RCP Equity

RCP positions itself in the gap between venture capital and traditional private equity. It targets companies that have a validated product and early revenue, and may even be marginally profitable, but are not yet large enough to attract mid-market PE funds. The firm provides operational support — partners often step into interim executive roles — and can hold investments indefinitely because its capital is self-funded, not drawn from a limited-partner fund with a fixed life.

The firm is run by six equal partners: Cleve Bellar, Michael Carro, Kevin Hatch, Aureen Sarker, Joel Smith, and Geoff Vasudevan. They operate as a partnership, and since the capital is their own, decisions do not require approval from outside investors or an investment committee of limited partners.

According to the firm's website, RCP is self-funded. It states plainly: 'No other investors dictating business decisions. We want to grow your business together in a way that helps us all.' This structure means the partners deploy their own committed capital rather than managing a blind-pool fund with external limited partners.

Several RCP partners previously held senior roles at AppRiver, a cloud-security company that was backed by Marlin Equity Partners. Kevin Hatch served as AppRiver's CFO and led it to its acquisition by Zix Corp. Joel Smith is noted as a well-known figure in the security space from his work with AppRiver. Cleve Bellar also worked at AppRiver. This shared operating history underpins RCP's focus on software and cybersecurity.

RCP targets operating companies that have moved beyond the early-stage venture phase: they have a product in market, early sales, and may be making a small profit. The firm's stated sweet spot is owners who have 'finally just come up for air' and now need operational and strategic help to scale. Sector focus includes enterprise software and cybersecurity, reflecting the partners' professional backgrounds.