# NetSPI

NetSPI is an Asset Manager based in Minneapolis, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Minneapolis, United States
- **Region:** North America
- **Address:** Minneapolis, MN, United States
- **Founded:** 2001
- **Assets under management:** Undisclosed
- **Website:** netspi.com
- **LinkedIn:** https://www.linkedin.com/company/netspi

## Regulatory record

- **Reports private funds:** No

## About

NetSPI is a Minneapolis-based company founded in 2001. It offers managed services, application assessment, network assessment, and advisory services. NetSPI has secured $500 million in total funding.

## Sectors

- Cybersecurity

## Offices

- Portland, OR
- Denver, CO
- Scottsdale, AZ
- London, UK

## People

- Aaron Shilts — Chief Executive Officer
- Chad Peterson — Chief Financial Officer

## Questions

### How does NetSPI source its acquisition targets?

NetSPI's acquisition pipeline is sourced through a combination of management relationships in the cybersecurity testing community, inbound interest from founder-owned firms seeking liquidity, and sponsor networks at Sunstone and KKR. The five add-ons completed between 2021 and 2023 — Silent Break Security, MQTest, NST Assure, Bishop Fox's consulting division, and nVisium — were all small-to-midsize offensive-security boutiques with established client books. Post-KKR acquisition, the firm has access to that sponsor's broader portfolio for cross-referrals and deal introductions.

### Does NetSPI participate in fund commitments or only direct deals?

NetSPI does not make fund commitments — it is a cybersecurity services company, not an investment vehicle. Its capital activity consists entirely of corporate M&A: the firm acquires smaller penetration-testing and security-assessment companies and integrates them into its platform. Any institutional investment in NetSPI itself occurs at the sponsor level through KKR's and Sunstone Partners' respective fund structures.

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

NetSPI is an operating company, not a fund, and does not co-invest alongside external GPs. The question of co-investment is more relevant to the sponsor level: Sunstone Partners and KKR each made their respective investments in NetSPI through their own institutional fund structures, and both sponsors have historically allowed limited-partner co-investment alongside their fund vehicles on a deal-by-deal basis. NetSPI management itself does not participate in co-investment arrangements.

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/netspi

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