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 · 5 people tracked

Also known as Heron Capital Venture

★ Follow + Add to CRM ⤳ Find an introduction

✨ 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 Tech Sector AgnosticCanadaIndianapolisNorth AmericaUnited 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 · 5 people

from the firm's website & public directories

Greg· Founder· Indianapolis

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.

Kevin· Indianapolis, Indiana, United Statesin

A nuclear engineer and U.S. Navy veteran, and former principal at CID Capital where portfolio exits included EKOS Corporation, Renal Solutions, and Atlantis Components. He brings over 20 years of investing and operating experience across medtech, precision manufacturing, and defense-adjacent industries and co-founded Arcamed as CFO.

Greg Maurer· Managing Director· Indianapolis, Indiana, United Statesin

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

Investments · 5 tracked

founders shown can be your intro path

SCP Ltd HoldingsMar 2016SEC filingmedium confidence

Auburn, US

Greg A. Maurer(Director)Joseph L. Mark(Director)James A. Buchanan(Executive Officer, Director)Michael E. Miller(Director)John T. Thompson(Director)

Board seatGreg A. Maurer· per SEC Form D · $500K raise · filed Apr 2016

Arcamedarcamed.comin

A precision contract manufacturer of medical device cases, trays, and screw caddies serving orthopedic OEMs, ISO 13485 certified and FDA registered, headquartered in Indianapolis.

Atlantis Components

EKOS Corporation

Renal 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

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.

Similar investors

Khosla Ventures

Khosla Ventures is a venture capital firm known for backing bold, contrarian bets in world-class teams that can reshape entire industries.

$5K – $50M

JAFCO Group

$1.9M – $198M

Korea Investment Partners

Korea Investment Partners is a South Korea-based venture capital firm that invests across multiple stages from early-stage startups through growth and buyout transactions, including venture debt and mezzanine financing. The firm operates across venture capital, middle market, and growth equity investment categories.

$973K – $50M

Advent International

Advent International is a global private equity firm that partners with management teams to build market leaders through buyouts, corporate carve-outs, and value creation across selected sectors.