Coalesce Capital
Coalesce Capital is a New York-based private equity firm founded in 2022 that makes control investments in mid-sized human capital and technology-enabled business services companies in North America through its $900M debut fund, with ~$1.6-1.8B AUM and six active portfolio platforms.
- Company typePrivate
- Founded2022
- HeadquartersNew York, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Coalesce Capital does
Coalesce Capital is a New York-based private equity firm founded in 2022 by Stephanie Geveda, formerly Partner and Head of the Business Services Group at Warburg Pincus. The firm pursues a thesis-led strategy focused on control investments in mid-sized human capital and technology-enabled business services companies headquartered in North America, targeting businesses with at least $5M of EBITDA, $25M of revenue, and asset-light business models powered by human capital. Its investment criteria prioritize high-quality business models, durable end-markets, and secular tailwinds, with deal sourcing anchored in the founder's 20-year relationship network and a dedicated business development function.
The firm operates through its $900M debut fund, Coalesce Capital Fund I LP, closed in February 2024 oversubscribed above its $750M target, with regulatory assets under management reported at approximately $1.6-$1.8 billion by early 2026. Revenue mechanics follow the standard private equity model: recurring management fees on committed capital, transaction and monitoring fees from portfolio companies, and carried interest tied to successful exits. The LP base spans endowments, foundations, healthcare and pension systems (including CalPERS at $150M, Illinois Municipal Retirement Fund, and New York State Common Retirement Fund), financial institutions, and entrepreneurs.
The current portfolio comprises six active platform investments spanning PEO/HR outsourcing (DecisionHR), valuation advisory and transaction advisory (Marshall & Stevens), healthcare IT (DAS Health), executive compensation consulting (Pearl Meyer), environmental and waste services (Miller Environmental Group), and occupational health compliance testing (Examinetics, which operates the proprietary Salux™ hearing testing platform). Portfolio companies operate independently under Coalesce's "Systematize, Sell, Serve, Solve" value-creation playbook, with several — notably Miller Environmental and Examinetics — actively executing add-on acquisitions. The senior team of approximately 25 professionals is staffed almost entirely from marquee prior platforms including Warburg Pincus, Permira, Carlyle, TPG, New Mountain Capital, Vestar, Goldman Sachs, Morgan Stanley, and McKinsey.
Coalesce Capital firmographics
Firmographics- Name
- Coalesce Capital
- Legal name
- Coalesce Capital Management LLC
- Website
- https://www.coalescecap.com
- Company type
- Private
- Founded year
- 2022
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Coalesce Capital is a New York-based private equity firm founded in 2022 that makes control investments in mid-sized human capital and technology-enabled business services companies in North America through its $900M debut fund, with ~$1.6-1.8B AUM and six active portfolio platforms.
- Ownership category
- akta.pro rank
Where Coalesce Capital is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Coalesce 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
- Management Fees: Private equity fund management fees charged on committed capital under management
- Carried Interest: Performance-based carried interest (typically 20% of fund profits above hurdle rate) from successful portfolio company exits
- Transaction & Monitoring Fees: Fees from portfolio company transactions and ongoing monitoring/advisory services
Go-to-market motion1 record
Distribution channels1 record
Marketing channels5 records
Coalesce Capital product offering
Product offeringCore offering
Coalesce Capital is a private equity firm that makes control investments in mid-sized human capital and technology-enabled business services companies headquartered in North America. The firm provides upfront and ongoing capital, technology and digital enablement support, and a suite of tailored value creation resources (the Systematize, Sell, Serve, Solve playbook) to help portfolio companies accelerate organic and acquisition-driven growth. Coalesce raises and manages institutional funds, deploying capital across portfolio companies with enterprise values of $100M-$300M, $5M-$50M EBITDA, and $25M+ revenue.
Product overview
Coalesce Capital is a private equity firm (not a product company) that operates as an investment fund management platform with approximately $1.8 billion in regulatory assets under management. The firm makes control investments in mid-sized human capital and technology-enabled business services companies through its debut fund. The portfolio consists of seven platform companies: Marshall & Stevens (valuation advisory), DecisionHR (PEO/HR outsourcing), DAS Health (healthcare IT services), Pearl Meyer (executive compensation consulting), Miller Environmental Group (environmental/waste services), and Examinetics (occupational health compliance testing). These companies operate independently with Coalesce providing strategic capital, operational support, and value creation resources.
Differentiator
Problem solved
Functional benefit
Products and services
- Coalesce Capital Fund I LP Coalesce Capital's debut private equity fund with $900 million in capital commitments, making control investments in mid-sized human capital and technology-enabled business services companies in North America with $5M-$50M EBITDA, $25M+ revenue, and enterprise values of $100M-$300M. The fund provides upfront and ongoing capital, technology and digital enablement support, and tailored value creation resources through the Systematize, Sell, Serve, Solve playbook.
Quantifiable outcome
- Deployed nearly $700M in past 12 months across four companies
- +3 more outcomes
Companies that use Coalesce Capital
Customer profileNamed customers4 records
Segments4 records
Ideal customer profiles2 records
Coalesce Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Coalesce Capital partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered minor.
