M-One Capital

Patrick Duffy, President and Managing Partner, chairs the Investment and Executive Committees. He joined the firm in 2007 and oversees resource allocation, deal origination, and portfolio oversight. The committee includes partners Chase Meyer, Phil Dudley, Bob Emmert, and Matthew Breunsbach, each responsible for transaction execution and portfolio company governance.

The firm runs three strategies: a flagship private equity fund (M-One Capital Fund VIII, $870 million) targeting buyouts and growth equity; an Emerging Growth practice for smaller investments; and a real estate vertical headed by Partner Lauren Pugliese. This multi-vehicle setup allows it to deploy across company stages without mandate overlap.

The firm actively seeks minority common-equity positions alongside management teams, an unusual posture in middle-market private equity. It also executes majority recapitalizations and buyouts, but its stated preference is to leave operators with meaningful ownership and operating control.

M-One Capital is the 2025 rebrand of McCarthy Capital, founded in 1986 by Michael R. McCarthy. The strategy, leadership, and investment focus did not change with the name. The rebrand separates the institutional brand from the founder’s name as the firm matures beyond its founding generation.

The firm explicitly prefers longer hold periods than a typical private equity fund. It cites a partnership model built on trust and alignment with management, which gives it flexibility to hold investments for a decade or more.

M-One Capital does not publish a negative sector list. Its portfolio reveals no exposure to energy, mining, or heavy industrial manufacturing. The firm concentrates on business services, consumer brands, healthcare services, enterprise software, and real asset platforms.

M-One Capital states it charges no consulting fees to its portfolio companies and relies on limited financial leverage. The firm’s investor base is not disclosed, but it welcomes co-investment alongside management and prior owners as part of its recapitalization and growth-equity deals.