Tyree & D'Angelo Partners

What Tyree & D'Angelo Partners does

Tyree & D'Angelo Partners (TDP) is a Chicago-based private equity firm founded in 2013 by Enzo D'Angelo and Michael Tyree, operating from a Chicago headquarters at 111 E Wacker Drive and a Dallas office at 300 Crescent Court. The firm manages over $2.5 billion of capital and executes a lower middle market buy-and-build strategy, targeting companies with less than $50 million of annual revenue and $1-5 million of EBITDA in fragmented healthcare (dental support organizations, veterinary support organizations, physical therapy, dermatology), insurance brokerage, home services, and early childhood education sectors across the U.S. and Canada.

TDP's core offering is control equity investment combined with an unusually broad in-house Resource Partner platform — Human Capital, Business Development, Marketing, Strategy & Operations, and Real Estate — intended to provide operating support to portfolio management teams that co-invest 100% of the time alongside the firm. Beyond the core private equity strategy, TDP has expanded into TDP Private Credit (flexible credit solutions for lower middle market businesses) and TDP Real Estate (real estate capital for portfolio companies). The firm manages an active portfolio of approximately 13 platform companies, with select realized exits including Elite Dental Partners (sold to Cressey & Company in 2018) and Heartland Veterinary Partners (sold to Gryphon Investors in 2019). Its most significant recent capital event was a $1 billion single-asset continuation fund for Western Veterinary Partners closed in November 2025, anchored by HarbourVest Partners.

The firm's revenue model is traditional private equity fund management: management fees on committed and invested capital plus carried interest on realized exits. TDP is registered with the SEC as an investment adviser through Tyree & D'Angelo Partners Management LP and Tyree & D'Angelo Partners LLC, and distributes investment opportunities only to qualified investors through private placement memoranda.

Name

Tyree & D'Angelo Partners

Legal name

Tyree & D'Angelo Partners Management LP

Website

https://tdpfund.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

51–100 employees

Short description

Tyree & D'Angelo Partners is a Chicago-based private equity firm managing over $2.5 billion that executes a lower middle market buy-and-build strategy in healthcare services and business services, partnering with founder-owned businesses and providing in-house Resource Partners for operating support.

Ownership category

akta.pro rank

Product category

Private Equity / Lower Middle Market Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Business Services (B2B) Growth Equity (FSANACAD)

akta.pro secondary industries

Real Estate / PropTech Growth Equity (FSANACAH), Large-Cap / Sponsor Finance Direct Lending (FSANADAJ)

Keywords

• Private equity firm
• Lower middle market
• Buy and build strategy
• Growth capital investing
• Portfolio company management

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Private Equity Fund Management: TDP generates returns through management fees and carried interest from its private equity funds. The firm has $2.5 billion of capital under management and creates value through buying and building high-quality lower middle market companies.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

TDP is a private equity firm that invests growth capital into founder-owned lower middle market businesses (less than $50 million annual revenue and $1–$5 million EBITDA) and partners with management teams to execute buy-and-build strategies in fragmented healthcare, consumer, and business services markets in the U.S. and Canada. The firm offers three investment strategies — Private Equity, Private Credit, and Real Estate — and supports portfolio companies with an internal Resource Partner team spanning human capital, business development, marketing, strategy & operations, and real estate.

Product overview

Tyree & D'Angelo Partners (TDP) is a private equity firm offering three primary investment strategies: Private Equity (growth capital and buy & build support for Lower Middle Market businesses), Private Credit (flexible credit solutions), and Real Estate (real estate capital for business owners). TDP operates a portfolio of 13 companies across healthcare services, dental support organizations, veterinary support organizations, insurance, home services, and early childhood education sectors. The firm's investment approach focuses on partnering with business owners and executives to execute buy & build strategies in fragmented markets.

Differentiator

Problem solved

Functional benefit

Brands

• TDP Private Equity: Provides growth capital and support for Lower Middle Market businesses
• TDP Private Credit
• TDP Real Estate

Products and services

• Private Equity (Buy & Build)
• Private Credit
• Real Estate Capital

Quantifiable outcome

• TDP companies have completed over 1,000 partnerships
• +4 more outcomes

Named customers12 records

Segments5 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered major and core.

• Mitsui & Co.majorStrategic or Co-development Partner · 17 October 2022Mitsui & Co. made a strategic minority investment in Signature Dental Partners, partnering with TDP and SDP's management team to support the company's growth through dental practice acquisitions. Mitsui brings expertise from healthcare investments in Japan.
• Kirkland & Ellis LLPcoreOthersKirkland & Ellis LLP served as legal advisor to TDP for the Western Veterinary Partners continuation fund.
• Winston & Strawn LLPcoreOthersWinston & Strawn LLP served as legal advisor to Western Veterinary Partners.
• Ropes & Gray LLPcoreOthersRopes & Gray LLP served as legal advisor to HarbourVest Partners for the continuation fund transaction.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Shore Capital Partners: Chicago-based PE firm exclusively focused on lower middle market healthcare services and consumer-facing businesses, often with fragmented roll-up strategies. Directly comparable to TDP on sector focus, geography, deal size, and buy-and-build approach.
• Wind Point Partners: Chicago-based PE firm focused on lower middle market consumer products and business services buy-and-builds. Both TDP co-founders (Enzo D'Angelo and Michael Tyree) previously worked at Wind Point, and the firm shares highly comparable strategy, geography, and target company profile.
• GTCR: Chicago-based private equity firm with deep healthcare services exposure (e.g., DSO investments) and broad sector coverage across growth equity, leveraged buyouts, and healthcare services. TDP's CFO Jim Fox previously worked at GTCR, and the firm shares the same lower-middle-market growth equity heritage.
• Gryphon Investors: San Francisco-based PE firm focused on lower middle market healthcare services, consumer, and business services buy-and-builds. Gryphon partnered with TDP on the Heartland Veterinary Partners exit (2019), making it a directly comparable peer in sector, strategy, and deal size.
• Trinity Hunt Partners: Dallas-based lower middle market PE firm focused on business services, healthcare, and consumer services with a founder-friendly partnership model. Trinity Hunt's emphasis on management co-investment, sector focus, and lower middle market deal profile closely mirror TDP's strategy.
• Webster Equity Partners: Boston-based PE firm focused on healthcare services and consumer-related businesses in the lower middle market with a buy-and-build strategy. Webster's DSO and behavioral health investments parallel TDP's healthcare services platform thesis.
• The Riverside Company: Globally-focused PE firm investing across lower middle market in healthcare, business services, and consumer. TDP Partner Kenny Shum previously worked at Riverside's Micro-Cap Fund, and the firm shares highly comparable lower-middle-market strategy and sector mix.
• Cressey & Company: Chicago-based healthcare-focused PE firm investing in lower middle market healthcare services and technology-enabled businesses. Cressey partnered with TDP on the Elite Dental Partners exit (2018), making it a directly comparable peer in healthcare services focus and lower middle market strategy.
• Norwest Equity Partners: Minneapolis-based lower middle market PE firm with deep focus on healthcare services and business services buy-and-builds. Both TDP co-founders (Enzo D'Angelo and Punil Bhula) and Nathan Miller previously worked at Norwest, sharing strategy, deal profile, and sector focus with TDP.
• The Beekman Group: New York-based PE firm focused on lower middle market business services and healthcare services companies. TDP Partner Punil Bhula previously worked at Beekman, and the firm shares comparable deal size, sector focus, and buy-and-build orientation.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/tyree-dangelo-partners

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tyree & D'Angelo Partners