Circumference Group

Jeff Fox, as founder and CEO, chairs the investment committee and directs all capital allocation. Managing directors J. Patrick England and Chris Laskey lead day-to-day transaction execution within their respective sector verticals. Final investment authority rests with Fox and the partnership committee, which includes senior operating advisors who must unanimously approve each platform investment before capital is called.

The firm relies on Fox's 30-year network of technology and telecom executives, combined with relationships formed through his public-company board seats at Dillard's and Merchants Fleet. Its network of 40-plus operating advisors, many of whom previously ran businesses that Fox acquired or invested in, generates off-market opportunities in logistics, workforce management, and insurance distribution. The firm does not use intermediaries for most of its platform acquisitions.

It operates as a hybrid: an SEC-registered investment adviser that manages capital primarily for a small consortium of ultra-high-net-worth families on a deal-by-deal basis rather than through blind-pool commingled funds. This structure allows it to avoid the 10-year fund life that dictates exit timing for most private equity managers, giving it characteristics of a permanent-capital vehicle without being a single-family office.

The firm exclusively pursues direct control and significant-minority investments. It does not allocate to third-party funds. When additional capital is required beyond its core family partners, Circumference syndicates directly to co-investors on a deal-by-deal basis, with each investment structured as a separate special-purpose vehicle.

Circumference acts as lead sponsor rather than co-investor. It structures each deal with its own group of limited partners and does not follow other general partners into transactions. It will occasionally invite institutional co-investors into its own platform deals but retains board control and operating oversight in every holding.

The firm targets mature middle-market companies with established cash flows, typically in the $50 million to $250 million enterprise-value range. It does not invest in startups, venture-stage businesses, or early-growth companies. Its platform investments are concentrated in business services, software, and healthcare services undergoing ownership transitions or operational turnarounds.

Real estate, natural resources, hospitality, and financial institutions are outside the firm's mandate. Circumference does not invest in biotech, pharmaceuticals, or capital-intensive manufacturing. Its negative-screen list also excludes companies with significant regulatory exposure or reliance on government contracts.