Nextgen Growth Partners
NextGen Growth Partners is a Chicago-based private equity firm that acquires founder- or family-owned lower middle market businesses ($5M-$50M revenue) in mission-critical B2B services, operating them through a CEO-in-Residence model and deploying committed capital from its three funds (most recently Fund III at $165M).
- Company typePrivate
- Founded2016
- HeadquartersChicago, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Nextgen Growth Partners does
NextGen Growth Partners is a Chicago-based private equity firm founded in 2016 by Brian O'Connor that pursues an Entrepreneurship Through Acquisition (ETA) strategy, acquiring founder- or family-owned businesses in the lower middle market — typically with $5M-$50M in revenue and $1.5M-$8M+ in EBITDA — and placing CEO-in-Residence (CIR) operators to run them. The firm concentrates on mission-critical B2B services with recurring revenue and fragmented supplier bases, including facilities services, niche contracting and infrastructure support, professional and technical services, and business process outsourcing. Its current and realized portfolio spans direct mail and legal marketing (JMG Marketing, PMP Marketing), commercial landscaping (Sunrise Landscape, Texas EcoGrow, West Coast Lawns & Landscaping), IT managed services (Robo6K, Computers Made Easy, Quality Network Solutions), property services (Premiere Property Services, DAWGS), HOA financial services (JEA, HOA Accounting Services), HVAC and plumbing (Morris Heating & Cooling, Plumbing and Drain Professionals), commercial janitorial (TriStar Building Services), and realized investments in freight audit (ConData), healthcare records (Record Connect), and beverage alcohol services (MHW).
The firm differentiates itself through a 100%-committed-capital model — Fund III closed at a $165M hard cap in August 2024, oversubscribed at first and final close — combined with a Portfolio Operations function that builds Value Creation Plans, supports board strategy, and drives add-on M&A from Day 1. Deal sourcing leverages a network of 10,000+ intermediaries (with a 1% finder's fee, capped at $200K), a CRM with 100k+ leads, 31 dedicated advisors, and academic partnerships with the University of Chicago Booth, Northwestern Kellogg, and Stanford GSB — including an Adjunct Professorship for the Managing Partner. Through Funds I and II the firm completed over 20 acquisitions and has reported a 100% acquisition success rate for its Fund I CIRs, with 15 entrepreneurs placed at acquired companies and CIRs eligible for up to 25% common equity through standard vesting.
Revenue is generated through standard private equity mechanics: recurring management fees on committed capital across Fund I, Fund II (~$100M, May 2022), and Fund III ($165M, August 2024), plus carried interest on realized exits such as ConData (sold to Astira Capital Partners, July 2024) and DAWGS (sold to The Riverside Company, April 2025). The firm operates from a Chicago headquarters (320 S. Canal St., Suite #2800) with a secondary Austin office, and its investment team is led by Managing Partner Brian O'Connor alongside partners Rich Herrick (CFO/CCO), Eric Wilson (Portfolio Operations), Victor Saad (Chief Talent Officer), and Managing Director Mike Eisinger (joined March 2026).
Nextgen Growth Partners firmographics
Firmographics- Name
- Nextgen Growth Partners
- Legal name
- NextGen Growth Partners
- Website
- https://nextgengp.com
- Company type
- Private
- Founded year
- 2016
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- NextGen Growth Partners is a Chicago-based private equity firm that acquires founder- or family-owned lower middle market businesses ($5M-$50M revenue) in mission-critical B2B services, operating them through a CEO-in-Residence model and deploying committed capital from its three funds (most recently Fund III at $165M).
- Ownership category
- akta.pro rank
Nextgen Growth Partners industry classification
Industry- Product category
- Private Equity (Lower Middle Market Investment Management)
- NAICS
- Portfolio Management and Investment Advice (523940), Miscellaneous Intermediation (52391)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Business Services (B2B) Growth Equity (FSANACAD)
- akta.pro secondary industry
- Multi-Sector / Generalist Growth Equity (FSANACAO)
Keywords
Where Nextgen Growth Partners is headquartered
LocationHeadquarters
- HQ city
- Chicago
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Nextgen Growth Partners business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Others
Revenue model
- Fund Management Fees: NGP generates revenue through management fees charged on committed capital in their funds (Fund I, Fund II, Fund III). Fund III has $165M in committed capital.
- Carried Interest / Performance Fees: The firm earns carried interest on investment returns from portfolio companies upon successful exits, typical of private equity fund structures.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | One time/ perpetual license | Finder's Fee for Intermediaries |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels8 records
Nextgen Growth Partners product offering
Product offeringCore offering
Nextgen Growth Partners is a private equity firm that acquires founder- or family-owned businesses in the lower middle market (revenue $5M-$50M, EBITDA $2M-$8M+) operating in mission-critical B2B services. The firm deploys capital from committed funds (currently Fund III at a $165M hard cap) and pairs each acquired company with a CEO-in-Residence operator, supplemented by a Portfolio Operations team that drives value creation through operational improvements and add-on acquisitions.
