JC
Mon · 27 May 2026Wk 22FY26 Q2

Portfolio

Three portcos active across Fund IV. Two material flags opened this week : one risk, one watch.

Generate board deckOpen thesis ledger
Active portcos
3
Across $520M EV deployed · Fund IV
Thesis lines
16
10 on-track · 6 watch
On-track rate
63%
10 of 16 assumptions performing
Flags · last 14d
3
1 risk · 1 watch · 1 win
Section · B

Portfolio companies

Sorted · descending risk
IndustrialsAt risk

Apex Industrial Coatings

“Carve-out of non-core coatings division from public industrial conglomerate; standalone operating leverage + Southeast geographic expansion.”

Specialty Chemicals, Industrial Coatings · US, Midwest, 4 plants
Open ledger
Enterprise value
$180M
Entry EBITDA
$22.5M
Entry multiple
8.0×
Closed
Mar 2024
Hold
Yr 3 / 5
Current month · 2026-04
vs. underwriting
Revenue (LTM)
$162.4M
+1.1%
EBITDA
$26.8M
+17.7%
Margin
16.5%
−13.5%
Organic growth
8.0%
−7.0%
Trailing 11 months · revenue
2025-06→2026-04
$12.9M$14.1M
Thesis ledger · 5 lines
Open ledger →
Realized0On-track1At-risk3Missed1
Recent flags
View all (4) →
  • Working capital up $4.2M vs. Q4, demand planning rollout not translating to inventory reduction yet.
    8d agorisk
  • Atlanta GM search restarted after second candidate withdrew.
    4w agowatch
Healthcare ITOn track

HealthCloud Services

“Buy-and-build platform consolidating fragmented practice-management SaaS for independent specialty clinics.”

Vertical SaaS, Practice Management · US, Southeast HQ, 12 states served
Open ledger
Enterprise value
$245M
Entry EBITDA
$19.6M
Entry multiple
12.5×
Closed
Sep 2024
Hold
Yr 2 / 5
Current month · 2026-04
vs. underwriting
Revenue (LTM)
$78.4M
+2.2%
EBITDA
$24.9M
−30.2%
Margin
31.8%
+1.8%
Organic growth
21.0%
+6.0%
Trailing 11 months · revenue
2025-06→2026-04
$5.9M$7.3M
Thesis ledger · 6 lines
Open ledger →
Realized3On-track1At-risk2Missed0
Recent flags
View all (4) →
  • Cross-sell attach rate trending below 12%, third consecutive month of misses against 32% plan.
    13d agowatch
  • OncoSuite add-on closed at 10.4x, final purchase price $48M, $4M below LOI.
    3w agowin
Consumer ServicesOn track

Bright Smiles Dental Group

“DSO buildout from 12 locations to 30 over 36 months, de novo + tuck-in M&A, central billing/procurement leverage, payer-mix optimization.”

Dental Services Organization (DSO) · US, Texas, Oklahoma, Arkansas
Open ledger
Enterprise value
$95M
Entry EBITDA
$13.2M
Entry multiple
7.2×
Closed
Dec 2024
Hold
Yr 2 / 5
Current month · 2026-04
vs. underwriting
Revenue (LTM)
$42.8M
+1.1%
EBITDA
$15.9M
−46.6%
Margin
37.1%
+7.1%
Organic growth
9.4%
−5.6%
Trailing 11 months · revenue
2025-06→2026-04
$3.2M$3.8M
Thesis ledger · 5 lines
Open ledger →
Realized1On-track4At-risk0Missed0
Recent flags
View all (4) →
  • Tucker Smile Dental tuck-in closed at 5.4x, 80bps under target multiple.
    9d agowin
  • Frisco TX de novo broke even in month 7 (plan: month 9).
    3w agoinfo
Section · D

Board agenda

4 meetings · 4 weeks out
Calendar · next 30 days

Upcoming board meetings

Full calendar