Windancer Holdings

What Windancer Holdings does

Windancer Holdings LLC is a private investment firm headquartered in Miamisburg, Ohio (Dayton metropolitan area), that manages permanent, multi-generational family capital across public and private investments. Founded in 2018 by Larry Connor, founder of The Connor Group real estate investment firm, and led by his son Shane Connor as Managing Partner, Windancer originated with $125 million in assets and grew to approximately $654 million by February 2024 and nearly $700 million by April 2024. The firm operates two integrated investment products: Long-Term Capital Partnerships, which deploy flexible equity capital of $10–$100 million into Ohio-based family and entrepreneur-owned businesses seeking succession planning, management transitions, shareholder liquidity, or growth capital; and Public Investments, which targets competitively advantaged public companies through opportunistic, unconstrained, high-conviction positions focused on compounding returns. The firm holds approximately 15 core holdings, with most currently in public equities and a stated goal of achieving a more even split between public and private positions over time.

The firm's core differentiation is its permanent capital structure, which removes the 3–5 year fund-cycle constraints of traditional private equity and enables indefinite ownership without forced exits. For private investments, Windancer takes minority or majority positions with meaningful management ownership alignment and a people-first philosophy emphasizing strategic growth over cost cutting. For public investments, the firm uses concentrated, high-conviction positions backed by patient capital. A representative private-side deployment was a $45 million co-investment in the $1.6 billion take-private of Computer Services, Inc. (CSI), a fintech and regtech provider, in February 2024, making Windancer one of the largest co-investors in the transaction.

Windancer's go-to-market is exclusively direct, sourcing private investments through founder and management relationships primarily in the Dayton and Cincinnati regions of Ohio, supplemented by a Co-Invest Competition initiative designed to broaden deal sourcing. The firm also selectively partners with fund managers pursuing differentiated strategies. The investment team of roughly three named leaders plus support staff (with the firm noting it has approximately doubled headcount from 2022 to 2025) brings experience from multi-billion dollar public and private equity funds, boutique small/mid-cap growth equity shops, investment banking, and The Connor Group. Revenue mechanics rely on investment returns rather than external management fees; no revenue is disclosed in the source material.

Name

Windancer Holdings

Legal name

Windancer Holdings LLC

Website

https://windancerholdings.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

1–10 employees

Short description

Windancer Holdings is a Miamisburg, Ohio-based private investment firm that deploys permanent multi-generational family capital across public equities and private Ohio-based businesses through Long-Term Capital Partnerships of $10–$100 million.

Ownership category

akta.pro rank

Product category

Private Equity / Investment Management

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Corporate Strategic Real Assets & Infrastructure Venture Investing (FSANAHAN)

Keywords

• Private equity investing
• Long-term capital partnerships
• Family office investments
• Public equity investments
• Permanent capital investing

Headquarters

HQ city

Miamisburg

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Investment Returns: Generates returns through equity investments in public and private companies. Windancer invests its own permanent capital and benefits from long-term value creation, capital appreciation, and potential distributions from portfolio companies.
2. Fund Manager Partnerships: Selectively partners with passionate fund managers pursuing differentiated strategies, providing capital and collaborative partnership in an opportunistic and unconstrained manner.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Windancer Holdings is a private investment firm that deploys permanent, multi-generational family capital across two integrated programs: Long-Term Capital Partnerships, providing flexible equity capital ($10-$100M per deal) to Ohio-based family and entrepreneur-owned private businesses, and Public Investments, focused on long-term holdings in competitively advantaged public companies. The firm invests its own permanent capital with indefinite ownership horizons, targeting succession planning, management transitions, shareholder liquidity, and growth capital for companies that wish to remain locally headquartered.

