Enhanced Equity Funds

Co-founders Andrew Paul and Malcolm Cowan lead the firm as managing partners and sit on the investment committee. Paul previously co-founded Paul Capital Partners, a secondary private equity platform. The firm maintains a flat partnership structure without a separate CIO layer — all material investment decisions run through the two co-founders and a small group of senior partners.

EEF invests in lower-middle-market companies within healthcare services and tech-enabled business services. The firm pursues both control buyouts and minority growth equity transactions, targeting businesses with $5 million to $20 million in EBITDA. Equity check sizes typically range from $10 million to $30 million, and the firm prefers founder-led companies where management retains meaningful equity post-close.

Yes — healthcare services and tech-enabled business services represent the firm's exclusive verticals, consistent across all three funds. Within healthcare, EEF has backed physician practice management groups, behavioral health providers, and outsourced clinical service companies. The tech-enabled services portfolio includes vertical SaaS platforms and data analytics businesses serving enterprise and government clients.

EEF has raised three institutional funds: Fund I ($100 million, 2007), Fund II ($185 million, 2013), and Fund III ($285 million, 2017, closed above target). Limited partners include university endowments, public pension funds, and institutional fund-of-funds. The firm's aggregate committed capital exceeded $680 million through Fund III (per SEC filings, 2017).

EEF exclusively pursues direct investments in operating companies. The firm has not raised a fund-of-funds vehicle and does not allocate capital to external GPs. All capital is deployed through control or minority equity positions negotiated directly with company founders or existing shareholders.

EEF is headquartered in Charlotte, North Carolina, and invests across the United States. The firm has not disclosed additional offices and sources deals nationally, with a particular concentration in the eastern United States. EEF targets founder-owned businesses regardless of coastal or non-coastal location.

EEF relies on a long-standing intermediary network, founder referrals, and sector-specific origination within healthcare services and tech-enabled business services. The firm's narrow sector focus — two verticals across three funds — has built repeat relationships with industry executives, sell-side advisors, and co-investors who operate in the same segments.