Equity38

Managing Partner David founded the firm and leads its investment activity. David has more than 25 years of principal investing and leveraged finance experience in the lower middle market and was previously a Managing Director and Operating Partner at Source Capital. Principal Sean oversees investment sourcing, evaluation, and execution while also partnering with portfolio companies on value creation.

Equity38 is dedicated exclusively to the consumer sector. While it does not publicly disclose its sourcing process, the firm emphasizes a philosophy of 'partnering wisely' with growth businesses and draws on the deep consumer and operational networks of its eight-member team, which includes specialists in real estate development, CPG, branding, and medical wellness.

Equity38's stated strategy covers buyouts, complex situations, growth investments, and recapitalizations, characteristics of direct deal-level investing. The firm does not publicly disclose any fund-of-funds or LP commitments to external managers, and its published team profile is built around direct operating engagement inside the portfolio.

The firm focuses on lower-middle-market businesses and describes its mandate as helping growth businesses reach their potential. David's biography highlights experience in lower-middle-market consumer growth investing, and the operating team's track record — including multi-unit expansion at Orangetheory Fitness and OVME — suggests a preference for companies ready to scale unit count and geographic footprint.

Equity38 is a dedicated consumer investor. Its portfolio includes fitness (Orangetheory Fitness), medical aesthetics (OVME), wellness and nutrition (Earthbar, Superfood Holdings), and fitness equipment (TRX). The firm's operating executives bring additional domain expertise in food and beverage CPG, health and wellness, and multi-site real estate development.

Rather than relying solely on external operators or a portfolio-company CEO network, Equity38 employs a full-time bench of Operating Executives with specialized vertical expertise. Tracy leads real estate and multi-unit development; Chris drives CPG brand strategy and demand generation; Mark shapes medical, health, and wellness strategy; Con directs brand and creative; and Stacie supports performance across disciplines. This model embeds operating capability as an in-house resource alongside the investment team.

Equity38 does not publicly discuss co-investment structures on its website. The firm's leadership describes the entity as a private investment firm built around 'expertise, focus, and resources,' implying principal-led deal-making. No information is available about willingness to co-invest alongside other sponsors.