Coalesce Capital

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.

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

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Management Fees: Private equity fund management fees charged on committed capital under management
2. Carried Interest: Performance-based carried interest (typically 20% of fund profits above hurdle rate) from successful portfolio company exits
3. Transaction & Monitoring Fees: Fees from portfolio company transactions and ongoing monitoring/advisory services

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core 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

Named customers4 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Seven partnerships are on record, tiered minor.

• Ropes & GrayminorOthers · 6 January 2026Ropes & Gray served as legal advisor to Coalesce Capital for the Marshall & Stevens investment.
• StifelminorOthers · 6 January 2026Stifel served as financial advisor to Coalesce Capital for the Marshall & Stevens investment.
• LazardminorOthers · 11 November 2025Lazard acted as exclusive financial advisor to DecisionHR in the transaction where Coalesce Capital acquired a majority stake.
• Latham & WatkinsminorOthers · 11 November 2025Latham & Watkins served as legal advisor to Coalesce Capital for the DecisionHR transaction.
• LazardminorOthers · 27 May 2025Lazard served as financial advisor to Coalesce Capital for the DAS Health acquisition transaction.
• Brown Gibbons Lang & Co.minorOthers · 11 September 2024Brown Gibbons Lang & Co. served as financial advisor to Coalesce Capital for the Miller Environmental Group acquisition.
• Greenberg TraurigminorOthers · 11 September 2024Greenberg Traurig served as legal advisor to Coalesce Capital for the Miller Environmental Group acquisition.

Scale indicators6 records

Recent moves7 records

Expansion highlights6 records

Direct 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

• LinkedInlinkedin.com/company/coalesce-capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries6 records

Funding overview

Funding rounds1 record

Investors1 record

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

M&A5 records

Investments3 records

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

Frequently asked questions about Coalesce Capital