How many investments has Heron Capital made?

Heron Capital has 5 tracked investments.

What stage does Heron Capital invest at?

Heron Capital invests at the Series A, Series B, Late Stage stages.

What is Heron Capital's typical check size?

Heron Capital typically writes checks of $10M.

Where is Heron Capital located?

Heron Capital is headquartered in Indianapolis, US.

Does Heron Capital lead rounds?

Yes, Heron Capital leads investment rounds.

Heron Capital

Private equity

Indianapolis · Series A–Late Stage · 3 people tracked

Also known as Heron Capital Venture

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Find your way into Heron Capital

296 people in our graph share verified history with the Heron Capital team — schools, employers, funds. One of them is your warm intro.

Dougunlockedknows Kevin L. Etzkorn · together at University of Wisconsin-Madison (overlapped)

×6knows the team · via US Navy

knows the team · via University of Wisconsin-Madison

×4knows the team · via Gies College of Business - University of Illinois Urbana-Champaign

✨ Fox Verdict

Investment thesis

Heron Capital is a permanent-capital private investment firm funded by its two principals, rejecting the traditional PE model of fund lifecycles and forced exits. It buys and holds lower-middle-market companies indefinitely, keeping existing ownership structures and management teams in place. The firm is deliberately sector-agnostic but has its deepest experience in precision manufacturing and healthcare supply chain. It focuses on high-quality people and durable business models, will consider underperforming companies with a clear turnaround path, and brings hands-on operational involvement including strategic add-on acquisitions. Rooted in Indianapolis, it prefers proximity but will consider businesses across North America.

Invests inAdvanced Manufacturing Biotech Healthtech Media & Entertainment Medical Devices Retail TechSector AgnosticCanada Indianapolis North America United States

Source: firm website, verified Aug 7, 2026.

Stage

Series A–Late Stage

Check

$10M

Indianapolis, Indiana, US

Leads rounds

Leads

Instruments

Equity

Founded

2005

AUM

$24M

Tracked investments

Team · 3 people

from the firm's website & public directories

Greg Maurer· Managing Director· Indianapolisin

Founder of Heron Capital with decades of experience building and investing in healthcare, manufacturing, and technology companies. He is closely involved in every stage of the investment process, bringing a founder's strategic view and a long-term owner's patience.

g•••@heroncap.comreveal

Kevin L. Etzkorn· Managing Director· Indianapolis, Indiana, United Statesin

Kevin L. Etzkorn is Managing Director of Heron Capital Equity Partners and a co-founder and Director of Arcamed, a medical device manufacturer based in Indianapolis. He previously worked as a Principal at CID Capital and has led investments and board roles at companies including AirXpanders, Atlantis Components, BioSET, and Celleration; earlier, he served thirteen years in the U.S. Navy in roles including Nuclear Engineer and Communications Officer aboard the USS Alaska. Etzkorn serves on the Board of Directors of HVAF of Indiana and has previously served on the boards of Gleaners Food Bank of Indiana, Second Helpings, and the Venture Club of Indiana.

k•••@heroncap.comreveal

Susan Roederer

Handles investor administration, providing access to investor documents, capital account statements, and portfolio updates.

a•••@heroncap.comreveal

Founder mafia

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

Greg MaurerManaging DirectorFounded Arcamed Kevin L. EtzkornManaging DirectorFounded Arcamed

What they invest in

from 1 of 5 portfolio companies

Advanced Manufacturing ×1Hardware ×1Healthtech ×1Medical Devices ×1

HQs:United States×2

Investments · 5 tracked

founders shown can be your intro path

By year:2016 · 1 2014 · 12 dated

Arcamedarcamed.com inJan 2014

Arcamed manufactures surgical case and tray systems and rigid sterilization containers for medical device companies, offering custom design, sourcing, and branding.

Advanced ManufacturingHardwareHealthtechMedical DevicesIndianapolis, US

Jon Desalvo(President & CEO)in

Board Greg Maurer(Executive Officer)in Kevin Etzkorn(Executive Officer, Director)inMichael S. Maurer(Director)James Cornelius(Director)

Other

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

SCP Ltd HoldingsAtlantis ComponentsEKOS CorporationRenal Solutions

Rows marked “SEC filing” are inferred from directors named on the company's SEC Form D — public regulatory data, not a portfolio list published by the firm.

Frequently asked questions

How many investments has Heron Capital made?: Heron Capital has 5 tracked investments.
What stage does Heron Capital invest at?: Heron Capital invests at the Series A, Series B, Late Stage stages.
What is Heron Capital's typical check size?: Heron Capital typically writes checks of $10M.
What sectors does Heron Capital focus on?: Heron Capital focuses on Advanced Manufacturing, Biotech, Healthtech, Media & Entertainment, Medical Devices, Retail Tech, Sector Agnostic.
Where is Heron Capital located?: Heron Capital is headquartered in Indianapolis, US.
Does Heron Capital lead rounds?: Yes, Heron Capital leads investment rounds.

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