LoneTree Capital has held a final close of its first growth equity fund, LoneTree I LP, with $200 million in capital.
LoneTree invests between $10 million and $75 million in technology and tech-enabled services companies with revenues between $5 million and $30 million and growth rates exceeding 10%. The firm has a preference for recurring or re-occurring revenue business models.
LoneTree was founded in 2021 by Managing Partner Matt Koven, a member of the founding team at Bregal Sagemount, and is headquartered in New York City.
“Flexible capital paired with LoneTree’s intensive, active support around go-to-market execution and talent management is a clear differentiator in the lower-middle market,” said Mr. Koven. “This approach has already created value for the companies we have backed, and we are pleased it has been so well received by a wide range of investors.”
LoneTree’s new fund has already closed several investments, including Synergy Pet Group, a New Jersey-headquartered provider of veterinary care and pet prescription discount plans, pet insurance, and veterinary software (May 2023); and AllPaid, an Indiana-headquartered provider of a secure, single-source payments platform used by local government agencies and municipalities (August 2024).
Two more recent investments include Northern Light, a Massachusetts-headquartered provider of competitive intelligence and market research to Fortune 1000 companies across multiple industries (January 2025), and Arkatechture, a Maine-headquartered provider of data and analytics software used by credit unions and community banks (February 2025).
“We are excited to continue to partner with entrepreneurs and management teams to help them transform their businesses into world-class organizations,” concluded Mr. Koven.
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