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Invemed Associates
Ken Langone's Invemed Associates operates as a concentrated investment and merchant bank boutique in New York.
Invemed Associates
Invemed Associates was founded in 1985 by Kenneth Langone, the Wall Street veteran known for his early role in the IPOs of Ross Perot's EDS and Bernard Marcus's Home Depot. The firm grew out of Langone's extensive network, positioning itself as a financial services boutique that provides investment banking, brokerage, and merchant banking services. Invemed's identity is functionally intertwined with Langone's reputation as a director and early-stage backer of institution-building companies. The firm's strategy centers on direct equity and debt investments, often in public and late-stage private companies, combined with a research-driven brokerage desk that serves institutional investors. Invemed is known for taking concentrated, high-conviction positions rather than managing a broad, diversified fund structure. Historically, the firm has invested significantly in financial exchanges and healthcare services. Confirmed public-equity holdings have included large positions in NYSE Group and Medtronic (public record). The practice merges proprietary capital with co-investment vehicles structured around specific opportunities, typically within North American markets. Team size and current deployment figures are not disclosed. The firm operates from its New York headquarters without known additional offices. Beyond the investment activity, Langone's parallel influence flows through extensive philanthropic and university governance roles, including the naming of NYU Langone Health. In a 2018 Wall Street Journal interview, Langone stated the firm's model remained centered around doing a small number of deeply researched deals rather than scaling into a large institutional manager. Invemed diverges from a standard institutional asset manager by operating as a permanent capital vehicle for its founder and a select network of co-investors, never pivoting to a fee-driven AUM model. Its governance is inseparable from Langone's personal balance sheet and network. This structure eliminates pressure to deploy capital on a schedule, allowing the firm to wait for dislocated asset prices where its operational expertise in distribution-heavy businesses can directly influence the outcome.
General information
Firm type
Asset Manager
Year founded
1985
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Principals
Kenneth Langone
Founder and Chairman
Sector focus
Frequently asked questions
Who makes the final investment decisions at Invemed Associates?
Kenneth Langone, the founder and chairman, has historically been the central decision-maker for the firm's principal investments. The firm operates with a lean structure built around his network and analytical team in New York. No public succession plan or investment committee structure has been disclosed.
How does Invemed Associates source its investment opportunities?
Sourcing relies on Ken Langone's six-decade network of corporate executives, board relationships, and Wall Street contacts. The firm does not run a proprietary outbound origination engine or partner network like a growth equity fund. Specific deal terms, such as the early investment in Home Depot, originated through Langone's direct relationships with founders before the companies went public.
Is Invemed Associates a broker-dealer, an investment bank, or a family office?
Invemed operates as a registered broker-dealer and investment bank that also makes merchant-banking investments with the founder's capital. While it manages wealth for Langone, it is not structured as a single family office because it actively executes institutional brokerage trades and takes on banking mandates for third-party corporate clients.
Does Invemed Associates accept outside capital?
Outside capital can participate on a deal-by-deal basis through co-investment structures, but the firm has never marketed a blind-pool fund to institutional limited partners. The capital base remains anchored by Langone's personal assets. Third-party capital has historically arrived through discrete syndicates of high-net-worth individuals, not institutional fundraising cycles.
What is Invemed's relationship to NYU Langone Health?
Kenneth Langone is a major benefactor and the namesake of NYU Langone Health, having contributed hundreds of millions of dollars to NYU's medical center. Invemed itself has no operational linkage to the hospital. The philanthropy is structured separately through the Langone family's charitable vehicles rather than through the investment firm.
What investment stages and structures does Invemed typically target?
The firm targets public equities, PIPEs, and late-stage private companies, avoiding venture-stage startups. Structures range from open-market common-stock accumulation to structured preferred-equity investments. Invemed's public history includes serving as a placement agent and lead investor in significant corporate recapitalizations, although its specific current pipeline is not public.
Why does Invemed Associates not publicly disclose its AUM?
Because Langone has never pursued a business model built on institutional fund management fees, there is no regulatory or marketing requirement to flash an AUM number. The firm blends proprietary capital with ad hoc co-investor capital, making a static AUM figure potentially misleading about its actual buying power, which can scale opportunistically through Langone's personal liquidity and network.
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