TerraNova Capital

What TerraNova Capital does

TerraNova Capital is a privately-held, New York-headquartered boutique investment bank and merchant bank founded in 1998 by John Steinmetz. The firm operates through two core FINRA/SIPC-regulated entities: TerraNova Capital Equities, Inc. (TNCE), which provides equity and debt capital raising, PIPEs, registered directs, and secondary market liquidity for private company shareholders, and TerraNova Capital Partners, Inc. (TNCP), which delivers M&A advisory, divestitures, valuations, and restructuring services. Supporting sub-practices include the Structured Finance Group (debt financing led by W. Todd Coffin) and the Secondary Private Equity desk (co-headed by Bill Henneberry and Frank Nunziato, intermediating $5-100M positions in unicorn and pre-IPO names). TerraNova serves small-to-middle market companies across six named verticals — Technology, Healthcare, Consumer Brands & Media, Business & Financial Services, Clean Energy, and Wellness — with transaction sizes typically ranging from $5 million to $100 million, though recent mandates such as the CalEthos $5.2B clean-energy data center project financing have pushed the upper bound materially higher. Since 1998 the firm claims over 50 M&A and roll-up transactions and "billions" raised for clients.

The firm is a U.S. partner in the Global Alliance Partners (GAP) network, an invitation-only alliance of ~10 international financial firms providing reach into 28+ countries and 150+ affiliate offices across Asia, Europe, the Middle East, Pan-Pacific Basin, Sub-Saharan Africa, and North America. Revenue is generated entirely on a transaction-fee, success-fee, or merchant-banking equity-participation basis — there is no recurring subscription, AUM, or platform revenue disclosed — and pricing is negotiated deal-by-deal. Go-to-market is senior banker-led direct relationship selling, supplemented by GAP network referrals and select third-party distribution channels; the firm markets itself through its website (terracap.com), LinkedIn, news/press releases, email subscription, and a Calendly-based consultation funnel. Headcount is in the 11-50 range, and the firm is controlled by founders and senior management with no disclosed institutional or private equity ownership.

Name

TerraNova Capital

Legal name

TerraNova Capital Equities, Inc.

Website

https://terracap.com

Company type

Private

Founded year

1998

Operating status

Operating

Headcount range

11–50 employees

Short description

TerraNova Capital is a New York-based boutique investment bank and merchant bank founded in 1998, providing equity and debt capital raising, M&A advisory, structured debt finance, and secondary private equity intermediation to small-to-middle market companies across Technology, Healthcare, Consumer Brands, Business Services, Clean Energy, and Wellness.

Ownership category

akta.pro rank

Product category

Investment Banking & Financial Advisory

NAICS

Investment Banking and Securities Intermediation (523150), Miscellaneous Intermediation (52391), Portfolio Management and Investment Advice (523940)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Investment Advice (6282), Asset-Backed Securities (6189)

akta.pro primary industry

Late-Stage Venture Capital (Series C+) (FSANAAAC)

akta.pro secondary industries

Venture Capital Secondaries (LP Interests & Direct Secondaries) (FSANAFAJ), NAV-Based / Portfolio Finance (Liquidity for LPs/GPs) (FSANAFAM)

Keywords

• Investment banking services
• Mergers and acquisitions advisory
• Private capital raising
• Structured debt finance
• Secondary private equity

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, Infrastructure, Technology or R&D

Revenue model

1. Investment Banking - Equity and Debt Capital Raising: TerraNova Capital Equities provides financial and capital solutions including equity and debt placements, PIPEs, registered directs and secondary market liquidity to private company shareholders. The firm acts as placement agent and sole advisor on transactions.
2. M&A Advisory and Divestitures: TerraNova Capital Partners focuses on merger and acquisition advice, including buy and sell-side transactions, valuations and restructurings for small-to-middle market companies.
3. Secondary Private Equity Trading: The Secondary trading group facilitates transactions in unicorn and later stage pre-IPO companies and Limited Partnership interests to create liquidity for Family Offices, PE funds, General Partners and institutional investors. Transactions range from $5-$100 million on average.
4. Merchant Banking Equity Investment: TerraNova and its principals may take equity participation in merchant banking clients as part of compensation, focusing on disruptive, high growth situations where significant value can be created.
5. Strategic Consulting: Services include corporate governance, executive search, strategic partnerships, and business development opportunities for merchant banking clients.

Go-to-market motion3 records

Distribution channels3 records

Marketing channels6 records

Core offering

TerraNova Capital is a boutique investment bank and merchant bank providing equity and debt capital raising, PIPEs, registered directs, secondary market liquidity, M&A advisory, divestitures, valuations, restructurings, structured debt finance, and secondary private equity trading for small-to-middle market companies. Engagements are led by senior bankers and supported by the Global Alliance Partners (GAP) international network. Transaction sizes typically range from $5 million to $100 million or larger.

