Caltius Capital Management

What Caltius Capital Management does

Caltius Capital Management, LP is a privately held, employee-owned investment firm founded in 1997 and headquartered at 11766 Wilshire Blvd in Los Angeles, California. The firm operates through two complementary sub-brands: Caltius Equity Partners, which makes control and substantial minority equity investments of $15M-$30M in lower middle market companies with $2M-$12M of EBITDA across business services, industrial services, IT and managed services, and consumer services; and Caltius Structured Capital, which provides junior capital solutions of $7M-$50M including senior debt, junior debt, preferred equity, common equity, and unitranche financing to companies with $15M-$250M of annual revenue. Across both platforms, the firm targets the capital gap between senior bank financing and traditional private equity, structuring flexible, custom-fit solutions that allow business owners to retain control while accessing growth, recapitalization, buyout, and acquisition financing capital.

The firm is registered with the U.S. Securities and Exchange Commission as an investment adviser and sources investments through direct origination via professional networks, intermediaries, and referrals rather than competitive auctions. Over 25+ years, Caltius has completed more than 50 acquisitions, with Caltius Structured Capital executing 80+ deals and Caltius Equity Partners executing 30+ deals, deploying over $1B of enterprise value across multiple funds. The most recent vehicle, Caltius Equity Partners' fifth fund, closed at $230M in July 2026. The firm generates revenue through management fees on committed capital and performance-based carried interest on realizations, with revenue figures not publicly disclosed.

The team of approximately 20+ professionals is led by President and CEO Jim Upchurch and Managing Directors spanning both platforms, several of whom have been with the firm since its 1997 inception. Leadership backgrounds include senior roles at KPMG, EY, Deloitte, McKinsey, Morgan Stanley, HSBC, Permira, GE Capital, and other financial institutions, and the firm is recognized as a Best Places to Work in Money Management organization. Caltius operates exclusively in the United States across at least 18 states, with no international footprint disclosed, and co-invests with sponsors including RedBird Capital Partners, Stonebridge Partners, True West Capital Partners, Vicente Capital Partners, and Growth Capital Partners.

Name

Caltius Capital Management

Legal name

Caltius Capital Management, LP

Website

https://caltius.com

Company type

Private

Founded year

1997

Operating status

Operating

Short description

Caltius Capital Management is an independent, employee-owned investment firm providing private equity and junior capital solutions to U.S. lower middle market companies through Caltius Equity Partners and Caltius Structured Capital, targeting $7M-$50M investments in business services, industrial, IT, and consumer sectors.

Ownership category

akta.pro rank

Product category

Private Equity & Mezzanine Capital

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Middle-Market Lending (FSANADAI)

Keywords

• Middle market private equity
• Junior capital solutions
• Mezzanine debt financing
• Lower middle market investing
• Structured capital management

Headquarters

HQ city

Los Angeles

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, Infrastructure

Revenue model

1. Fund Management Fees: Management fees charged on committed capital under management across Caltius Equity Partners and Caltius Structured Capital funds
2. Carried Interest (Performance Fees): Performance-based carried interest from successful fund realizations and portfolio company exits
3. Investment Returns: Returns from equity and debt investments in portfolio companies through Caltius Equity Partners (control/substantial minority equity) and Caltius Structured Capital (junior debt and minority equity)

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

Caltius Capital Management provides junior capital solutions — including subordinated debt, mezzanine debt, unitranche financing, preferred equity, common equity and control equity — to U.S. lower middle market companies with $15-250 million in annual revenue and $2-12 million EBITDA. Through its two divisions (Caltius Equity Partners and Caltius Structured Capital), the firm invests $7-50 million per transaction to support buyouts, recapitalizations, growth capital and acquisition financing for Business Services, Industrial Services, IT & Managed Services, and Consumer Services companies.

Product overview

Caltius Capital Management operates two distinct investment sub-brands: Caltius Equity Partners provides private equity (control and minority equity) investments in the lower middle market, while Caltius Structured Capital provides junior debt and minority equity capital solutions. The two divisions serve complementary roles—Equity Partners focuses on control transactions with $15-30M investments, while Structured Capital focuses on flexible junior capital with $7-50M investments enabling business owners to maintain control.

Differentiator

Problem solved

Functional benefit

Products and services

• Caltius Equity Partners Private equity arm of Caltius Capital Management providing control and substantial minority equity investments ($15-30 million per transaction) to U.S. lower middle market companies with $2-12 million EBITDA across Business Services, Industrial Services, IT & Managed Services, and Consumer Services sectors. Supports buyouts, recapitalizations, growth capital and acquisition financing for founders, family-owned businesses and management teams seeking a long-term operating partner.
• Caltius Structured Capital Junior capital solutions provider offering $7-50 million of senior debt, junior (subordinated) debt, preferred equity, common equity and unitranche financing to U.S. middle market companies with $15-250 million annual revenue. Enables business owners to maintain control while accessing growth, acquisition, refinancing or recapitalization capital.

Quantifiable outcome

• Over $1 billion of enterprise value acquired since 1999
• +2 more outcomes

Named customers12 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

Scale indicators8 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Golub Capital: One of the largest middle-market direct lenders and junior capital providers in the U.S. Closest large-scale comparable to Caltius Structured Capital in product set (unitranche, mezzanine, minority equity) and customer segment (lower middle market companies).
• CIVC Partners: Chicago-based private equity firm focused on the lower middle market with $2-12M EBITDA targets. Highly comparable to Caltius Equity Partners in deal size, structure, and sector focus; Caltius co-founder Michael Morgan previously worked at CIVC.
• Trinity Hunt Partners: Lower middle-market private equity firm based in Dallas focused on founder-led businesses with $10-75M EBITDA. Directly comparable to Caltius Equity Partners in deal size and sector focus.
• Graycliff Partners: Lower middle-market PE firm providing both growth capital and control investments. Comparable to Caltius Equity Partners in size, structure, and middle-market focus.
• Stonebridge Partners: White Plains, NY-based lower middle-market private equity firm. Direct peer of Caltius Equity Partners; co-invested with Caltius Structured Capital in Paramount Mechanical Corporation.
• Antares Capital: Major middle-market direct lender offering unitranche, leveraged loans, and junior capital. Closest functional peer to Caltius Structured Capital in deal structure and customer segment.
• Riverside Partners: Boston-based lower middle-market PE firm investing in healthcare, technology, and business services. Comparable to Caltius Equity Partners in size and sector breadth.
• Linsalata Capital Partners: Middle-market private equity firm focused on control and significant minority equity investments in business services, value-added distribution, and manufacturing. Closely comparable to Caltius Equity Partners on size, sector, and structure.
• Madison Capital Funding: Middle-market direct lender focused on unitranche and second-lien loans. Comparable to Caltius Structured Capital in product mix and target customer profile.

Broad incumbents

• Ares Capital: Largest publicly traded BDC with broad middle-market direct lending capabilities. Overlaps significantly with Caltius Structured Capital in lower middle market lending, but operates at a much larger scale and broader product set.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/caltius-capital-management

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries2 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 Caltius Capital Management