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Pear Tree Partners
Pear Tree Partners represents a constellation of entities founded by Willard L. Umphrey in 1969, anchored in Lincoln, Massachusetts. U.S.
Pear Tree Partners
Pear Tree Partners represents a constellation of entities founded by Willard L. Umphrey in 1969, anchored in Lincoln, Massachusetts. U.S. Boston Growth Capital operates as its growth-equity arm, while U.S. Boston Capital Corporation is a dually registered investment advisor and broker-dealer. The firm's lineage traces five decades in New England's private markets. The firm targets lower-middle-market companies in New England and the Middle Atlantic states, writing equity checks typically between $6 million and $15 million. Its strategy spans business services, healthcare, and transformative technologies, with confirmed portfolio holdings across discrete verticals: Anokiwave (fabless semiconductors), SciAps (portable analytical instruments), Tamr (enterprise data unification), SemaConnect (EV charging infrastructure), and Suvie (kitchen appliances). The portfolio mix also includes direct real estate, with Lincoln North, a commercial property at the firm's own headquarters address, and a southern California development project. Unidine, a food-services manager for healthcare clients, marks an earlier services holding. Total disclosed deployment is $400 million across 28 portfolio companies, according to the firm's website, with a separate private-client wealth management business operating via U.S. Boston Wealth Management. The team combines legal, operational, and compliance expertise under a single parent: Manager John McClellan previously led a Thomas H. Lee Partners portfolio company; Vice President Leon Okurowski co-founded the Pear Tree Funds; and Chief Compliance Officer Alina Monisov oversees a dual-registered structure that collects placement fees on capital raises — a feature disclosed in its relationship with portfolio company Tamr. The firm states it has completed 50 total investments over its history. Pear Tree Partners' structural differentiator is the colocation of an in-house broker-dealer and a registered investment advisor under the same ownership group. U.S. Boston Capital Corporation earns placement fees for fundraising on behalf of the portfolio companies it also holds as growth-equity investments, a dual-revenue model more common among pre-2010 boutique firms than modern institutional managers.
General information
Firm type
Asset Manager
Year founded
1969
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Lincoln
Corporate office
55 Old Bedford Road Suite 202, Lincoln, MA 01773
Principals
Willard L. Umphrey
Chairman, President of Pear Tree Advisors, Inc.
John D. McClellan
Manager, U.S. Boston Growth Capital
Leon Okurowski
Vice President of Pear Tree Advisors
Sector focus
Frequently asked questions
Who runs investment decisions at Pear Tree Partners?
John D. McClellan manages U.S. Boston Growth Capital and sits on the boards of portfolio companies Anokiwave and SciAps. Willard L. Umphrey, Chairman and co-founder of the Pear Tree Funds, provides overall direction and serves as a board observer for certain portfolio companies.
Is Pear Tree Partners structured as a single family office or a growth equity firm?
It is a hybrid: U.S. Boston Growth Capital is a Boston-area growth equity firm, while U.S. Boston Capital Corporation is a dually registered investment advisor and broker-dealer that also provides private-client wealth management. The entities operate under common control via Pear Tree Advisors and the Pear Tree Funds.
How does Pear Tree Partners source deal flow?
The firm emphasizes its direct network of entrepreneurs, executives, and industry experts built over fifty years in New England and the Middle Atlantic states. The in-house broker-dealer also earns placement fees when raising capital for portfolio companies, which can create an originating pipeline that differs from traditional blind-pool fundraising.
What size investments does U.S. Boston Growth Capital typically make?
The firm describes its typical financings as between $6 million and $15 million, although it has raised more than $50 million in a single offering. Total disclosed deployment stands at $400 million across 28 portfolio companies.
Does Pear Tree Partners manage outside capital through commingled funds?
Yes, the affiliate Pear Tree Advisors manages the Pear Tree Funds. Its relationship to U.S. Boston Growth Capital means portfolio companies like Tamr are held across private fund vehicles under common management.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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