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FTV Capital
FTV Capital is an SEC-registered investment adviser in San Francisco, CA, registered since 2026.
FTV Capital
FTV Capital is an SEC-registered investment adviser in San Francisco, CA, registered since 2026. The firm manages approximately $11.9 billion in regulatory assets. It has 119 employees and 66 investment advisers.
General information
Firm type
Private Equity
Year founded
1998
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Additional offices
San Francisco, CA, United States
Principals
Brad Bernstein
Managing Partner
Richard Garman
Managing Partner
Kyle Griswold
Partner
Sector focus
Frequently asked questions
Who runs investment decisions at FTV Capital?
Brad Bernstein and Richard Garman co-founded the firm and remain managing partners. They oversee the investment committee alongside partners including Kyle Griswold. Decisions are centralized through the partnership, with input from the Global Partner Network during diligence but final investment authority residing with the managing partners.
How does FTV source proprietary deal flow?
FTV relies heavily on its Global Partner Network of over 500 financial institution executives who refer companies, validate market needs, and provide commercial introductions. This network, built over 25 years, generates a consistent funnel of enterprise technology and fintech targets that often don't run broad auction processes.
Is FTV a single-family office or a traditional private equity firm?
FTV Capital is a traditional, institutional growth-equity firm, not a family office. It manages commingled blind-pool funds raised from limited partners including pension funds, endowments, and sovereign wealth funds.
What investment stages does FTV typically target?
FTV invests at the growth stage, targeting companies with $10 million to $100 million in annual revenue. The firm writes equity checks between $20 million and $150 million for both minority recapitalizations and control buyouts, focusing on capital-efficient businesses ready to scale distribution.
Does FTV participate in fund commitments or only direct deals?
FTV deploys capital exclusively through direct company investments — it does not operate a fund-of-funds or allocate to external managers. All capital from its flagship and sector-specific vehicles goes into minority or control equity positions in operating companies.
Which sectors does FTV explicitly avoid?
FTV does not invest in consumer internet, biotechnology, hardware manufacturing, or natural resources. The firm's mandate is strictly enterprise technology, with a particular focus on application software, fintech, payments infrastructure, cybersecurity, governance and compliance platforms, and wealth management technology.
How large is FTV Capital's latest flagship fund?
FTV VIII closed at $2.3 billion in 2021 (per public filings, 2021). The firm has since raised additional vehicles, including dedicated small-cap funds and sector-focused pools, though total current assets under management are not publicly disclosed.
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