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A&M Capital
David Wisnia leads A&M Capital, an operationally intensive mid-market private equity firm formed with Alvarez & Marsal in 2012.
A&M Capital
A&M Capital was established in 2012 as a partnership between Alvarez & Marsal's founders and a dedicated investment team led by President David Wisnia. The firm draws its capital and origination network from Alvarez & Marsal, a global restructuring and consulting firm with over 9,000 professionals. This lineage shapes a private equity strategy that underwrites operational transformation rather than financial engineering alone. The firm is headquartered in Greenwich, Connecticut. A&M Capital pursues control and significant-minority investments across the North American middle market, with an emphasis on companies needing operational recalibration. The firm structures both flagship commingled funds and co-investment SPVs. Core sectors include healthcare services, enterprise software, industrial technology, and media. The firm deploys Alvarez & Marsal operating consultants at portfolio companies post-acquisition to drive margin improvement. Deal activity highlights positions in clinical-trial software, precision-manufacturing, and specialty-distribution platforms. The geographic footprint concentrates on US-headquartered businesses with occasional cross-border extensions into Canada and Western Europe. Team scale remains undisclosed, though the firm leverages Alvarez & Marsal's shared services and sector-focused operating partners. Adjacent vehicles include the Alvarez & Marsal Capital Real Estate platform, which pursues separate property-sector mandates. In April 2023, the firm closed its latest flagship fund at approximately $2.0 billion, roughly 50% above the predecessor vehicle (per industry reports, 2023). This upsize signals limited-partner appetite for an operationally intensive, consulting-adjacent buyout model at a time when generic financial-sponsor returns are compressing. A&M Capital occupies a genuinely uncommon category: an operationally anchored buyout firm birthed inside a turnaround advisory. Most private equity firms hire operating partners after the fact; A&M Capital is structurally wired to deploy them the day a deal closes. The firm's shared identity with Alvarez & Marsal gives it proprietary access to stressed-company sourcing channels, workout-bank relationships, and interim-management talent that rivals build ad hoc. That embedded turnaround capability functions as downside protection and value-creation engine in equal measure.
General information
Firm type
Asset Manager
Year founded
2012
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Greenwich
Corporate office
Greenwich, CT, United States
Principals
David Wisnia
President
Sector focus
Frequently asked questions
Who runs investment decisions at A&M Capital?
President David Wisnia leads the investment team and the Investment Committee. The firm operates with substantial independence but draws on Alvarez & Marsal's founder network and senior operating professionals for deal sourcing, diligence, and portfolio-company oversight. Key committee members include senior partners with deep turnaround and operational backgrounds rather than traditional financial-sponsor pedigrees.
How does A&M Capital source proprietary deal flow?
The firm sources a material share of its deal flow through Alvarez & Marsal's restructuring and interim-management engagements. When A&M consultants are inside a stressed or underperforming business, they identify carve-outs, non-core divestitures, and recapitalization opportunities that become proprietary to A&M Capital. The firm also maintains relationships with workout groups at major money-center banks, the Federal Deposit Insurance Corporation, and special-situations desks.
Is A&M Capital structured as a single family office or does it operate more like a venture firm?
It operates as an institutional private equity manager, not a family office or venture firm. The firm raises blind-pool commingled funds from institutional limited partners including public pension plans, endowments, foundations, and insurance companies. It does not manage a single-family balance sheet, though Alvarez & Marsal's founders are anchor investors in the funds.
How is A&M Capital related to Alvarez & Marsal?
A&M Capital was formed by Alvarez & Marsal's founders and operates under a strategic partnership with the consulting firm. Alvarez & Marsal provides operating resources, sector expertise, and origination flow, while A&M Capital functions as an autonomous investment manager with its own investment committee and limited-partner base. The two entities share brand identity and office infrastructure but maintain separate management and governance.
Does A&M Capital maintain philanthropic structures, and how are they separated?
The firm does not publicly disclose a dedicated philanthropic vehicle connected to its investment operations. Alvarez & Marsal maintains a corporate social responsibility program and foundation, but those activities are organizationally distinct from A&M Capital's fund-management business and do not involve commingled limited-partner capital.
What investment stages does A&M Capital typically target?
The firm targets control buyouts and significant-minority recapitalizations in the North American middle market, typically with enterprise values between $100 million and $750 million. It occasionally pursues growth-equity positions in founder-owned businesses when the operational value-add thesis is clear, but it does not invest in early-stage venture or pre-revenue companies.
What is A&M Capital's known posture on co-investments alongside external GPs?
The firm actively offers co-investment rights to its limited partners and selectively co-invests alongside other Alvarez & Marsal-affiliated entities. It does not typically participate as a passive limited partner in third-party private equity funds. The firm's model emphasizes lead or co-lead control positions where it can deploy A&M operating resources directly.
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