# Rain Source Capital

Rain Source Capital is a Private Equity based in Saint Paul, United States.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Saint Paul, United States
- **Region:** North America
- **Address:** 419 Bush St, Red Wing, MN 55066 (Minnesota office per website); 435 Maxwell Street, Lake Geneva, WI 53147 (Wisconsin office)
- **Assets under management:** Undisclosed
- **Website:** rainsourcecapital.com
- **LinkedIn:** https://www.linkedin.com/company/rain-source-capital-inc

## Regulatory record

- **Reports private funds:** No

## About

RAIN Source provides a suite of products and services that when combined provide synergies to successfully grow companies, provide a return to investors and create good jobs in local communities.

## Sectors

- Venture (General)
- Buyout
- Growth

## Offices

- Lake Geneva, WI, United States

## People

- Steven B. Mercil — CEO, Rain Source Capital; General Partner, Invest Northwest, LP

## Questions

### How does Rain Source Capital source deals?

Deal flow is distributed across the firm's network of over 35 angel funds, whose 600-plus members evaluate opportunities locally. RAIN Source facilitates co-investment by sharing vetted deals among member funds, effectively creating a syndicated pipeline.

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

RAIN Source operates primarily as a manager and architect of angel funds, not as a traditional limited partner. Through its parallel vehicle, Invest Northwest, LP, it makes direct equity investments in middle-market and growth-stage companies.

### What is the firm's known posture on co-investments?

Co-investment is embedded in the firm's model. Member funds regularly share investment opportunities and can participate in each other's rounds. The firm states it has helped portfolio companies raise over $750M in follow-on capital, implying robust co-investment dynamics.

## Related profiles

- [Rainmatter Foundation](https://altss.com/profile/rainmatter)
- [Raintree Wealth Management](https://altss.com/profile/raintree-wealth-management)

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

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