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Logo Black Card Capital Partners
Top growth equity investor
Black Card Capital Partners is a growth equity PE firm that specializes in acquiring GP Stakes in emerging funds.

We work with both emerging and seasoned fund managers. The kicker: We don’t make money until you do.
The BCCP Framework:

Industry Agnostic

We understand the business of funds, regardless of your vertical
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New private equity fund manager

For New Managers

If you are a brand new fund manager looking to launch a fund there can still be a great partnership opportunity. Since your General Partnership is brand new, and your enterprise value is essentially $0.00, there will be no acquisition/exchange of money upon signing. We will come in on the ground floor and provide consulting & other services in exchange for a minority revenue/profit share of your General Partnership. This costs you no money up front. We only make money when you do.
New private equity managers

For Seasoned Managers

If you are a seasoned manager that is looking to…
…then let’s have a conversation about a partnership. Your General Partnership will have an associated enterprise value based on the revenues that you’ve generated. Most General Partnerships Stakes are fairly difficult to sell, but we are here to help.

Ideal Acquisition Criteria

Between $1M - $150M AUM

Teams with broad equity buy in

Strong commitment to growth

What is a GP stake investment?

GP stakes are direct equity investments representing a minority ownership position in a GP’s underlying management company.
Alternative investment funds are typically set up under a GP/LP structure. Limited Partners (LP’s) passively invest into the Limited Partnership (LP) whereas the General Partner (GP) is the managing entity of the LP.
BCCP focuses on acquiring minority stakes in the General Partnership at a zero dollar cost basis for new funds, or at an appropriate enterprise value for seasoned funds.

Who Classifies as an Emerging Manager?

An Emerging Manager is typically a firm who has:

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Where do GP stakes exist within a private equity portfolio?

Although strategies vary, GP stakes investments are often placed in a growth equity portfolio, designed to deliver large and mid-cap growth stocks returns at a lower cost for LPs. Firms focused on equity growth invest in late-stage, high-performing companies to maintain their development.

What key factors do GP stake investors consider before investing?

Before making an investment, GP stakes investors will examine a firm’s business from every angle. This includes analyzing everything from LP-GP relationships and alignment of incentives, to understanding the nuances of how the GP management company generates revenue. Other important factors include the sustainability of the management company’s long-term revenue streams and its prospects for future funds.

Who are some of the other major players in GP stakes investing?

There are 3 most prominent firms that operate in the space are Blackstone, Dyal Capital Partners, & Goldman Sachs, however we are going after completely opposite corners of the market.
Where other firms focus on funds MORE than $1 Billion AUM, BCCP specializes in working with firm LESS than $1 Billion AUM.