# Ilona Capital

Ilona Capital is a Private Equity based in New York, United States.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** New York, United States
- **Region:** North America
- **Address:** New York, NY, United States
- **Founded:** 2017
- **Assets under management:** Undisclosed
- **Website:** www.ilonacapital.com
- **LinkedIn:** https://www.linkedin.com/company/ilonacapital

## Regulatory record

- **Reports private funds:** No

## About

Ilona Capital is a private equity firm based in New York, US. It focuses on a Venture Capital investment approach.

## Sectors

- Enterprise Software
- FinTech
- Digital Health
- AI/ML

## People

- Brian Hodges — Managing Partner

## 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.

### 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.

## Related profiles

- [Illumina Ventures](https://altss.com/profile/illumina-ventures)
- [I Love Lund](https://altss.com/profile/i-love-lund)

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

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