Banner Capital Management has recapitalized eight portfolio companies into a $400 million continuation vehicle, Banner Capital Fund I, L.P., and has formally launched Banner Capital Fund II LP with a target of $200 million in capital.
Hamilton Lane was the lead investor in Fund I, with substantial participation from Banner’s pre-fund investors. Fund I, structured as a multi-asset continuation fund, aggregates interests in eight of Banner’s pre-fund investments, provides a cash liquidity event to earlier investors, and includes follow-on capital for the eight portfolio companies.
“We are excited to welcome Hamilton Lane as an investor in Fund I, alongside our long-time partners. We remain strong believers in the companies and leadership teams that are part of Fund I and are grateful to have more time to fully realize the value created—while also providing early investors with interim liquidity,” said Tanner Ainge, the founder and CEO of Banner.
“We are proud to support these Banner portfolio companies through this next phase of growth. This transaction underscores Hamilton Lane’s innovative approach, significant scale and deep experience in delivering strategic solutions for both GPs and LPs while facilitating long-term value creation,” said Ryan Smith, a managing director at Hamilton Lane.
Mesa, Arizona-headquartered Roadrunner provides asphalt paving, repair, sealcoating, striping, and maintenance services for the installation and upkeep of parking lots, roads, and other paved surfaces. The company’s customers include property managers, landlords, retail centers, and local government agencies located in the greater Phoenix metropolitan area.
Limited partners participating in the preliminary close included the Larry H. & Gail Miller Family Foundation. The Larry H. Miller Company was founded by the late Larry Miller—he passed away in 2009—and was one of the largest privately owned automotive dealership groups in the western U.S. and the owner of the NBA’s Utah Jazz for more than 30 years. In 2021, the automotive division was sold to Asbury Automotive Group for approximately $3.2 billion.
“The target size for Fund II, along with our initial investment in Western Pavement Services, underscores Banner’s deep commitment to the lower middle market, the Intermountain West, and to supporting founder- and family-owned businesses,” said Tyler Price, a managing director of Banner.
Banner Capital invests from $15 million to $60 million in family-owned and founder-led consumer, industrial, and healthcare service companies located in the Western United States that have from $4 million to $15 million in EBITDA. The firm was founded in 2020 by Mr. Ainge and is headquartered south of Salt Lake City in Lehi, Utah.
A formal first close of Fund II is expected in the fourth quarter of 2025.
Banner Capital Management has recapitalized eight portfolio companies into a $400 million continuation vehicle, Banner Capital Fund I, L.P., and has formally launched Banner Capital Fund II LP with a target of $200 million in capital.
“We are excited to welcome Hamilton Lane as an investor in Fund I, alongside our long-time partners. We remain strong believers in the companies and leadership teams that are part of Fund I and are grateful to have more time to fully realize the value created—while also providing early investors with interim liquidity,” said Tanner Ainge, the founder and CEO of Banner.
In tandem with the close of Fund I, Banner has announced that it held a preliminary close of Fund II in May 2025 to back the formation of 
