# Incline Equity Partners

Incline Equity Partners is a Private Equity based in Pittsburgh, United States.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Pittsburgh, United States
- **Region:** North America
- **Address:** Pittsburgh, PA, United States
- **Founded:** 2011
- **Assets under management:** Undisclosed
- **Website:** inclineequity.com
- **LinkedIn:** https://www.linkedin.com/company/incline-equity-partners

## Regulatory record

- **CRD number:** 158858
- **SEC file number:** 801-72683
- **Registration status:** APPROVED
- **Latest Form ADV filing:** 2026-04-27T05:00:00.000Z
- **Reports private funds:** Yes
- **Private funds reported:** 0
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/158858

## About

Incline Equity Partners is an SEC-registered investment adviser in Pittsburgh, PA, registered since 2011. The firm manages approximately $6.0 billion in assets. It has 93 employees and 68 investment advisers.

## Sectors

- Industrial Tech
- Enterprise Software
- Healthcare Services
- Energy Transition & Renewables
- Mobility & Transportation

## People

- Jack Glover — Managing Partner
- Justin Bertram — Partner
- Leon Rubinov — Partner

## Questions

### Who runs investment decisions at Incline Equity Partners?

Managing Partner Jack Glover leads the firm, with Partners Justin Bertram and Leon Rubinov forming the senior investment team. The group worked together at PNC Equity Partners before the 2011 spinout. All three are based in Pittsburgh, where the partnership structure concentrates decision-making across the concentrated vertical teams.

### How is Incline linked to PNC Financial Services?

Incline was formed in 2011 when the private equity team of PNC Equity Partners executed a management buyout and rebranded as an independent firm. The separation closed any formal capital or governance ties to PNC. The team retained its Pittsburgh base and the middle-market buyout strategy it had prosecuted inside the bank since at least the 1990s.

### Which sectors does Incline avoid?

Incline does not invest in technology startups, early-stage ventures, real estate, natural resource extraction, or highly regulated healthcare providers like hospital systems. The firm explicitly concentrates on specialized light manufacturing, value-added distribution, and business services — avoiding sectors where it lacks operational playbooks or where regulatory hurdles complicate control-position buyouts.

### Does Incline maintain a dedicated portfolio operations team?

The firm integrates operational improvement into its deal teams rather than siloing it in a separate consulting arm. Incline's partners and principals bring industry-specific operating experience — particularly around pricing, supply-chain reconfiguration, and sales-force effectiveness — to acquired businesses. This embedded approach suits a concentrated portfolio of founder-and-family transitions where operational lift is a central thesis.

## Related profiles

- [Inclimo](https://altss.com/profile/inclimo)
- [Include Ventures](https://altss.com/profile/include-ventures)

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

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