# First Tracks Capital

First Tracks Capital is a Private Equity based in Toronto, Canada.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Toronto, Canada
- **Region:** North America
- **Address:** 151 Bloor St W, Suite 300A, Toronto, ON M5S 1S4, Canada
- **Founded:** 2020
- **Assets under management:** Undisclosed
- **Website:** firsttrackscapital.com
- **LinkedIn:** https://www.linkedin.com/company/first-tracks-capital-inc

## Regulatory record

- **Reports private funds:** No

## About

First Tracks Capital is an investment firm that provides growth equity to SMEs across consumer goods, financial services, industrials, manufacturing, and technology sectors. It offers capital to SMEs with negative cashflows to $5M EBITDA. The firm takes board seats to guide management and ensure alignment with strategic objectives.

## Sectors

- Consumer Goods
- Financial Services
- Industrials
- Manufacturing
- Technology

## People

- Mark Lerohl — Founder & Managing Partner
- Joe Shlesinger — Managing Partner
- Michael Kline — Managing Partner

## Questions

### Who makes investment decisions at First Tracks Capital?

The investment committee is led by Founder and Managing Partner Mark Lerohl, alongside Managing Partners Joe Shlesinger and Michael Kline. The team vets deals against a defined set of criteria, requiring a board seat at each portfolio company to ensure strategic alignment.

### What is First Tracks Capital's investment strategy?

The firm deploys growth equity into Canadian small-to-medium enterprises at an inflection point. It targets companies with negative cash flow to $5 million in EBITDA, aiming for a 2x to 4x multiple on invested capital, and designs the exit pathway — strategic acquisition, IPO, or share repurchase — before making the investment.

### Which sectors does First Tracks Capital focus on?

The firm invests across five sectors on which its team has concentrated experience: consumer goods, financial services, industrials, manufacturing, and technology.

### Does First Tracks Capital participate in fund commitments or only direct deals?

First Tracks operates as a direct investor, taking minority stakes in private companies. There is no public indication that it allocates capital to external funds or acts as a limited partner.

### How does First Tracks structure its exits?

Exit planning is the primary consideration for every investment. The firm evaluates conditions including management team readiness, market share, and financial strength, then deploys one of three exit routes: strategic acquisition, an IPO if the company can support a public listing, or a share repurchase by the portfolio company.

## Related profiles

- [First Spark Ventures](https://altss.com/profile/first-spark-ventures)
- [FirstTracks Ventures](https://altss.com/profile/firsttracks-ventures)

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

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