Mairs & Power Venture Capital

Mairs & Power Venture Capital is not a separate legal entity or a traditional venture fund; it operates as a direct investment strategy within Mairs & Power, the St. Paul-based registered investment adviser founded in 1931. The venture group deploys capital from the firm's balance sheet and affiliated managed accounts, which means it reports to the same long-horizon investment committee that oversees the firm's flagship mutual funds and separate accounts.

No. The venture strategy does not raise third-party blind-pool funds. It makes direct equity investments using permanent capital from the parent firm's own resources and client accounts that have authorized venture exposure. This structure frees the group from the standard 10-year fund cycle and allows it to hold portfolio companies indefinitely.

The group maintains a deliberately distributed footprint, with investment professionals based in St. Paul, Boston, and San Francisco. Sourcing reflects this tri-city presence: the firm looks at Upper Midwest companies that align with the parent firm's regional network, while also pursuing deals in the Northeast and Bay Area technology corridors.

Mairs & Power Venture Capital focuses on early-stage and growth-stage equity rounds, typically as a lead or co-lead investor. Because the firm deploys permanent capital rather than fund capital with predetermined reserve ratios, check sizes are flexibly structured around each company's needs rather than adhering to a rigid allocation model.

The firm favors capital-efficient enterprise software, health-tech, fintech infrastructure, and technology-enabled services — sectors where the parent company's multi-decade holding discipline is an advantage. It avoids capital-intensive deep-tech hardware, pure biotech, and speculative pre-revenue companies that require continuous dilutive financing rounds.