Stonehenge Capital

What Stonehenge Capital does

Stonehenge Capital is a national specialty finance company founded in 1999 and headquartered in Columbus, Ohio. It operates two distinct business lines: Direct Investing, which provides flexible debt and equity capital ($1M–$15M range) to lower middle market companies in underserved communities through New Markets Tax Credit (NMTC), state fund, and SBIC programs; and Tax Credit Solutions, which syndicates federal and state tax credits — including NMTC, historic, renewable energy ITC/PTC, film, and state tax credits — to investors and developers. The firm's core operating subsidiary, Stonehenge Community Development, LLC, manages one of the largest NMTC practices in the industry, with over $1.4 billion in NMTC investments, $400M+ in state small business funds, and a $224 million SBIC fund (Stonehenge Community Impact Fund, L.P.) raised in 2020.

Revenue is generated through management fees on managed capital, structuring and syndication fees on tax credit transactions, and ongoing asset management fees across fund lifecycles. Stonehenge has operated across 35 states, supported 750+ businesses, and received 14 NMTC allocation awards since 2002, including a $50M CY 2023 award from a pool of 196 designated Community Development Entities. Its go-to-market is relationship-driven direct sales, with investment professionals located in Baton Rouge, New York, Dallas, Atlanta, Birmingham, and Denver. The firm's customer base spans renewable energy developers (Heelstone, Zelestra), lower middle market operating companies (Mountain West Brands), federally-qualified health centers (DePaul), universities (NCCU), and nonprofits (Boys & Girls Clubs, St. Jude's Ranch).

The firm's underlying technology is bespoke financial structuring, regulatory program management, and underwriting expertise rather than a software platform. It maintains a long-standing Strategic Alliance with the National Urban League (since 2003) for community deal flow, and sources tax equity from institutional investors and federal NMTC investors such as U.S. Bancorp Impact Finance. Pricing is not publicly disclosed; transactions are negotiated case-by-case.

Name

Stonehenge Capital

Legal name

Stonehenge Capital Company, LLC

Website

http://www.stonehengecapital.com

Company type

Private

Founded year

1999

Operating status

Operating

Headcount range

51–100 employees

Short description

Stonehenge Capital is a national specialty finance firm founded in 1999 that manages over $1.4B in NMTC investments, $400M+ in state funds, and a $224M SBIC fund, providing private equity, tax credit, and structured financing to lower middle market companies and developers in underserved communities across 35 U.S. states.

Ownership category

akta.pro rank

Product category

Specialty Finance

NAICS

Portfolio Management and Investment Advice (523940), Other Financial Vehicles (525990)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Large-Cap / Sponsor Finance Direct Lending (FSANADAJ)

akta.pro secondary industries

Capital Raising Advisory (Debt/Equity/Private Capital) (BPAHADAG), Corporate Finance & Capital Advisory (BPAHADAB)

Keywords

• New Markets Tax Credits
• Tax credit syndication
• Community development finance
• SBIC fund management
• Direct private equity

Headquarters

HQ city

Columbus

HQ country

United States

HQ region

North America

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&amp, D, Infrastructure

Revenue model

1. NMTC Management Fees: Stonehenge Community Development, LLC operates one of the largest NMTC practices, managing over $1.4 billion in investments. Revenue is generated through management fees and transaction fees from arranging New Markets Tax Credit financings for projects in low-income communities.
2. Tax Credit Syndication: The Tax Credit Solutions business syndicates federal and state tax credits (renewable energy ITC/PTC, historic tax credits, film tax credits, state tax credits) to investors. Revenue is earned through structuring fees and ongoing asset management fees.
3. SBIC Fund Management: The Stonehenge Community Impact Fund, L.P. (a $224 million SBIC fund launched in 2020) provides senior term financing to underserved businesses. Revenue generated through management fees on the $400+ million in state-focused small business funds.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Stonehenge Capital is a national specialty finance company that operates two business lines: Direct Investing (providing flexible debt and equity capital of $1M-$15M to lower middle-market businesses in underserved communities through NMTC, SBIC, and state fund vehicles) and Tax Credit Solutions (syndicating federal and state tax credits — including New Markets Tax Credits, Historic Tax Credits, Renewable Energy ITC/PTC, and Film Tax Credits — to institutional investors and developers). The firm manages over $1.4 billion in NMTC investments, a $224 million SBIC fund, and $400+ million in state small business funds.

Product overview

Stonehenge Capital is a financial services firm offering two primary operating divisions: Tax Credit Solutions and Direct Investing. Tax Credit Solutions provides syndicating services for federal and state tax credits including NMTC, Historic Tax Credits, Renewable Energy Tax Credits (ITC/PTC), Film Tax Credits, and transferable tax credits, serving both investors and developers. Direct Investing provides flexible debt and equity capital ($1M-$15M range) to underserved lower middle-market businesses through NMTC programs, State Funds, and the $224M SBIC (Stonehenge Community Impact Fund, L.P.). The company has participated in over 1,000 projects across 35 states and manages $1.4B+ in NMTC investments plus $400M+ in state fund AUM.

