Prospect Partners
Prospect Partners is a Chicago-based private equity firm founded in 1998 that invests in pre-middle market companies with $3-10M EBITDA and $15-100M revenues, executing recapitalizations, platform build-ups, and generational transitions across niche manufacturing, distribution, and specialty services, with $225M Fund V closed in October 2024.
- Company typePrivate
- Founded1998
- HeadquartersChicago, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Prospect Partners does
Prospect Partners is a Chicago-based private equity firm founded in 1998 by Rick Tuttle and Lou Kenter that specializes in control investments in pre-middle market companies with EBITDA between $3 million and $10 million and revenues typically between $15 million and $100 million. The firm targets entrepreneurial management teams in fragmented markets across niche manufacturing, value-add distribution, and specialty B2B/B2C services, executing recapitalizations, platform build-ups, carve-outs, and generational transitions. Prospect Partners differentiates itself through a proprietary "Entrepreneurial IQ (EIQ)" framework, emphasizing hands-on partnership and intelligence rather than interference, and has built a network of 55+ platform companies and 115+ add-on acquisitions across more than 175 total investments since inception.
The firm operates a multi-fund private equity model, having raised Fund I ($75M), Fund II ($150M), Fund III ($195M), Fund IV ($200M), and most recently Fund V at a $225 million hard cap closed in October 2024 oversubscribed. Revenue is generated through management fees on committed and invested capital plus carried interest on realized exits; recent realization activity (Minuteman Security Technologies August 2023, Central States HVAC Solutions October 2024, Bland Landscaping December 2024, All Glass & Windows March 2025, Wedgewood Weddings June 2025) has generated liquidity events for the fund family. In December 2021, the firm established the PP III Continuation Fund led by New 2ND Capital with participation from Adams Street Partners and Abbott Capital Partners to provide fresh capital and additional hold time for seven remaining Fund III portfolio companies.
Distribution is sales-led and relationship-driven, relying on direct outreach to founders, investment-banker intermediaries, and referrals from the existing portfolio and management network. The investment team is led by Partners Brett Holcomb, Erik Maurer, Brad O'Dell, Mike McInerney (promoted January 2025), and Founders Rick Tuttle and Lou Kenter, supported by a bench of directors, vice presidents, and associates, with a dedicated Financial Operating Partner (Laura Juarez) for post-acquisition value creation at portfolio companies. Prospect Partners does not develop proprietary technology; its core "product" is capital, operating expertise, and a curated playbook for building pre-middle market platforms into larger, more institutionalized businesses.
Prospect Partners firmographics
Firmographics- Name
- Prospect Partners
- Legal name
- Prospect Partners Advisors, LLC
- Website
- https://prospect-partners.com
- Company type
- Private
- Founded year
- 1998
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Prospect Partners is a Chicago-based private equity firm founded in 1998 that invests in pre-middle market companies with $3-10M EBITDA and $15-100M revenues, executing recapitalizations, platform build-ups, and generational transitions across niche manufacturing, distribution, and specialty services, with $225M Fund V closed in October 2024.
- Ownership category
- akta.pro rank
Prospect Partners industry classification
Industry- Product category
- Private Equity Investment Management
- NAICS
- Portfolio Management and Investment Advice (523940), All Other Financial Investment Activities (52399)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Private Equity Fundraising Placement (FSAEALAB)
Keywords
Where Prospect Partners is headquartered
LocationHeadquarters
- HQ city
- Chicago
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Prospect Partners business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- Fund Management: Prospect Partners generates revenue through management fees and carried interest from its private equity funds. The firm manages multiple funds including Fund V at $225M hard cap, with historical funds Fund IV ($200M), Fund III ($195M), Fund II ($150M), and Fund I ($75M).
Go-to-market motion1 record
Distribution channels2 records
Marketing channels5 records
Prospect Partners product offering
Product offeringCore offering
Prospect Partners is a Chicago-based private equity firm that invests in pre-middle market companies with EBITDA between $3-10 million and revenues between $15-100 million. The firm partners with entrepreneurial management teams to execute recapitalizations, platform build-ups, carve-outs, and generational transitions across niche manufacturing, distribution, and specialty service industries. Its offering combines growth capital, strategic guidance, operational support, and access to a network of 55+ platform companies.
