Parthenon
Private equityBoston · Growth · 31 people tracked
Also known as Pcp Managers, L.P.
Investment thesis
Parthenon Capital takes a research-driven, sector-focused approach to private equity investing, concentrating on core sectors where the firm has substantial operating and investment experience. It partners collaboratively with management teams to create value by building market leaders and driving earnings growth via both organic and acquisitive strategies. The firm believes its specialization allows deeper understanding of key issues, risks and opportunities, enabling it to provide relevant resources and insights. Over more than 25 years it has completed over 60 platform and 500 add-on acquisitions, primarily across financial services, healthcare solutions, and business/technology services subsectors.
Source: firm website, verified Aug 25, 2026.
Team · 31 people
from the firm's websiteFounder mafia
The Parthenon mafia →14 people who came through Parthenon went on to found or lead other companies.
+ 2 more
What they invest in
from 19 of 62 portfolio companiesFintech ×10SaaS ×5AI & Machine Learning ×4Healthtech ×3InsurTech ×3Cloud Computing ×2Enterprise Software ×2Consumer ×1
HQs:United States×6
Investments · 62 tracked
founders shown can be your intro pathAArete is a management consulting firm offering profitability improvement and digital & technology services, using market intelligence, data platforms, and AI-driven analytics.
AI & Machine LearningData & InfrastructureEnterprise Software
Allworth Financial is a fiduciary wealth management firm offering financial planning, investment management, tax planning, and estate planning through on-staff investment, tax, insurance, and estate experts.
Fintech
Co-investorsLightyear
Amwins is a wholesale insurance broker and specialty insurance distributor that provides retail agencies and insurance carriers with access to specialty markets, proprietary products, actuarial services, and program development.
InsurTechCharlotte, US
M. Steven DeCarlo(Manager)Scott M. Purviance(Manager)Stuart Szabo(Manager)Baljit Dail(Manager)
BoardBenjamin R. Sloop(Manager)Matthew Ebbel(Manager)
Co-investorsGenstarNew Mountain CapitalDragoneer Investment Group
BirchStreet builds an AI-powered procure-to-pay and operations platform purpose-built for the hospitality industry, helping hotel and hospitality brands manage purchasing, supplier collaboration, and spend visibility.
AI & Machine LearningFintechSaaS
Bryant & Stratton College is a higher education institution offering degree programs such as business and nursing across multiple U.S. campuses, including Syracuse and Hampton.
EdTech
CardWorks Financial Group is a diversified consumer finance provider offering credit, lending, and full customer lifecycle services, focused on non-prime "progress seeker" consumers overlooked by large financial institutions.
FintechWoodbury, US
Donald M. Berman(Executive Officer, Director)Don Berman(Founder & Executive Chairman)Harold Baldauf(Director)Robert Hartheimer(Director)Daniel Ballen(Director)Zach Sadek(Director)
Co-investorsID8 InvestmentsReverence Capital Partners
Cherry Bekaert is a professional services firm providing accounting, tax, and advisory services tailored to clients' business needs.
Enterprise Software
Choreo provides integrated wealth management, financial planning, and tax planning services for business owners, executives, families, foundations, and professionals across the U.S.
Fintech
Envysion provides a cloud-managed video platform that combines video footage with AI-powered analytics to help restaurants, convenience stores, and retail chains with loss prevention, safety and security, and operations.
AI & Machine LearningCloud ComputingRetail Tech
eSecLending is a securities finance firm that provides securities lending services for institutional investors, including auction-based lending programs and client reporting.
Fintech
Co-investorsLovell Minnick
Leading provider of vehicle auction services in North America; taken public by Kelso in 2009
Co-investorsKelso
Libra Solutions operates a technology platform that provides funding and specialty medical services in the personal injury litigation space, connecting attorneys, physicians, and injured plaintiffs.
FintechHealthtechLegalTech
loanDepot is a mortgage and home lending company offering products such as home equity loans, home purchase mortgages, and cash-out refinancing to U.S. consumers.
ConsumerFintechPropTech
Improves health care providers' margins and cash flow via revenue cycle and supply chain solutions (NASDAQ: MDAS).
Co-investorsGrotech Ventures
Pavilion Payments provides integrated payment solutions for the gaming and entertainment industry, including ACH networks, cash access, and mobile/cashless funding for casinos and online gaming operators.
FintechGamingLas Vegas, US
Payroc operates a unified omnichannel payments platform with a single API and precertified POS devices, enabling merchants to accept card-present, mobile, ecommerce, and unattended kiosk payments.
FintechSaaS
Relation Insurance is an insurance brokerage offering commercial coverage, employee benefits programs, personal lines (auto, home, life, and recreational vehicles), private wealth risk management, and retirement planning.
InsurTech
Co-investorsBayPine
Co-investorsLovell Minnick
Smart Data Solutions offers an AI-native automation platform that captures, validates, structures, and enriches incoming healthcare data across intake, EDI, digital mailroom, and clearinghouse connectivity before it enters downstream workflows.
AI & Machine LearningHealthtechSaaS
Venbrook is an insurance company that positions its services around enabling clients' future decisions rather than only protecting existing assets.
InsurTech
Zelis builds healthcare-specific technology to help clients manage operations and stay compliant with changing regulations in the healthcare financial system.
FintechHealthtechSaaSBedminster, US
Douglas Klinger(Executive Officer, Director)Edward Fargis(Executive Officer)Thomas Kloster(Executive Officer)Kurt Brumme(Director)Joseph DiMartini(Director)Eric Schaefer(Director)
Co-investorsNorwest Venture PartnersValspring Capital
Fund performance · per public LP disclosures · 6
as of Dec 2025| Fund | Vintage | Committed | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|
| Parthenon Investors VIILPs: Oregon Public Employees Retirement System, Texas Municipal Retirement System, Employees' Retirement System of Rhode Island +2 more | 2023 | — | -24.7% | 0.84x | 0.00x |
| Parthenon Investors VI, L.P.LPs: Texas Municipal Retirement System, Employees' Retirement System of Rhode Island | 2020 | — | 19.1% | 1.75x | 0.21x |
| Parthenon Investors IVLPs: Oregon Public Employees Retirement System, Michigan Municipal Employees' Retirement System | 2012 | — | 36.2% | 4.91x | 3.33x |
| Parthenon Investors IIILPs: Oregon Public Employees Retirement System, Michigan Municipal Employees' Retirement System | 2005 | — | 11.9% | 2.46x | 2.16x |
| PARTHENON INVESTORS II LPLPs: Oregon Public Employees Retirement System, Employees' Retirement System of Rhode Island, Michigan Municipal Employees' Retirement System +2 more | 2001 | — | 12.3% | 1.64x | 1.64x |
| Parthenon InvestorsLPs: Oregon Public Employees Retirement System | 1999 | — | 6.5% | 1.38x | 1.38x |
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 Parthenon made?
- Parthenon has 62 tracked investments.
- What stage does Parthenon invest at?
- Parthenon invests at the Growth stage.
- What sectors does Parthenon focus on?
- Parthenon focuses on Enterprise Software, Fintech, Healthtech.
- Where is Parthenon located?
- Parthenon is headquartered in Boston, US.
- Who does Parthenon co-invest with?
- Parthenon most often shares deals with Lovell Minnick, ID8 Investments, Norwest Venture Partners, among 13 tracked co-investors.
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