Kelso
Private equityNew York · 6 people tracked
Investment thesis
Kelso positions itself as a preferred private equity partner built on a long history, strong alignment of interest, and team stability. Drawing on more than 40 years of investing experience across diverse sectors and business cycles, the firm leverages the cumulative expertise of its professionals and a broad network of industry experts to deliver strategic insights and support value creation. It emphasizes deep, lasting partnerships—often re-partnering with the same managers and companies—and structures significant personal and management investments to align incentives. The firm offers meaningful long-term incentive compensation to management and centers its culture on trust, honesty, transparency, and treating people fairly.
Source: firm website, verified Aug 25, 2026.
Team · 6 people
from the firm's website
What they invest in
from 39 of 149 portfolio companiesEnergy ×11Logistics & Supply Chain ×8Consumer ×7Advanced Manufacturing ×6Enterprise Software ×6Construction Tech ×5InsurTech ×5New Materials ×5
HQs:United States×21Canada×3Bermuda×2
Investments · 149 tracked
founders shown can be your intro pathBy year:2015 · 12014 · 34 dated
Kinder Morgan is an energy infrastructure company that operates in the transportation and storage of energy, while investing selectively in energy transition initiatives.
Energy
Kimberly Dang(CEO)
Co-investorsArc Light Securities
4Refuel provides 24/7 mobile on-site delivery of dyed diesel, a red-marked off-road fuel with the same formula as ultra low sulfur diesel.
CleantechConstruction TechEnergyLogistics & Supply ChainMobility & TransportationLangley, CA
Jack Lee(Founder)
Co-investorsH.I.G. Capital
Galloway is a design firm offering architecture, civil engineering, surveying, and traffic engineering services for commercial, residential, and industrial projects.
Construction TechDenver, US
ReSource Pro provides outsourcing, technology, and data services to insurance organizations including retail brokers, MGAs, and carriers, covering operations, strategy, implementation, and analytics.
AI & Machine LearningEnterprise SoftwareFuture of WorkInsurTechSaaSTeaneck, US
Daniel Epstein(Executive Officer, Director)Matthew Bruno(Founder)inKeith W. Pennell(Executive Officer, Director)Donald DeMuth(Director)Norman Merritt(Director)David Watkins(Director)
Vālenz Health operates a platform for self-insured employers, payers, providers, and members to reduce healthcare costs and improve care quality across the patient journey, from member experience to payment integrity and plan performance.
Digital HealthEnterprise SoftwareHealthtechInsurTech
Vince Cole(CEO)in
Co-investorsEcho Health Ventures
Exploration and production company focusing on oil and gas development in the Permian Basin
Leading asset management platform serving institutional and retail investors
American Beacon is an investment management firm offering actively managed ETFs, mutual funds, collective investment trusts, and separate account management across equity, fixed income, and liquid alternative asset classes.
Fintech
Americold operates a global network of temperature-controlled warehouses and provides cold storage plus related value-added services for food industry supply chains.
FoodTechLogistics & Supply ChainAtlanta, US
Kelly H. Barrett(Director)Antonio F. Fernandez(Director)Fred W. Boehler(Executive Officer, Director)George J. Alburger, Jr.(Director)James R. Heistand(Director)Michelle M. MacKay(Director)
AMF operates bowling entertainment centers offering bowling, food, drinks, and hosted parties and events.
Consumer
Aggregates and asphalt platform formed in partnership with CEO Rob Duke
Armada Materials produces aggregates (crushed stone, sand, gravel), asphalt, and ready-mix concrete, and offers paving, milling, and road striping services for private and public customers, including state highway agencies.
Advanced ManufacturingConstruction TechNew Materials
Augusta Sportswear Brands, now part of Momentec Brands, sells team sportswear and athletic apparel.
ConsumerE-commerceSports Tech
Co-investorsWP Global PartnersPlatinum
Beacon Communications provides critical communications and security technology, including nurse call systems, clinical workflow tools, overhead paging, mass notification, video intercom, integrated AV, structured cabling, and security systems.
Enterprise SoftwareHardwareHealthtech
BradyPLUS is a national distributor of janitorial and sanitation (JanSan), foodservice, and industrial packaging supplies, paired with advisory and support services.
Enterprise SoftwareLogistics & Supply Chain
Co-investorsWarburg Pincus
Bridgenext is a digital consulting and engineering firm that integrates a company's platforms, products, data, and customer experience into a connected system it calls a "Growth OS." It combines AI-driven build-or-buy analysis with hands-on engineering to modernize revenue stacks, accelerate digital products, and improve data infrastructure, serving enterprise clients tying technology investments to business outcomes.
AI & Machine LearningData & InfrastructureEnterprise Software
Buckeye provides infrastructure and logistics services for the energy sector, supporting the transport and handling of energy resources.