Product overview
Prospect Partners is a Chicago-based private equity firm that has been investing in pre-middle market companies since 1998. The firm specializes in partnering with entrepreneurial management teams of companies with EBITDA between $3-10 million and revenues between $15-100 million. Prospect Partners focuses on recapitalizations, platform build-ups, carve-outs, and generational transitions across niche manufacturing, distribution, and specialty service markets. The firm has a portfolio of portfolio companies spanning various industries including specialty food manufacturing (Kronos Foods), infrastructure equipment distribution (Owen Equipment), fire/life safety services (Summit Companies), technology accessories (ProClip), building envelope services (Extera Building Solutions), specialty logistics (Blackwood Solutions), security technology (Minuteman, QMI Security Solutions), managed waste services (Waste Harmonics), commercial landscaping (Bland Landscaping), wedding/hospitality services (Wedgewood Weddings), managed IT/cybersecurity (Entech), and home services (Complete Home Services). Rather than offering a unified product platform, Prospect Partners operates as an investment firm whose 'product' is its capital, expertise, and partnership approach to growing portfolio companies.
Differentiator
Problem solved
Functional benefit
Products and services
- Private Equity Fund Investment (Pre-Middle Market)
- Prospect Partners Fund V
- PP III Continuation Fund
Quantifiable outcome
- 20% portfolio revenue growth in 2023
- +1 more outcomes
Companies that use Prospect Partners
Customer profileNamed customers13 records
Segments4 records
Ideal customer profiles2 records
Prospect Partners technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Prospect Partners partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered minor.
- M2O Private Fund AdvisorsminorServed as exclusive financial advisor to Prospect Partners for the PP III Continuation Fund transaction.
- Kirkland & Ellis LLPminorServed as legal counsel to Prospect Partners for the PP III Continuation Fund transaction.
- Ropes & GrayminorServed as legal counsel for New 2ND Capital for the PP III Continuation Fund transaction.
- Lincoln InternationalminorServed as Velocity Aerospace's exclusive financial advisor in exit transaction to strategic acquirer.
- Meridian CapitalminorServed as Landmark Irrigation's exclusive financial advisor in exit to TriCal Soil Solutions.
- FOCUS Investment BankingminorAdvised Entech Computer Services on recapitalization transaction with Prospect Partners.
Scale indicators7 records
Recent moves8 records
Expansion highlights5 records
Prospect Partners competitors and assessment
Company assessmentMarket position
Weaknesses4 records
Competitive moat4 records
Key risks5 records
Key highlights7 records
Customer concentration
Prospect Partners social profiles
Digital presenceProspect Partners financial estimates
Financial estimateRevenue estimate
Valuation estimate
Prospect Partners leadership team
Management profileNumber of profiles
Profiles15 records
Prospect Partners funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Prospect Partners M&A and investment
M&A and investmentM&A4 records
Investments34 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Prospect Partners
What does Prospect Partners do?
Prospect Partners is a Chicago-based private equity firm that invests in pre-middle market companies with EBITDA between $3-10 million and revenues between $15-100 million. The firm partners with entrepreneurial management teams to execute recapitalizations, platform build-ups, carve-outs, and generational transitions across niche manufacturing, distribution, and specialty service industries. Its offering combines growth capital, strategic guidance, operational support, and access to a network of 55+ platform companies.
Is Prospect Partners a public or private company?
Prospect Partners is a private company. It is classified as management employee owned and is currently operating.
When was Prospect Partners founded?
Prospect Partners was founded in 1998. It employs 11 to 50 people.
Where is Prospect Partners based?
Prospect Partners is headquartered in Chicago, United States, in the North America region.
How does Prospect Partners make money?
One revenue line is on record: fund Management.
Does Prospect Partners have an API?
No public API is recorded for Prospect Partners.
What industry is Prospect Partners in?
Prospect Partners's product category is Private Equity Investment Management. Its primary akta.pro industry code is FSAEALAB, Private Equity Fundraising Placement. Its NAICS code is 523940 and its SIC code is 6282.