# Enhanced Equity Funds

Enhanced Equity Funds is an Asset Manager based in Charlotte, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Charlotte, United States
- **Region:** North America
- **Address:** Charlotte, NC, United States
- **Founded:** 2005
- **Assets under management:** $500M - $1B (Altss estimate)
- **Website:** enhancedequity.com
- **LinkedIn:** https://www.linkedin.com/company/enhanced-equity-funds

## Regulatory record

- **Reports private funds:** No

## About

Enhanced Equity Funds is a private equity firm based in New York, New York. It focuses on investing in the healthcare industry. The firm has made 46 investments, including a 2015 investment in MedTest Holdings as part of Private Equity - III.

## Sectors

- Healthcare Services
- Enterprise Software

## People

- Andrew Paul — Co-Founder & Managing Partner
- Malcolm Cowan — Co-Founder & Managing Partner

## Questions

### Who runs investment decisions at 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.

### Does Enhanced Equity Funds concentrate on specific sectors?

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.

### How large is Enhanced Equity Funds, and who backs them?

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).

### Does Enhanced Equity Funds participate in fund commitments or only direct deals?

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.

### What is Enhanced Equity Funds' geographic footprint?

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.

### How does Enhanced Equity Funds source proprietary deal flow?

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.

## Related profiles

- [EDventure Holdings](https://altss.com/profile/edventure-holdings)
- [Mercia Asset Management](https://altss.com/profile/mercia-asset-management)

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/enhanced-equity-funds

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