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Ilona Capital
Brian Hodges runs Ilona Capital, a New York growth-equity firm that writes $15M–$50M checks into bootstrapped software companies with a permanent-hold...
Ilona Capital
Ilona Capital was founded as a growth-equity firm focused on capital-efficient technology businesses, operating from New York. Managing Partner Brian Hodges leads the firm, which structures each investment as a control or significant-minority partnership, typically deploying equity checks between $15 million and $50 million. The firm does not run a fixed-duration fund; instead, it raises capital on a deal-by-deal basis, which gives it the flexibility to hold businesses indefinitely when the compounding trajectory warrants it. The strategy targets founder-owned software and tech-enabled services companies with $5M–$50M in revenue that have reached profitability or are near breakeven. Ilona avoids venture-style cash-burn models, preferring businesses that have already proven unit economics. Sectors in scope include enterprise software, fintech, digital health, and AI/ML applications. Portfolio companies the firm has disclosed include Smarty, a location-data API business used by enterprise logistics and e-commerce platforms, and eAssist Dental Solutions, a revenue-cycle management platform for dental practices. The firm invests across North America, with a pattern of backing companies headquartered outside traditional coastal tech hubs. The firm operates with a compact team structure, relying on Hodges and a small group of operating partners rather than a large junior investment staff. Ilona has not publicly disclosed total assets under management or aggregate deployment. In recent periods, the firm continued to source control-oriented growth-equity deals in vertical SaaS and data infrastructure. No adjacent vehicles, philanthropic arms, or co-investor clubs have been publicly identified. Ilona Capital's structural differentiator is its deal-by-deal capital base and open-ended hold period. Without LP pressure to exit on a fund clock, the firm can behave more like a holding company — reinvesting cash flows, deferring sales processes, and making operational improvements that play out over a decade rather than a three-to-five-year window. That architecture puts it in a small peer set alongside other permanent-capital software consolidators rather than traditional private equity firms.
General information
Firm type
Private Equity
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Principals
Brian Hodges
Managing Partner
Sector focus
Frequently asked questions
Who runs investment decisions at Ilona Capital?
Brian Hodges is the Managing Partner and leads all investment activity. The firm operates with a lean, founder-led decision-making structure rather than a large investment committee. Hodges oversees sourcing, diligence, and portfolio governance, often working alongside operating partners on post-close execution.
How does Ilona Capital source proprietary deal flow?
Ilona targets founder-owned, bootstrapped software businesses that typically have not run broad auction processes. The firm relies on direct outreach and its network of operating partners, rather than intermediary-led processes, to find companies at the Rule-of-40 inflection point. Because it writes equity checks from committed deal-by-deal capital, it can move quickly when a founder is ready to transact.
Is Ilona Capital structured as a single family office or does it operate more like a venture firm?
Neither. Ilona is a growth-equity firm that raises capital per transaction rather than from a fixed fund. It sits between a traditional private equity fund and a permanent-hold operating group, with the flexibility to own businesses indefinitely. It does not operate as a family office or a venture capital firm.
Does Ilona Capital participate in fund commitments or only direct deals?
Ilona executes direct growth-equity investments exclusively. It does not invest as a limited partner in other funds. Each investment is a control or significant-minority equity position in a single operating company, with no fund-of-funds activity.
What investment stages does Ilona Capital typically target?
Ilona targets expansion and late-stage growth-equity rounds in companies with $5M–$50M in revenue. It focuses on businesses that are profitable or near breakeven, avoiding pre-revenue startups. The firm enters at the point where capital accelerates organic scaling rather than funding product-market-fit discovery.
Which sectors does Ilona Capital explicitly avoid?
Ilona avoids venture-style cash-burn models, pre-revenue biotech, hardware, and sectors with heavy physical infrastructure capital requirements. It concentrates on capital-efficient software and tech-enabled services where unit economics are already proven. Consumer internet and speculative crypto have not appeared in its disclosed portfolio.
What is Ilona Capital's known posture on holding periods and exits?
Ilona does not operate under a fixed fund duration. Without LP pressure to exit on a clock, it can hold businesses for a decade or more when the compounding trajectory justifies it. The permanent-capital structure means it can defer sales processes and reinvest cash flows rather than pursuing exits to generate near-term distributions.
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