EnergyLogistics & Supply Chain
EnergyCalgary
Trent Stangl(Executive Officer)Rene Amirault(Director)Steven Toews(Executive Officer)Tamara MacDonald(Executive Officer)Scott Saxberg(Executive Officer, Director)Greg Tisdale(Executive Officer)
Advanced ManufacturingNew MaterialsBurnaby, CA
Stamford, US
Gary Vogel(Executive Officer, Director)Adir Katzav(Executive Officer)
BoardJustin Knowles(Director)Gary Weston(Director)Casey Shanley(Director)Randee Day(Director)
Eagle Foods is a consumer packaged goods company that owns and markets food brands including Eagle Brand Sweetened Condensed Milk and Hamburger Helper, selling to consumers and retailers.
ConsumerFoodTech
Leading provider of home healthcare services including personal care, skilled home healthcare and hospice
Ferraro Foods is a distributor of Italian food products, supplying thousands of items such as pasta, cheeses, tomatoes, flour, meats, seafood, and foodservice supplies to businesses.
FoodTechLogistics & Supply ChainGreenbrook, US
Co-investorsKainos
Foundation Consumer Healthcare develops and markets a portfolio of over-the-counter (OTC) healthcare products for consumers, positioning itself as a privately-held OTC manufacturer in the United States.
ConsumerHealthtechWellness & Fitness
Over-the-counter pharmaceutical platform owning market-leading brands including Plan B One-Step, Theravent, Campho-Phenique, St.
Co-investorsJuggernaut Capital
Foundation Consumer Healthcare is a privately-held manufacturer of over-the-counter (OTC) healthcare products in the United States, developing and growing a portfolio of consumer OTC brands.
ConsumerHealthtechWellness & Fitness
Multidisciplinary architecture and engineering firm serving private and public sector end markets
EnergyMissouri City, US
Ross Peebles(Executive Officer)James Brasher(Executive Officer)Richard White(Executive Officer)Tom Fleure(Executive Officer)Sean Gore(Executive Officer)
Community banking platform in Florida
Leading provider of pharmacy benefit management services for workers' compensation insurers; exited via sale to OptumRX in 2015
Joint venture with Hunt Oil Company to acquire and develop natural gas assets in the Marcellus shale; exited November 2010
Leading provider of decorative labels to food and beverage, nutraceuticals, pet care and medical end markets
Inovar manufactures custom product labels and flexible packaging for highly-regulated industries, offering services such as vendor-managed inventory, prepress, and a customer ordering portal.
Advanced ManufacturingCircular EconomyNew Materials
Diversified specialty advisory firm that evolved beyond property loss services.
Co-investorsLovell Minnick
Leading provider of vehicle auction services in North America; taken public by Kelso in 2009
Co-investorsParthenon
Logan's Roadhouse is a casual dining restaurant chain.
Consumer
Leading independent provider of retirement services in the U.S.
Braintree, US
RON SNYDER(Managing Member)JOHN RABY(Managing Member)GEOFF VENTURA(Managing Member)
Largest supplier of aftermarket parts and accessories to the golf cart market
Nivel Parts operates an online store for aftermarket parts and accessories, including motors and chargers, sold to dealers.
B2B MarketplacesE-commerceRetail Tech
Novvia Group is a packaging distributor and manufacturer that supplies stock and custom packaging—including glass, metal, plastic, and corrugated containers—along with design, labeling, and decoration services.
Advanced ManufacturingLogistics & Supply ChainNew Materials
Leading professional employer organization serving businesses in a diverse range of industries
Pathstone is an independent wealth management and family office firm serving ultra-high-net-worth families, endowments, and foundations.
Fintech
Co-investorsLovell Minnick
Leading operator of gastroenterology-focused ambulatory surgery centers
Provider of outsourced services for the maintenance, repair and installation of electric and natural gas infrastructure
EnergyNew York, US
James WiggintoninRoxanne R. Bowman(Executive Officer, Director)James J. Connors, II(Executive Officer)Roy Campbell(Director)Charles Casalinova(Executive Officer)Ronald R. Ridout(Executive Officer)
Reinsurance company focused on the property and casualty run-off market
Premia is a reinsurance group that acquires and reinsures discontinued or legacy non-life insurance and reinsurance run-off portfolios and companies.
FintechInsurTechPembroke, BM
National provider of outpatient mental health services with over 200 U.S. locations
Co-investorsLindsay Goldberg
Renfro Brands designs and manufactures socks, legwear, and apparel, with over 100 years of experience in the industry.
Advanced ManufacturingConsumer
Brown & Brown provides insurance, risk management, and employee benefits solutions for businesses, individuals, and families, ranging from day-to-day risk considerations to long-term planning.
InsurTech
Full-service investment banking firm focused on the financial services sector
Wealth management firm providing fee-based wealth advisory services
Sentinel is a data center developer and operator that builds custom, build-to-suit and wholesale high-density facilities providing power, cooling, and connectivity for hyperscale and enterprise customers.
Cloud ComputingData & InfrastructureEnergy
Leading provider of data center-focused technology integration services
SouthernCarlson supplies construction fasteners, tools, packaging, and related products along with services such as plant installs, takeoffs, and deliveries.
Advanced ManufacturingB2B MarketplacesConstruction Tech
Co-investorsTruelink Capital
Tallgrass is an energy infrastructure company that transports and provides solutions across natural gas, oil, CO2, hydrogen, and water.
CleantechEnergy
SiriusPoint is a specialty underwriter offering Property & Casualty and Accident & Health insurance and reinsurance to clients and brokers globally, working through partnerships with Managing General Agents and program managers.
FintechInsurTechHamilton, BM
Co-investorsPine Brook
Leading manufacturer of signal and forward lighting, wiring harnesses and related products for commercial and light vehicles; exited December 2015
Payment integrity and cost containment solutions provider to small and mid-sized employers
Exploration and production company focusing on oil and gas exploration in the deep water Gulf of Mexico
EnergyAddison, US
Adam B Rubin(Executive Officer)Peter R Kagan(Director)A. Richard Caputo, Jr.(Director)Brian C Reinsborough(President, Chief Executive Officer and Director)In Seon Hwang(Director)Jon Napier(Vice President, Finance and Treasurer)
Canadian wealth management firm providing wealth advisory services to individuals
WilliamsMarston is an advisory firm providing accounting, tax, technology, transaction, and valuation services to pre-IPO, public, and private equity-backed companies.
Enterprise Software
Midstream company focused on operating, building and acquiring terminals and related infrastructure across North America
EnergyMetuchen, US
James Joseph Reynolds(Executive Officer)Glenn Sandor(Executive Officer)Richard John Reynolds(Executive Officer)In Seon Hwang(Director)Jeffrey R. Armstrong(Executive Officer, Director)
Zenith Energy is a midstream company that owns and operates liquid storage terminals, running 7 terminals across 5 states that each specialize in a type of liquid storage.
CleantechEnergyLogistics & Supply Chain
Exits · 2
IPOs and acquisitions across the tracked portfolioKinder MorganNYSE: KMIEacomacq. by Interfor
Fund performance · per public LP disclosures · 14
as of Sep 2025| Fund | Vintage | Committed | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|
| Kelso XI Heights Co-InvestmentLPs: Maine Public Employees Retirement System | 2022 | — | -0.1% | 1.00x | — |
| Kelso Investment Associates XI, L.P.LPs: District of Columbia Retirement Board, New Mexico Public Employees Retirement Association, Hawaii Employees' Retirement System +2 more | 2021 | — | — | 1.21x | 0.02x |
| Kelso Investment Associates X PELPs: Maine Public Employees Retirement System | 2018 | — | 40.4% | 1.36x | 0.07x |
| Kelso Investment Associates X, L.P.LPs: Michigan Municipal Employees' Retirement System, New Mexico Public Employees Retirement Association, Hawaii Employees' Retirement System +4 more | 2018 | — | — | 1.90x | 0.57x |
| Kelso Investment Associates IX, L.P.LPs: New Mexico Public Employees Retirement Association, Maine Public Employees Retirement System, Michigan Municipal Employees' Retirement System +3 more | 2015 | — | — | 1.69x | 1.37x |
| Kelso Investment Associates IX PELPs: Maine Public Employees Retirement System | 2014 | — | 20.6% | 1.59x | 1.06x |
| Kelso Investment Associates VIII PELPs: Maine Public Employees Retirement System | 2011 | — | 7.9% | 1.42x | 1.25x |
| Kelso Invcstmc'lll A-.ociatcs VIII, L.P.LPs: The Regents of the University of California | 2007 | — | 7.8% | 3.00x | 0.57x |
| Kelso Investment Associates VIIILPs: Empire State Development – New York Ventures, Florida State Board of Administration, The Regents of the University of California +5 more | 2007 | — | 7.9% | 1.43x | 1.43x |
| Kelso VIIILPs: Pennsylvania Public School Employees' Retirement System | 2007 | — | 7.2% | 1.40x | 1.44x |
| Kelso Investment A<Sociatcs VII, L.P.LPs: The Regents of the University of California | 2003 | — | 11.0% | — | 1.62x |
| Kelso Investment Associates VIILPs: Florida State Board of Administration, The Regents of the University of California, Los Angeles City Employees' Retirement System +2 more | 2003 | — | 12.2% | 1.73x | 1.73x |
| Kelso VIILPs: Pennsylvania Public School Employees' Retirement System | 2003 | — | 11.4% | 1.60x | 1.60x |
| Kelso Investment Associates VI, L.P.LPs: Connecticut Retirement Plans and Trust Funds, Los Angeles City Employees' Retirement System | 1998 | — | 9.3% | 1.40x | 1.40x |
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 Kelso made?
- Kelso has 149 tracked investments, 1 of which have exited via acquisition or IPO.
- What sectors does Kelso focus on?
- Kelso focuses on Sector Agnostic.
- Where is Kelso located?
- Kelso is headquartered in New York, US.
- Who does Kelso co-invest with?
- Kelso most often shares deals with Lovell Minnick, Arc Light Securities, Echo Health Ventures, among 12 tracked co-investors.
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