Moa Capital

Managing Partner Marko Nikolic leads investment decisions. He founded the firm in 2018 after sourcing and executing deals at Southfield Capital and Waterman Capital, two lower-middle-market private equity firms. Operating Partner Ray Lucas and Senior Associate Joe DoCarmo support diligence and portfolio operations, but Nikolic is the central decision-maker for commitments.

Moa targets companies with EBITDA between $1 million and $10 million. The firm prefers traditional businesses in business services, consumer products, retail, technology, manufacturing, and distribution — specifically those with stable industries, clear value propositions, low operational complexity, and multiple growth levers. It avoids startups, pre-revenue ventures, and high-complexity sectors.

The firm does not publicly detail its sourcing channels. Given Nikolic’s decade-plus tenure in lower-middle-market private equity and the absence of a disclosed business-development team, sourcing likely relies on founder relationships, operating-partner networks, and direct outreach to owner-operated businesses seeking growth or succession solutions.

Moa Capital’s structure is not publicly disclosed, but its concentrated team, industry-agnostic but stage-specific mandate, and portfolio of control investments in traditional businesses are consistent with a committed private equity fund or a deal-by-deal vehicle. The firm has not announced a formal fund family or numbered vehicle series.

Moa explicitly limits its focus to traditional businesses and avoids high-operational-complexity sectors, early-stage ventures, and industries without long track records of stable performance. It does not list technology-enabled services, healthcare, or financials as active verticals.

The firm has not disclosed a co-investment program or formal LP club. Its website emphasizes direct partnership with owner-operators and hands-on operational support, suggesting it typically leads control investments and works alongside management rather than syndicating with other financial sponsors. No co-investment commitments with named external funds have been reported.

Moa deploys its internal team and an external operating-partner network to work alongside portfolio management. Areas of direct support include sales, marketing, supply chain management, manufacturing, accounting, finance, IT, and talent acquisition. Each portfolio company receives a custom growth playbook rather than a standardized value-creation plan.