Product overview

TerraNova Capital operates as a financial advisory firm comprised of two core divisions: TerraNova Capital Equities (investment banking providing financial and capital solutions) and TerraNova Capital Partners (M&A advisory and merchant banking). These are supported by the TerraNova Structured Finance Group, which focuses on debt financing for middle market companies, and TerraNova Secondary Private Equity, which facilitates secondary market transactions in private companies. The firm has been operating since 1998 and focuses on small-to-middle market companies with transaction sizes ranging from $5 million to $100 million or larger.

Differentiator

Problem solved

Functional benefit

Products and services

• Investment Banking Services Equity and debt capital raising, PIPEs (Private Investment in Public Equity), registered directs, and secondary market liquidity to private company (pre-IPO) shareholders. Provided through TerraNova Capital Equities, Inc., a FINRA/SIPC member, for small-to-middle market companies.
• Merchant Banking Services Equity participation, corporate governance, executive search, strategic partnerships, and business development opportunities for clients, with TerraNova and its principals taking equity participation in merchant banking clients.
• M&A Advisory and Finance
• Structured Debt Finance Debt financing and capital structure advice for middle market companies requiring refinancing, growth capital, lines of credit, and structured debt facilities, delivered through the TerraNova Structured Finance Group.
• Secondary Private Equity Trading Secondary trading services facilitating transactions in unicorn and later stage pre-IPO companies and Limited Partnership interests to create liquidity for family offices, PE funds, general partners, and institutional investors, with transactions typically ranging from $5M to $100M.

Quantifiable outcome

• Over 50 M&A, start-up and roll-up transactions completed since 1998
• +2 more outcomes

Named customers15 records

Segments7 records

Ideal customer profiles2 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.

• Global Alliance Partners (GAP)coreStrategic or Co-development PartnerGAP is an exclusive, invitation-only membership of ten internationally-minded financial partner firms (investment banks, merchant banks, local market funds, and diversified financial services organizations) focusing on middle-to-larger-market investment, M&A, and corporate advisory opportunities. TerraNova is a U.S. partner. GAP provides local service and expertise with widespread reach across Asia, Europe, Middle East, Pan-Pacific Basin, Sub-Saharan Africa, and North America. Partners hold formal conferences every six months. Membership facilitates access to international resources and allows TerraNova to be more competitive with greater international reach.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Houlihan Lokey: Publicly traded boutique investment bank with strong M&A advisory and capital markets practices serving middle-market clients. Highly comparable in service mix, middle-market focus, and senior-banker-led model, though materially larger in scale.
• B. Riley Financial: Diversified financial services firm offering investment banking, capital markets, and wealth management to middle-market companies. Comparable in middle-market placement agent and advisory services, with added balance sheet capabilities.
• Roth Capital Partners: Boutique investment bank focused on small and mid-cap companies with full-service capital markets, M&A advisory, and equity research. Closely comparable in transaction size range, client segment, and small/mid-cap growth company focus.
• Maxim Group: Full-service boutique investment bank serving small and middle-market companies with capital markets, M&A advisory, and institutional sales. Highly comparable service offering and client size profile; both firms operate in similar small-cap growth sectors.
• Lake Street Capital Markets: Boutique investment bank focused on middle-market companies in growth industries including healthcare, technology, and consumer. Comparable middle-market placement and advisory franchise with sector overlap in growth-oriented verticals.
• EF Hutton: Boutique investment bank focused on small and mid-cap public and private companies offering capital markets and advisory services. Comparable boutique model and target client size range with similar transaction profile.
• Aegis Capital: FINRA-registered broker-dealer offering investment banking and capital markets services to small and middle-market companies. Closely comparable placement agent, PIPEs, and registered direct business with overlapping client base.
• ThinkEquity: Boutique investment bank providing capital markets and advisory services to small and mid-cap growth companies. Comparable boutique placement agent model with similar focus on PIPEs, registered directs, and small-cap equity offerings.

Broad incumbents

• Oppenheimer & Co. Larger full-service investment bank with private client, asset management, and capital markets businesses. Overlaps with TerraNova in middle-market equity and debt capital raising, but operates at meaningfully greater scale with broader product suite.
• Cantor Fitzgerald: Diversified financial services firm with investment banking, capital markets, and SPAC underwriting capabilities serving growth companies. Comparable in middle-market capital raising, but operates at significantly larger scale with institutional sales force.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/terranova-capital-partners
• Xx.com/terranova_cap

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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

M&A

Investments5 records

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

Frequently asked questions about TerraNova Capital