Funding & Incubation

Capital alongside services.

When the operating partnership produces a thesis we believe in, we invest. The operating-company model puts capital and services under the same P&L, which means a client engagement can include both lines of work.

How it works.

The Funding & Incubation team sits inside the same operating company as the strategy, technology, AI, products, and education teams. One P&L. The implication: when an engagement reveals a thesis we believe in, the capital conversation is one phone call inside the same partnership, not a new sales cycle with an outside fund.

Most engagements do not involve capital. The funding team is selective. The shape we look for is a mid-market operator running a real business who needs the next tranche of capital to compound what is already working, where the IG operating-partner relationship gives us early visibility into the underwriting case.

The capital structure varies by engagement. Sometimes equity. Sometimes deferred fee structures that convert at the next priced round, as in the All Voice AI engagement where the fractional CMO retainer accrued until the raise closed. The structure follows the relationship, not a template.

Portfolio.

The active portfolio is small and operator-aligned. Public additions land here as they are cleared.

Considering both operating partnership and capital?

Talk through the engagement first. The capital conversation happens inside that relationship, not before it.