Differentiator

Problem solved

Functional benefit

Brands

• Stonehenge Community Impact Fund, L.P. Small Business Investment Company (SBIC) fund that provides senior term financing to businesses operating in areas targeted for economic revitalization nationally.
• Stonehenge Community Development, LLC

Products and services

• Tax Credit Solutions Syndication and asset management of federal and state tax credits (NMTC, Historic, Renewable Energy ITC/PTC, Film, State) for institutional investors and project developers, serving both investor and developer needs across fund lifecycles.
• Direct Investing Flexible debt and equity financing ($1M-$15M range) to growth-stage lower middle-market businesses in distressed or low-income communities, structured through NMTC, SBIC, and state fund programs. Targets small businesses that struggle to access traditional capital.
• Stonehenge Community Impact Fund, L.P. (SBIC) A $224 million SBIC-licensed fund vehicle providing senior term financing to traditionally underserved businesses operating in areas targeted for economic revitalization across the United States.
• New Markets Tax Credits (NMTC) Program Federal and state New Markets Tax Credit program investments for businesses in low-income communities. Stonehenge Community Development, LLC operates one of the largest NMTC practices in the industry, managing over $1.4 billion in investments with 14 allocation awards since CY 2002.
• State Small Business Investment Funds State-targeted small business investment funds providing traditional debt and equity financing, with over $400 million in Assets Under Management deployed through state-sponsored programs including state NMTC and rural-focused investment vehicles.

Quantifiable outcome

• $8 of private investment generated for every $1 of federal government investment through NMTC Program
• +3 more outcomes

Named customers7 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• National Urban LeaguecoreStrategic or Co-development Partner · 1 January 2003Strategic Alliance with the National Urban League targeting areas with high minority impact by creating employment opportunities and growing minority-owned or managed companies. Projects allow investment partners to receive Community Reinvestment Act (CRA) credit.

Scale indicators9 records

Recent moves13 records

Expansion highlights5 records

Direct peers

• Local Initiatives Support Corporation (LISC): National CDFI and CDE operating NMTC and community development lending programs in underserved urban and rural markets. LISC's dual lending-plus-syndicating model mirrors Stonehenge's Direct Investing and Tax Credit Solutions combination.
• HOPE Enterprise Corporation: Mississippi-based CDFI offering lending and tax credit solutions across the Deep South, including NMTC deployment. Stonehenge alumni have come from HOPE, signaling close operational and regional overlap with Stonehenge's southern U.S. footprint.
• Greystone Affordable Housing: Affordable housing and tax credit syndication firm with overlapping LIHTC, historic, and NMTC activities. Stonehenge alumni have moved to Greystone (per management bios), signaling an active talent and deal flow overlap with Stonehenge's Tax Credit Solutions business.
• Capital Impact Partners: National CDFI providing loans, equity, and tax credit investments in health care, education, and community facilities in underserved communities. Directly comparable to Stonehenge's lower-middle-market, impact-focused direct investing practice.
• Enterprise Community Partners: National nonprofit that operates CDEs and deploys capital into affordable housing and community development through NMTC and other tax credit programs. Closely comparable to Stonehenge's community development mission and CDE-style investment activity.
• Reinvestment Fund: National CDFI deploying capital and tax credits (NMTC, historic, renewable) into low-income communities. Operates a comparable mission-aligned, multi-vehicle investment platform serving similar borrowers and geographies as Stonehenge.
• Boston Financial (Boston Capital): Long-established tax credit syndicator focused on low-income housing, historic, and NMTC credits. Boston Financial participated alongside Stonehenge in affordable housing deals, operating a comparable tax credit syndication and asset management platform.
• Capital One Community Development Finance: Active CDE and tax credit investor participating alongside Stonehenge in deals such as NSA East Bank Apartments in New Orleans. Operates a similar community development and tax credit syndication practice targeting underserved markets.
• U.S. Bancorp Impact Finance: A subsidiary of U.S. Bancorp that acts as a federal NMTC investor and CDE partner. Frequently co-invests with Stonehenge in NMTC transactions (e.g., North Carolina Central University, St. Jude's Ranch for Children), making it a direct operating peer in community development tax credit investing.

Broad incumbents

• Calvert Impact Capital: National impact-focused intermediary that pools capital and syndicates investments into community development and environmental projects. Operates a broader portfolio of impact vehicles than Stonehenge but shares the tax credit syndication and impact fund management model.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/stonehenge-capital
• Xx.com/stonehengecaptl

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments52 records

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

Frequently asked questions about Stonehenge Capital