-creation platform, and executive talent programs including CEO-in-Training, CEO-in-Residence, and Investor-in-Residence.
Product overview
Alpine Investors is a people-driven private equity firm specializing in software and services businesses. Rather than a single unified product, Alpine operates as a platform of platforms, backing multiple portfolio companies across diverse service verticals. Key current platforms include Apex Service Partners (HVAC, plumbing, electrical—the nation's largest residential home services business with 75 brands across 46 states), Evergreen Services Group (managed IT services with $5B revenue target by 2030), Guardian Restoration Partners (home restoration), Oakline Properties (property management), Mosaic Service Partners (residential home improvement), Vertex Service Partners (roofing/exterior with $600M+ revenue), Medusind (healthcare revenue cycle management), Alpine Software Group (vertical SaaS), TEAM Services Group (home health), Orion Group (facilities services), and Aspen Standard Wealth (RIA wealth management with $14B AUM). Alpine's investment approach is guided by its PeopleFirst philosophy, focusing on management transitions, buy-and-build strategies, and long-term value creation across its portfolio.
Differentiator
Problem solved
Functional benefit
Brands
- Alpine Software Group (ASG): Vertical SaaS software platform that buys, builds, and operates software businesses
- Atlas
- PeopleFirst
- Force for Good
Products and services
- Flagship Private Equity Funds (Fund I through Fund IX) Closed-end private equity vehicles that deploy capital into upper-middle-market software and services businesses (EBITDA $1-50M, EV up to $1B), generating revenue through management fees and carried interest. Available to institutional Limited Partners.
- Atlas Value Creation Platform Value-creation team and operating platform that hires, develops, and deploys exceptional leaders into Alpine's portfolio companies, providing Talent, Go-to-Market, and Portfolio Operations capabilities underpinned by the Alpine Playbook. Offered to portfolio companies.
- PeopleFirst Operating Program Operating philosophy and rhythm deployed across portfolio companies, with 25 PeopleFirst consultants and executive coaches and 2,500+ hours of coaching deployed in 2025. Designed for portfolio company leadership teams.
- CEO-in-Training (CIT) Program Executive development program that places aspiring leaders into CEO and CXO roles across Alpine's portfolio companies, with 70+ CITs promoted to CEO roles. Targets emerging executive talent for placement.
- CEO-in-Residence (CIR) Program
Quantifiable outcome
- 40.1 average portfolio-wide employee eNPS score since 2020 (scores above 40 considered 'great')
- +5 more outcomes
Companies that use Alpine Investors
Customer profileNamed customers12 records
Segments4 records
Ideal customer profiles2 records
Alpine Investors technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
Feature3 records
Alpine Investors partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered minor.
- Kirkland & EllisminorKirkland & Ellis advised Apex Service Partners on the strategic minority investment from Apollo Funds, providing legal counsel for the transaction.
- AccentureminorAccenture acquired Ascendient Learning, a subsidiary of Axcel Learning from Alpine Investors, to expand its learning and certification services with instructor-led training and industry-recognized credentials across North America.
- Wilson Language TrainingminorWilson Language Training partnered with Alpine Investors to expand its reach and impact in literacy education, accelerating Wilson's growth and supporting delivery of structured literacy programs across the United States.
Scale indicators17 records
Recent moves11 records
Expansion highlights6 records
Alpine Investors competitors and assessment
Company assessmentDirect peers
- The Sterling Group: Houston-based mid-market PE firm focused on industrial, distribution, and business services. Comparable mid-market buy-and-build playbook with a services tilt.
- Genstar Capital: San Francisco-based mid-market PE firm with ~$45B AUM, focused on software and business services. Closest comparable to Alpine by strategy (services+software buyout, buy-and-build) and California footprint.
- The Riverside Company: Globally active mid-market PE firm investing in services and software businesses with buy-and-build theses. Comparable deal-size band and lower-middle-market focus make it a close operating peer.
- Audax Group: Mid-market PE firm known for systematic buy-and-build strategies in services and healthcare, with ~$36B AUM. Directly comparable approach of stitching together many small add-ons into platforms.
- Trinity Hunt Partners: Services-focused lower-mid-market PE firm with a heavy emphasis on founder partnerships. Similar niche and culture-driven model, though smaller in AUM.
- Webster Equity Partners: Boston-based services-focused PE firm investing in healthcare services, consumer services, and business services. Comparable vertical mix and founder-friendly approach.
- Mainsail Partners: Growth-oriented PE firm investing in bootstrapped software and tech-enabled services. Overlaps with Alpine's software/services focus at a smaller fund size.
- Huron Capital: Detroit-based lower-mid-market PE firm investing in business services, consumer, and industrial. Similar founder-friendly, services-led model at smaller scale.
Broad incumbents
- Thoma Bravo: Largest software-focused PE firm in the world (~$160B+ AUM). Overlaps with Alpine's software/vertical-SaaS exposure but operates at much larger scale and with a pure-software focus.
- Vista Equity Partners: Software-only PE firm with ~$100B+ AUM and a similarly deep operating-partner model. Comparable operating playbook, but far larger and software-only versus Alpine's services+software mix.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Alpine Investors social profiles
Digital presenceAlpine Investors compliance and trust
Trust signalCompliance3 records
Alpine Investors financial estimates
Financial estimateRevenue estimate
Valuation estimate
Alpine Investors leadership team
Management profileNumber of profiles
Profiles10 records
Alpine Investors subsidiaries and ownership
Company hierarchySubsidiaries17 records
Alpine Investors funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Alpine Investors M&A and investment
M&A and investmentM&A28 records
Investments28 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Alpine Investors
What does Alpine Investors do?
Alpine Investors is a people-driven private equity firm that invests in software and services businesses in the upper middle market, targeting companies with EBITDA of $1-50 million and enterprise values up to $1 billion. The firm raises and manages flagship private equity funds ($54M Fund 1 in 2001 through $4.5B Fund IX in 2023, totaling $18.5B AUM) and supports portfolio companies through its PeopleFirst operating philosophy, Atlas value-creation platform, and executive talent programs including CEO-in-Training, CEO-in-Residence, and Investor-in-Residence.
Is Alpine Investors a public or private company?
Alpine Investors is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Alpine Investors founded?
Alpine Investors was founded in 2001. It employs 11 to 50 people.
Where is Alpine Investors based?
Alpine Investors is headquartered in San Francisco, United States, in the North America region.
How does Alpine Investors make money?
Two revenue lines are on record. Management Fees are the primary driver. The others are carried Interest.
Who are Alpine Investors's main competitors?
Direct peers on record are The Sterling Group, Genstar Capital, The Riverside Company, Audax Group, Trinity Hunt Partners, Webster Equity Partners, Mainsail Partners and Huron Capital. Broad incumbents are Thoma Bravo and Vista Equity Partners.
Does Alpine Investors have an API?
No public API is recorded for Alpine Investors.
What industry is Alpine Investors in?
Alpine Investors's product category is Private Equity Investment Management. Its primary akta.pro industry code is FSANABAA, Large-Cap / Mega-Fund Buyout, with a secondary code of BPAHADAG, Capital Raising Advisory (Debt/Equity/Private Capital). Its NAICS code is 523940 and its SIC code is 6282.