# McNally Capital

McNally Capital is a Multi Family Office based in Chicago, United States.

## Overview

- **Organization type:** Multi Family Office
- **Headquarters:** Chicago, United States
- **Region:** North America
- **Address:** 151 North Franklin Street, Suite 2650, Chicago, IL 60606, United States
- **Founded:** 2008
- **Assets under management:** Undisclosed
- **Website:** mcnallycapital.com
- **LinkedIn:** https://www.linkedin.com/company/mcnally-capital/

## Regulatory record

- **Reports private funds:** No

## About

Ward McNally established McNally Capital in 2008 after the McNally family sold Rand McNally & Company. The firm began as a merchant bank and family-office advisor before shifting to independent sponsorship and then to its first institutional fund in 2014. It continues to partner with other families on lower-middle-market transactions. McNally invests in aerospace platforms, national-security services, industrial automation, and commercial services. It takes majority equity positions sized between $15M and $65M. Confirmed holdings include Patriot Group International, Airforce Turbine Service, Foundral, Jewett Automation, and Xcelerate Solutions. The firm also completed the 2024 sale of Advanced Micro Instruments to Enpro. All activity remains concentrated in the United States and Canada. The Chicago headquarters houses the investment committee and portfolio-operations team. Ward McNally and Lou Rassey serve as Co-CEOs. February 2024 marked Rassey’s appointment to the co-CEO role. The firm maintains the McNally Family Foundation and holds memberships in YPO and Business Executives for National Security. McNally’s structure combines a single-family capital base with a multi-family investor syndicate. This hybrid allows the firm to source deals through government and intelligence networks while maintaining control over portfolio governance and operational improvements.

## Sectors

- Aerospace & Defense
- Industrial Tech
- GovTech

## People

- Ward McNally — Founder, Co-CEO, & Managing Partner
- Lou Rassey — Co-CEO & Managing Partner
- Ravi P. Shah — Partner

## Questions

### Who runs investment decisions at McNally Capital?

Ward McNally and Lou Rassey serve as Co-CEOs and Managing Partners. The investment committee includes additional partners and principals who review thesis-driven opportunities.

### How does McNally Capital source proprietary deal flow?

The firm relies on long-standing relationships with founders, management teams, and government-adjacent networks. It also draws on industry partners and senior advisors for targeted introductions.

### Does McNally Capital participate in fund commitments or only direct deals?

McNally executes direct equity investments and controls platform acquisitions. It does not allocate capital to external funds.

### What investment stages does McNally Capital typically target?

The firm focuses on buyouts and growth equity in lower-middle-market companies with $5-30M EBITDA.

### Does McNally Capital maintain philanthropic structures, and how are they separated?

The McNally Family Foundation operates separately from the investment firm. No investment decisions flow through the foundation.

### What is McNally Capital's known posture on co-investments alongside external GPs?

McNally leads its own transactions and does not co-invest in third-party sponsored deals.

## Related profiles

- [Seven Mile Advisory](https://altss.com/profile/seven-mile-advisory)
- [Globe Invest](https://altss.com/profile/globe-invest-sagi-family-office)

---

Last updated: 2026-08-10T15:54:10.904Z

Canonical page: https://altss.com/profile/mcnally-capital

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology