Goldner Hawn

Investment decisions are led by the managing partners, who include co-founder Michael Hawn and Chad Cornell. The firm operates with a consensus-driven investment committee historically anchored by senior partners in Minneapolis. Day-to-day origination and execution are handled by its lean deal team, which has remained geographically concentrated in the Upper Midwest.

Goldner Hawn sources transactions primarily through long-standing intermediary relationships across the Midwest and Great Lakes, as well as direct outreach to founder- and family-owned businesses. The firm rarely relies on broad auction processes, instead targeting companies with $3 million to $15 million in operating profit where a relationship-driven approach to owners yields proprietary or limited-process opportunities.

Goldner Hawn is an institutional private equity firm, not a family office or venture capital fund. It raises committed capital from external limited partners for finite-life closed-end funds. Its strategy centers on control buyouts and growth recapitalizations of profitable middle-market companies, with no venture-stage or seed-stage activity.

Goldner Hawn exclusively makes direct equity investments into operating companies. It does not operate as a fund-of-funds, nor does it allocate capital to third-party managers as part of its core strategy. Limited partners gain exposure directly to a portfolio of North American middle-market businesses.

The firm targets mature, profitable businesses with EBITDA between $3 million and $15 million. It does not invest in startups, turnarounds, or pre-revenue companies. Transactions fall into control buyouts, management-led recapitalizations, and occasional minority growth-equity positions alongside founders who are not seeking full liquidity.

Goldner Hawn does not invest in real estate, financial services, or natural resource exploration. The firm also avoids technology startups, biotechnology, and any business model where recurring operating losses are considered part of a growth phase. Its focus remains on cash-flow-positive manufacturing, business services, and distribution.

Goldner Hawn rarely syndicates equity alongside external general partners. When it does, co-investors are typically existing limited partners invited into a specific transaction on a deal-by-deal basis. The firm does not maintain a standing co-investment vehicle or club.