Updated:
Lewis & Clark Capital
Tom Hillman's Lewis & Clark Capital buys and permanently holds founder-led middle-market companies from its St. Louis base.
Lewis & Clark Capital
Lewis & Clark Capital was established in St. Louis in 1992 by Tom Hillman, a former general partner at a regional private equity firm who structured the new entity around a simple premise: acquire strong cash-flowing businesses and hold them, rather than flip them. The firm's wealth does not trace to a single family fortune but to institutional and high-net-worth limited partners who commit capital across a series of long-duration, control-oriented funds. The firm executes buyout and turnaround investments in lower-middle-market industrial manufacturing, healthcare services, and enterprise software companies, typically in the Midwest and Southeast US. Lewis & Clark's structure favors majority control and direct co-investment alongside its funds. The portfolio has historically included niche manufacturers with defensible market positions — operating businesses with $10–50 million in revenue where the seller is a retiring founder with no internal successor. The firm does not conform to standard PE playbooks; hold periods stretch beyond a decade, and the investment team operates with a lean headcount and limited portfolio turnover. Geographic concentration remains strongest in Missouri, Illinois, and the surrounding Rust Belt corridor. Tom Hillman continues to chair the investment committee. The team size has historically stayed under 20 investment professionals, consistent with a concentrated portfolio and low transaction velocity. The firm has not publicly disclosed a flagship fundraise since the late 2010s. In May 2024, industry tracking suggested the firm was evaluating add-on acquisitions for an existing industrial services platform, consistent with its long-hold, bolt-on strategy. The structural distinction is permanence of capital. Where most middle-market private equity firms are governed by fund lives and LP liquidity expectations, Lewis & Clark has cultivated a limited-partner base that accepts indefinite holding periods, allowing the firm to operate acquired companies as institutional owners rather than temporary stewards. This hybrid posture — part private equity fund, part holding company — is unusual at their scale and geography.
General information
Firm type
Private Equity
Year founded
1992
AUM
Undisclosed
Location
Region
North America
Country
United States
City
St. Louis
Corporate office
St. Louis, MO, United States
Principals
Thomas G. Hillman
Founder and Managing Partner
Sector focus
Frequently asked questions
Who runs investment decisions at Lewis & Clark Capital?
Founder and Managing Partner Tom Hillman chairs the investment committee and has led the firm since its 1992 launch. He previously worked as a general partner at a regional private equity firm before structuring Lewis & Clark around indefinite-hold control investments. The investment team remains deliberately lean, with fewer than 20 professionals historically.
How does Lewis & Clark Capital source proprietary deal flow?
The firm targets founder-owned lower-middle-market businesses in the Midwest and Southeast US, typically where the seller is a retiring operator with no internal succession plan. These transactions rarely go to broad auction because the firm's permanent-hold structure appeals to founders concerned about their company's legacy. The geographic concentration in Missouri, Illinois, and adjacent states supports a regional, network-driven sourcing model.
Is Lewis & Clark Capital structured as a single family office or does it operate more like a venture firm?
Neither. Lewis & Clark is a private equity asset manager that raises committed capital from institutional and high-net-worth limited partners. It does not trace to a single family fortune, and it does not invest in venture-stage companies. The firm pursues majority-control buyouts and turnarounds of established cash-flowing businesses.
Does Lewis & Clark participate in fund commitments or only direct deals?
The firm makes direct control investments and co-investments alongside its own pooled vehicles. It is not a fund-of-funds and does not back external private equity managers as a limited partner. The model centers on acquiring and operating portfolio companies directly.
What investment stages does Lewis & Clark Capital typically target?
The firm targets mature, revenue-generating companies — typically in the $10 million to $50 million revenue range — that are either performing and founder-owned or underperforming and in need of turnaround. It does not invest in startups, growth equity, or pre-revenue companies.
How is Lewis & Clark Capital different from a standard private equity firm?
The firm deploys permanent capital with no predetermined exit horizon, which distinguishes it from the standard 3–5 year private equity hold-and-sell cycle. This allows portfolio companies to operate under institutional ownership indefinitely, with bolt-on acquisitions rather than platform sales driving growth. The LP base accepts this extended duration as a condition of the investment.
Which sectors does Lewis & Clark Capital explicitly avoid?
The firm does not actively invest in real estate, hospitality, retail, or financial services. Its known focus has stayed within industrial manufacturing, business services, healthcare services, and niche enterprise software. There is no public record of energy or infrastructure investments.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
Need institutional-grade insight on private equity firms?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: