# Factory Capital Factory Capital is an Asset Manager based in Los Angeles, Australia. ## Overview - **Organization type:** Asset Manager - **Headquarters:** Los Angeles, Australia - **Region:** Oceania - **Address:** Sydney, Australia - **Founded:** 2021 - **Assets under management:** Undisclosed - **Website:** factorycapital.net - **LinkedIn:** https://www.linkedin.com/company/factorycapital ## Regulatory record - **CRD number:** 341250 - **SEC file number:** 801-135866 - **Registration status:** Registered - **Reports private funds:** No - **IAPD record:** https://adviserinfo.sec.gov/firm/summary/341250 ## About Factory Capital was formed through the merger of Normanby Capital and Asia Principal Capital, bringing together the investment operations of Peter Chapman, Mark Evans, Chris Chambers and their teams. Chapman and Evans had previously worked together to build Removery, Dental Corporation and dentalcorp — roll-up vehicles in healthcare and consumer services — creating a repeatable institutional framework now housed under Factory Capital. The firm operates from Sydney with an additional office in Toronto. The firm runs two parallel activities. Its Principal Investment arm uses dedicated capital to create proprietary opportunities and accelerate founder-led businesses, while the Funds Management platforms — HEAL Partners and RealVC — offer venture funds, growth private equity and private credit to external investors. The portfolio touches North America, Europe and Asia-Pacific, and confirmed investment exposures include Removery (laser tattoo removal chain across the US, Canada and Australia), The Fertility Partners (fertility-clinic roll-up spanning the US and Canada), Edge Early Learning (Australian early-childhood education) and dentalcorp (Canadian dental practice consolidator). Factory Capital lists a broad team of over a dozen partners and directors spanning Sydney, Toronto and the United States. Senior Partners include Macquarie veteran Dan Ritchie, who previously served as Head of Australian Equities, and Mark Evans, who co-founded Normanby Capital. Directors include Paul McCullagh, a co-founder of Pacific Equity Partners, and Rod Jones, founder of Navitas. AFSL holder and compliance duties sit with Partner Paul Saunders, who is also CEO of the predecessor vehicle Asia Principal Capital. Unlike a conventional asset manager, Factory Capital combines principal investment with fund management under a single partnership, allowing the firm to create businesses — often via industry consolidation — and then offer scaled exposure to those same themes through its fund platforms. That fusion of balance-sheet entrepreneurship and third-party fund management, anchored by a team that has executed healthcare and consumer roll-ups across three continents, provides an unusual degree of operational control over portfolio outcomes. ## Sectors - Healthcare Services - Enterprise Software - Consumer Services - EdTech - Private Credit ## Offices - Toronto ## People - Peter Chapman — Partner - Dan Ritchie — Partner - Mark Evans — Partner ## Questions ### What is the relationship between Factory Capital, HEAL Partners and RealVC? HEAL Partners and RealVC are the Funds Management platforms of Factory Capital. HEAL Partners focuses on growth private equity, while RealVC is the venture capital vehicle. Factory Capital's own Principal Investment arm sits alongside these platforms, creating proprietary opportunities — often in the same sectors — while the funds allow external investors to participate. ### Who makes investment decisions at Factory Capital? The Partner group drives investment decisions. Peter Chapman and Mark Evans anchor the investment team, having co-founded HEAL Partners and the predecessor vehicles Normanby Capital and Asia Principal Capital. Dan Ritchie brings public-market and institutional sales experience from Macquarie, while Paul Saunders serves as the firm's Responsible Manager under its Australian Financial Services Licence. ### How does Factory Capital source its deals? The firm largely creates its own opportunities through the Principal Investment arm, accelerating founder-led businesses directly rather than competing in broad auctions. Its Partners have a track record of building roll-ups — Removery, dentalcorp, The Fertility Partners — by originating proprietary consolidation theses and recruiting operator-founders, which also feeds the fund platforms. ### What investment stages does Factory Capital target? The firm spans the full private-capital spectrum. RealVC covers venture stages; HEAL Partners targets growth equity; and Factory Capital's own Principal Investment arm can hold assets as long-term balance-sheet positions. The firm also lists Private Credit as a capability under Funds Management. ### Where do the firm's predecessor vehicles, Normanby Capital and Asia Principal Capital, fit in? Normanby Capital was founded by Mark Evans, Chris Chambers and others, while Asia Principal Capital was led by Peter Chapman and Paul Saunders. Both vehicles executed healthcare and consumer roll-ups — Removery, Dental Corporation, dentalcorp, Edge Early Learning, The Fertility Partners — that now sit within Factory Capital's principal portfolio and serve as track record for its fund platforms. ## Related profiles - [Export-Import Bank of Malaysia](https://altss.com/profile/export-import-bank-of-malaysia) - [Fairfax County Uniformed Retirement System](https://altss.com/profile/fairfax-county-uniformed-retirement-system) --- Last updated: 2026-06-03T20:00:00.000Z Canonical page: https://altss.com/profile/factory-capital Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology