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LongRange Capital
Travis Pearson founded LongRange Capital in 2019 after more than a decade as a Managing Director at Bain Capital, where he co-led the North America...
LongRange Capital
Travis Pearson founded LongRange Capital in 2019 after more than a decade as a Managing Director at Bain Capital, where he co-led the North America Private Equity group. The firm launched with an anchor commitment from CalPERS, which allocated $600 million to the strategy. LongRange operates from Stamford, targeting complex ownership transitions that demand flexible, long-duration capital. The firm pursues control buyouts across the middle market, with a deliberate focus on carve-outs from larger corporations, founder-led recapitalizations, and corporate divestitures. Portfolio investments concentrate on North American industrial, healthcare, and business services companies generating between $10 million and $100 million in EBITDA. In 2021, LongRange acquired Blue Bird Industries, a specialty industrial distributor, and has built positions in engineered products and testing services. The firm evaluates both negotiated bilateral deals and structured processes where its open-ended horizon distinguishes it from traditional 10-year fund models. LongRange raised approximately $1.5 billion for its inaugural fund, which closed in late 2020 with backing from CalPERS, New York State Common Retirement Fund, and other institutional limited partners. By 2024, the firm had begun marketing LongRange Capital Partners II, targeting $2.5 billion (per public pension documents, 2024). The investment team has grown steadily from Stamford, drawing senior professionals from Bain Capital, Golden Gate Capital, and GE Capital. The firm does not operate a separate philanthropic foundation or retail-accessible vehicle. The key structural differentiator is the fund's indefinite duration. Unlike conventional private equity vehicles that pressure exits within five to seven years, LongRange commits to hold portfolio companies for ten to fifteen years or longer — aligning more closely with permanent-capital vehicles like Berkshire Hathaway. This architecture removes forced-sale risk from governance conversations with selling founders and corporate parents.
General information
Firm type
Private Equity
Year founded
2019
AUM
$2B – $5B (Altss estimate)
Location
Region
North America
Country
United States
City
Stamford
Corporate office
Stamford, CT, United States
Principals
Travis Pearson
Managing Partner & CEO
Sector focus
Frequently asked questions
Who runs investment decisions at LongRange Capital?
Travis Pearson, the firm's founder and Managing Partner, leads investment decisions. He built the team after spending 14 years at Bain Capital, where he co-headed North America Private Equity. Investment committee composition is not publicly detailed, though Pearson's Bain-trained team anchors the process.
What does 'patient capital' actually mean in the LongRange mandate?
The firm operates with an indefinite holding period, meaning it can own a business for 10 to 15 years or more without a forced sale dictated by fund life. This enables earnouts and operational turnarounds that traditional five-to-seven-year PE holds cannot accommodate. The structure was a central pitch to CalPERS when it committed $600 million as an anchor investor (per public pension board minutes, 2019).
Is LongRange Capital structured as a single family office or a private equity firm?
LongRange is a registered private equity firm managing institutional capital, not a family office. It pools commitments from public pension funds, endowments, and other institutional limited partners. The indefinite-duration structure, however, borrows elements of permanent-capital family-office investing.
Does LongRange participate in fund commitments or only direct deals?
The firm makes direct control equity investments in operating companies. There is no indication it allocates capital to external fund commitments or fund-of-fund structures. The strategy is concentrated on principal buyout transactions.
How does LongRange source proprietary deal flow?
LongRange relies on relationships across the Bain Capital network and corporate carve-out dialogues. Pearson's track record in industrial services and business services buyouts creates a funnel of opportunities where selling parents — often multinationals divesting non-core units — value certainty of close and absence of exit-timing pressure.
What investment stages does LongRange typically target?
The firm targets mature, cash-flow-positive companies in the middle market, typically with $10 million to $100 million in EBITDA. It does not invest in venture-stage, pre-revenue, or early growth companies. Deals usually involve corporate divestitures, founder recapitalizations, or ownership restructurings.
Where does the underlying capital come from?
Third-party institutional commitments. The largest known anchor is CalPERS, with $600 million allocated to LongRange Capital Partners I. New York State Common Retirement Fund and Los Angeles County Employees Retirement Association have also disclosed commitments (per public pension disclosures, 2019-2024).
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