Product overview

Windancer Holdings is an investment firm offering two integrated investment products: Long-Term Capital Partnerships for private companies and Public Investments for the public markets. The Private Investments program provides flexible, indefinite-hold capital to Ohio-based family and entrepreneur-owned businesses seeking succession planning, management transitions, or growth capital. The Public Investments program targets competitively advantaged businesses with runway to compound, backed by the firm's permanent capital structure. Both products are driven by the firm's active, high-conviction investing philosophy and long-term partnership approach.

Differentiator

Problem solved

Functional benefit

Products and services

• Long-Term Capital Partnerships A private investment program providing flexible, multi-generational capital to family and entrepreneur-owned businesses headquartered in Ohio. Typical investment sizes are $10-$100 million, targeting companies with revenues generally above $10 million and demonstrated profitability. Designed for business owners seeking succession planning, management transitions, shareholder liquidity, or growth capital while keeping the company locally headquartered.
• Public Investments Long-term investments in competitively advantaged public companies with a focus on compounding returns. Backed by Windancer's permanent capital structure, employing an opportunistic and unconstrained investment approach across public equities.

Quantifiable outcome

• Grew AUM from $125 million (end of 2018) to $654 million (February 2024)
• +2 more outcomes

Named customers5 records

Segments3 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.

• Long-Term Capital Partnership Portfolio CompaniescoreStrategic or Co-development Partner · 1 January 2023Windancer invests in private businesses through its Long-Term Capital Partnership program launched in 2023. Partnerships involve flexible capital solutions ($10-$100M), minority or majority positions, and long-term indefinite ownership periods with focus on strategic growth rather than cost cuts. Emphasis on doing right by people, partners, and customers; people-first approach; and meaningful management ownership alignment.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Pritzker Private Capital: Pritzker Private Capital is a Chicago-based family-office-backed private investment firm using permanent, multi-generational family capital to take majority positions in middle-market businesses. It is the closest structural analog to Windancer's permanent-capital, long-hold, family-controlled model.
• The Vistria Group: Vistria is a Chicago-based private equity firm built around permanent capital and a mission-driven investment thesis, taking control and minority positions in middle-market companies with patient, multi-generational holding horizons, similar to Windancer's permanent-capital partnership approach.
• Stonepeak Partners: Stonepeak is a long-duration, family/partner-backed private investment firm focused on control investments in real assets and operating businesses, sharing Windancer's indefinite-hold, permanent-capital philosophy.
• Heartwood Partners: Heartwood is a lower-middle-market private equity firm that partners with entrepreneurs and management teams for long-term, operationally focused value creation, structurally aligned with Windancer's people-first, strategic-growth approach.
• Solita Capital: Solita Capital is a permanent-capital investment vehicle that makes direct, long-duration equity investments in middle-market companies, sharing Windancer's flexible, indefinite-hold family-capital structure.
• American Industrial Partners: AIP is a private investment firm focused on industrial businesses with long-duration capital and operationally intensive value creation, overlapping with Windancer's industrials thesis and patient-capital orientation.
• Graycliff Partners: Graycliff Partners is a lower-middle-market private investment firm that makes control and non-control investments across diverse industries with flexible, long-term capital, structurally similar to Windancer's flexible $10-100M check and minority/majority flexibility.

Regional players

• Winona Capital Investments: Winona Capital is a Midwest-focused private equity firm based in Illinois that invests in lower-middle-market companies, providing a comparable geographic/regional focus to Windancer's Ohio-centric franchise.
• River Cities Capital Funds: River Cities is a Cincinnati, Ohio-based growth equity firm investing in healthcare and tech-enabled business services across the Midwest, providing a direct regional overlap with Windancer's Dayton/Cincinnati corridor.

Others

• The Connor Group: The Connor Group is the affiliated Dayton-based real estate investment firm founded by Larry Connor with $5B AUM, sharing the same family capital base and operating philosophy as Windancer Holdings and providing direct brand and capital relationships.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xtwitter.com/windancerhold
• Facebookfacebook.com/windancerholdings
• LinkedInlinkedin.com/company/windancer-holdings-llc

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Windancer Holdings