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Butterfly

Private equityoperating company · company profile

Beverly Hills · Growth–Late Stage · 62 people tracked

Also known as Butterfly Equity Lp

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Investment thesis

Butterfly Equity is an investment firm focused on the food sector, with expertise across food, private equity and technology.

Source: firm website, verified Sep 29, 2026.

Stage
Growth–Late Stage
HQ
Beverly Hills, CA, US
Instruments
Equity
Founded
2026
AUM
$7.1B
Tracked investments
16

Team · 62 people

from the firm's website & public directories
Elena Lopez· Operations Manager, Foundation
Emily Parker· Executive Director, Foundation
Francesco D’Arcangelo· Managing Director, Investment Team
Christian Mandrakos· Vice President, Investment Teamin
Alex Ma· Senior Associate, Investment Team
Angelina Oh· Associate, Capital Formation
Charlotte Porter· Vice President, Transformation Teamin
Karlie VanHouten· Senior Associate, Investment Teamin
Kate Walker· Executive Assistantin
Kelly Shen· Associate, Transformation Team
Kimberly Lu· Vice President, Capital Formationin
Kylie Lowe· Executive Assistant
Lauren Singer· Associate, Transformation Team
Luis Téllez· Operating Advisor
Matt Stewart· Vice President, Transformation Teamin
Melissa Peterson· Director, Office of Adam Waglay, CEOin
Meredith Sandland· Operating Advisor
Nick Platt· Associate, Investment Teamin
Nicole O'Neil· Managing Director, Transformation Teamin
Nina Solá· Senior Manager, Transformation Teamin
Wayne Sales· Operating Advisor
Dustin Beck· Directorin

Founder mafia

2 people who came through Butterfly went on to found or lead other companies.

What they invest in

from 6 of 16 portfolio companies

Consumer ×5Advanced Manufacturing ×4FoodTech ×4Circular Economy ×2Wellness & Fitness ×2Climate Tech ×1Direct to Consumer ×1E-commerce ×1

HQs:United States×5

Investments · 16 tracked

founders shown can be your intro path

By year:2023 · 12014 · 12 dated

ePac Flexible Packagingepacflexibles.comin✓ verified

EPAC Flexibles manufactures custom printed flexible packaging including stand-up pouches, lay-flat pouches, and roll stock for various products.

Advanced ManufacturingCircular EconomyE-commerceNew MaterialsDel Mar, US

Virag Patel(Co-Founder and Chief Executive Officer)in

Actus Nutritionactus.comin

Actus Nutrition manufactures and supplies protein, fat, and functional nutritional ingredients derived from milk and whey for food and beverage manufacturers.

Advanced ManufacturingConsumerFoodTechHealthtechWellness & FitnessEden Prairie, US

Co-investorsRabo Corporate Venturing

Custom Flavorscustomflavors.comin

Custom Flavors develops and manufactures customized flavors derived from natural sources for food and beverage companies of all sizes.

Advanced ManufacturingCircular EconomyClimate TechConsumerFoodTechSouth Orange County, US

Mike Wendling(Co-founder)inSteve Bishop(Co-founder & Executive Vice President)inAlex Wendling(President)in

Orgainorgain.com𝕏

Orgain makes clean nutrition products, including protein powders and shakes in flavors like chocolate, vanilla, and strawberry.

ConsumerDirect to ConsumerWellness & Fitness

Andrew Abraham(Founder)in

Co-investorsDCP CapitalRabo Corporate VenturingRx3 Growth PartnersACE & Company

Pacifico Aquaculturepacificoaquaculture.comNov 2023

Ensenada, Baja California producer of ocean-raised premium striped bass; a leader in sustainable aquaculture.

Co-investorsEquilibrium Capital

QDOBAqdoba.com

Fast-casual Mexican restaurant chain with over 800 locations across the U.S., Canada, Puerto Rico, Japan, and South Korea.

Co-investorsBCI

Rise Baking Companyrisebakingcompany.comin

Rise Baking Company produces artisan breads and rolls using traditional European baking techniques, serving bakeries and food service businesses seeking to offer quality bread products to their customers.

Advanced ManufacturingConsumerFoodTech

Co-investorsOlympus Partners

The Duckhorn Portfolioduckhornportfolio.comin

Duck Horn Portfolio is a portfolio company with a focus on wine and spirits businesses, led by experienced executives from consumer and luxury brands.

ConsumerFoodTech

Robert Hanson(Chief Executive Officer)in

Other

Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.

Bolthouse Fresh FoodsChosen FoodsEpacGenerous BrandsMaryRuth OrganicsModmarketPete & Gerry's OrganicsTarget Flavors

Fund performance · per public LP disclosures · 2

as of Jun 2025
FundVintageCommittedNet IRRTVPIDPI
Butterfly II, LPLPs: California Public Employees' Retirement System2022—13.8%1.27x0.32x
Butterfly Fund II, LPLPs: Texas Municipal Retirement System——16.3%1.73x0.71x

Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).

Frequently asked questions

How many investments has Butterfly made?
Butterfly has 16 tracked investments.
What stage does Butterfly invest at?
Butterfly invests at the Growth, Late Stage stages.
What sectors does Butterfly focus on?
Butterfly focuses on AgTech, FoodTech.
Where is Butterfly located?
Butterfly is headquartered in Beverly Hills, US.
Who does Butterfly co-invest with?
Butterfly most often shares deals with Rabo Corporate Venturing, BCI, DCP Capital, among 5 tracked co-investors.

Images

Butterfly photo

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