Product overview
NextGen Growth Partners is a Chicago-based private equity firm that operates Fund III ($165M hard cap) and runs a CEO-in-Residence program for Entrepreneurship Through Acquisition. The firm acquires and grows lower middle market businesses in mission-critical B2B services sectors. Their portfolio includes diversified service businesses such as marketing (JMG Marketing, PMP Marketing), landscaping (Sunrise Landscape, Texas EcoGrow, WCL&L), IT services (Robo6K, Computers Made Easy, Quality Network Solutions), property services (Premiere Property Services, DAWGS), financial services (JEA for HOA associations), HVAC/plumbing (Morris Heating & Cooling, Plumbing and Drain Professionals), and janitorial services (TriStar Building Services). The firm has completed over 20 acquisitions across Funds I and II, with successful exits from MHW, Record Connect, ConData, and DAWGS.
Differentiator
Problem solved
Functional benefit
Products and services
- NextGen Growth Partners Fund III $165 million private equity fund that invests committed capital in lower middle market founder- or family-owned businesses in mission-critical B2B services. Limited Partners commit capital to the fund and receive management fee plus carried interest economics on successful exits.
- CEO-in-Residence (CIR) Program Entrepreneurship Through Acquisition program that prepares and partners operator-entrepreneurs with NGP to acquire and lead lower middle market businesses. CIRs gain access to the deal team, CRM with 100,000+ leads, intermediary deal flow, and committed fund capital, and can earn up to 25% common equity through standard vesting tranches.
- Portfolio Operations Value Creation Services Hands-on operating support delivered to NGP's portfolio companies from Day 1 to Exit, including Value Creation Plans, board strategy, operational improvements, and add-on M&A support. Provided by a dedicated Portfolio Operations function within NGP.
Quantifiable outcome
- 100% success rate for Fund I CIRs - every CIR that partnered with NGP successfully acquired a business
- +3 more outcomes
Companies that use Nextgen Growth Partners
Customer profileNamed customers17 records
Segments4 records
Ideal customer profiles3 records
Nextgen Growth Partners technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Nextgen Growth Partners partnerships and signals
Strategic signalPartnerships
Twelve partnerships are on record, tiered core and minor.
- Mike EisingercoreMike Eisinger joined NGP as Managing Director, Investments, with nearly 15 years of experience across various sectors and previous roles at Kinzie Capital Partners, Parallel49 Equity, Stout, and Arbor Investments.
- The Riverside CompanycoreThe Riverside Company acquired DAWGS from NGP in April 2025, marking NGP's first exit from Fund II. Riverside is a global investment firm focused on the smaller end of the middle market.
- Winston & Strawn LLPcoreWinston & Strawn provided legal counsel to DAWGS during the transaction.
- Kirkland & Ellis LLPcoreKirkland & Ellis served as legal counsel to NGP for Fund III closing. Kirkland is one of the world's leading law firms advising private equity firms on fund formation and transactions.
- Apex GroupcoreApex Group served as Fund Administrator for NGP Fund III, providing fund administration services including NAV calculations and investor reporting.
- Astira Capital PartnerscoreAstira Capital Partners acquired ConData Global from NGP. Astira is a Boston-based PE firm founded in 2023 by Azra Kanji, investing out of $675M Fund 1.
- Baker HostetlercoreBaker Hostetler acted as legal advisor to ConData during the sale transaction.
- Wofford AdvisorsminorWofford Advisors served as strategic advisor to Astira Capital Partners during the ConData acquisition.
- Kirkland & ElliscoreKirkland & Ellis provided legal counsel to Astira Capital Partners during the ConData acquisition.
- University of Chicago Booth School of BusinesscoreStrong partnership with Chicago Booth where Managing Partner Brian O'Connor serves as Adjunct Professor of Entrepreneurship. Many CIRs come from Booth and the school hosts the annual ETA Conference with NGP programming.
- Northwestern University Kellogg School of ManagementcorePartnership with Kellogg where NGP advisors and alumni teach ETA-related courses. Many CIRs are Kellogg MBAs.
- Stanford Graduate School of BusinessminorNGP's ETA Resource Library includes Stanford search fund primer and 2024 Stanford search fund update, indicating academic collaboration.
Scale indicators8 records
Recent moves9 records
Expansion highlights6 records
Nextgen Growth Partners competitors and assessment
Company assessmentDirect peers
- Pacific Lake Capital Partners: Pacific Lake Capital Partners is a search-fund-focused private equity firm that invests in lower middle market businesses using an Entrepreneurship Through Acquisition model — directly comparable to NGP's CIR approach. Both firms target founder/family-owned businesses with similar size profiles and rely on ETA-trained operators as the cornerstone of their investment thesis.