- Ropes & GrayminorRopes & Gray served as legal advisor to Coalesce Capital for the Marshall & Stevens investment.
- StifelminorStifel served as financial advisor to Coalesce Capital for the Marshall & Stevens investment.
- LazardminorLazard acted as exclusive financial advisor to DecisionHR in the transaction where Coalesce Capital acquired a majority stake.
- Latham & WatkinsminorLatham & Watkins served as legal advisor to Coalesce Capital for the DecisionHR transaction.
- LazardminorLazard served as financial advisor to Coalesce Capital for the DAS Health acquisition transaction.
- Brown Gibbons Lang & Co.minorBrown Gibbons Lang & Co. served as financial advisor to Coalesce Capital for the Miller Environmental Group acquisition.
- Greenberg TraurigminorGreenberg Traurig served as legal advisor to Coalesce Capital for the Miller Environmental Group acquisition.
Scale indicators6 records
Recent moves7 records
Expansion highlights6 records
Coalesce Capital competitors and assessment
Company assessmentDirect peers
- New Mountain Capital: Middle-market private equity firm with a long-standing focus on business services and tech-enabled services. Multiple Coalesce senior leaders were recruited from New Mountain (Austin Heiman, Will Choi), evidencing deep overlap in strategy and target profile.
- Vestar Capital Partners: Middle-market private equity firm focused on business services and consumer-driven companies. Coalesce Managing Directors Austin Heiman and Will Choi, plus Principal Neil Merchant, joined from Vestar, indicating a shared investment playbook in services.
- Audax Private Equity: Leading middle-market buyout firm executing a high-volume add-on acquisition strategy in business services and industrial sectors. Coalesce Managing Director Curtis Roby joined from Audax, and the roll-up execution at Miller Environmental is highly analogous to Audax's model.
- Sentinel Capital Partners: Lower-middle-market private equity firm specializing in business services and consumer companies. Coalesce Partner Jon Gurss joined from Sentinel, signaling comparable mid-sized services buyout focus and deal size.
- Abry Partners: Middle-market private equity firm focused on business services, healthcare services, and tech-enabled services. Coalesce Principals Benedikt Gottwald and Will Choi joined from Abry, evidencing shared sector specialization and EBITDA range targets.
- Welsh, Carson, Anderson & Stowe: Long-standing PE firm concentrated in healthcare and tech-enabled business services. Coalesce Principal Neil Merchant joined from WCAS, indicating strong overlap in healthcare services and business services investing.
- Sunstone Partners: Lower-middle-market private equity firm exclusively focused on tech-enabled business and healthcare services. Coalesce Principal Benedikt Gottwald's prior experience at Sunstone underscores the direct overlap in thesis and target profile.
- GenNx360 Capital Partners: Diversified middle-market private equity firm investing across business services, industrial, and consumer. GenNx360 sold Miller Environmental Group to Coalesce, evidencing direct comparability in target profile and exit-stage orientation.
- Sheridan Capital Partners: Middle-market PE firm focused exclusively on healthcare services and business services. Sheridan retained a minority position in DAS Health alongside Coalesce, signaling directly comparable investment focus and deal size.
Broad incumbents
- Permira: Global private equity firm with a broad services portfolio. Coalesce Managing Director John Mulflur joined from Permira's Services group, evidencing overlapping sector specialization though at a larger AUM scale and broader geographic footprint.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Coalesce Capital social profiles
Digital presenceCoalesce Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Coalesce Capital leadership team
Management profileNumber of profiles
Profiles8 records
Coalesce Capital subsidiaries and ownership
Company hierarchySubsidiaries6 records
Coalesce Capital funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Coalesce Capital M&A and investment
M&A and investmentM&A5 records
Investments3 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Coalesce Capital
What does Coalesce Capital do?
Coalesce Capital is a private equity firm that makes control investments in mid-sized human capital and technology-enabled business services companies headquartered in North America. The firm provides upfront and ongoing capital, technology and digital enablement support, and a suite of tailored value creation resources (the Systematize, Sell, Serve, Solve playbook) to help portfolio companies accelerate organic and acquisition-driven growth. Coalesce raises and manages institutional funds, deploying capital across portfolio companies with enterprise values of $100M-$300M, $5M-$50M EBITDA, and $25M+ revenue.
Is Coalesce Capital a public or private company?
Coalesce Capital is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Coalesce Capital founded?
Coalesce Capital was founded in 2022. It employs 11 to 50 people.
Where is Coalesce Capital based?
Coalesce Capital is headquartered in New York, United States, in the North America region.
How does Coalesce Capital make money?
Three revenue lines are on record. Management Fees are the primary driver. The others are carried Interest and transaction & Monitoring Fees.
Who are Coalesce Capital's main competitors?
Direct peers on record are New Mountain Capital, Vestar Capital Partners, Audax Private Equity, Sentinel Capital Partners, Abry Partners, Welsh, Carson, Anderson & Stowe, Sunstone Partners, GenNx360 Capital Partners and Sheridan Capital Partners. Permira is listed as a broad incumbent.
Does Coalesce Capital have an API?
No public API is recorded for Coalesce Capital.