- Solace Capital Partners: Solace Capital Partners is a lower middle market PE firm specializing in mission-critical B2B services with a focus on succession-driven transactions. Like NGP, it partners with management teams and targets fragmented, recurring-revenue services businesses — overlapping substantially in target profile, deal sourcing approach, and value creation playbook.
- NewSpring Capital: NewSpring Capital is a lower middle market private equity firm with dedicated service-sector franchise investing in founder-owned businesses. It shares NGP's focus on B2B services, recurring revenue models, and operationally intensive value creation, and similarly targets sub-$50M EBITDA platforms with add-on roll-up potential.
- Shoreline Equity Partners: Shoreline Equity Partners is a lower middle market PE firm focused on manufactured distribution and business services companies. It overlaps with NGP in targeting founder/family-owned businesses with $5M-$50M revenue, professionalizing fragmented services industries, and partnering with management teams to drive add-on M&A.
- Calera Capital: Calera Capital is a lower middle market private equity firm investing in founder/family-owned business services and consumer companies. It shares NGP's lower middle market focus, services orientation, succession-driven deal sourcing, and partnership-oriented value creation approach.
- Martis Capital: Martis Capital is a growth-oriented private equity firm focused on the lower middle market. It targets similar sized founder-owned businesses with a hands-on operational model — comparable to NGP in target profile, fund size (~$300-500M AUM range), and emphasis on partnership with founders/management teams.
- Tower Three Partners: Tower Three Partners is a search-fund-aligned private equity firm that acquires and operates lower middle market businesses alongside entrepreneurial operators. Like NGP, it leverages the ETA model, partners with talented operators to run acquired businesses, and targets fragmented B2B service companies with succession needs.
- Greybull Capital: Greybull Capital is an operator-led lower middle market PE firm that acquires and grows businesses using ETA-style operator partnerships. It directly mirrors NGP's CIR model and B2B services focus, with comparable fund size and target company profile.
Broad incumbents
- Wynnchurch Capital: Wynnchurch Capital is a well-established middle market private equity firm operating across services, industrial, and specialty finance sectors. While larger and more generalist than NGP, it shares the focus on operationally intensive value creation and competes in overlapping services sub-sectors within NGP's target size range.
- Madison Dearborn Partners: Madison Dearborn Partners is a major Chicago-based private equity firm (advisor Jim Perry is co-founder). As a broad incumbent in the same geographic ecosystem with overlapping operating-partner networks, it represents a larger-scale strategic comparable and potential talent/portfolio overlap for NGP.
Market position
Strengths1 record
Weaknesses1 record
Competitive moat6 records
Key risks5 records
Key highlights6 records
Customer concentration
Nextgen Growth Partners social profiles
Digital presenceNextgen Growth Partners financial estimates
Financial estimateRevenue estimate
Valuation estimate
Nextgen Growth Partners leadership team
Management profileNumber of profiles
Profiles10 records
Nextgen Growth Partners funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Nextgen Growth Partners M&A and investment
M&A and investmentM&A4 records
Investments2 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Nextgen Growth Partners
What does Nextgen Growth Partners do?
Nextgen Growth Partners is a private equity firm that acquires founder- or family-owned businesses in the lower middle market (revenue $5M-$50M, EBITDA $2M-$8M+) operating in mission-critical B2B services. The firm deploys capital from committed funds (currently Fund III at a $165M hard cap) and pairs each acquired company with a CEO-in-Residence operator, supplemented by a Portfolio Operations team that drives value creation through operational improvements and add-on acquisitions.
Is Nextgen Growth Partners a public or private company?
Nextgen Growth Partners is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Nextgen Growth Partners founded?
Nextgen Growth Partners was founded in 2016. It employs 11 to 50 people.
Where is Nextgen Growth Partners based?
Nextgen Growth Partners is headquartered in Chicago, United States, in the North America region.
How does Nextgen Growth Partners make money?
Two revenue lines are on record. Fund Management Fees are the primary driver. The others are carried Interest / Performance Fees.
Who are Nextgen Growth Partners's main competitors?
Direct peers on record are Pacific Lake Capital Partners, Solace Capital Partners, NewSpring Capital, Shoreline Equity Partners, Calera Capital, Martis Capital, Tower Three Partners and Greybull Capital. Broad incumbents are Wynnchurch Capital and Madison Dearborn Partners.
Does Nextgen Growth Partners have an API?
No public API is recorded for Nextgen Growth Partners.
What industry is Nextgen Growth Partners in?
Nextgen Growth Partners's product category is Private Equity (Lower Middle Market Investment Management). Its primary akta.pro industry code is FSANACAD, Business Services (B2B) Growth Equity, with a secondary code of FSANACAO, Multi-Sector / Generalist Growth Equity. Its NAICS code is 523940 and its SIC code is 6282.