Riviera Capital

The partners have a 20-plus-year history together. They started their careers at Fortune 500 companies and later founded a venture-funded startup before becoming self-funded searchers, operators, and investors. Since 2003, they have been active in entrepreneurship through acquisition and the search fund model. That operating background is central to their claim that they understand the ripple effect of key decisions on management teams and company culture.

The firm's website states that it invests 'committed capital from large family offices' (per firm website, undated). The identities of those family offices are not publicly disclosed. It does not report raising capital from institutional limited partners through a traditional commingled fund structure.

Riviera Capital is structured as a permanent capital vehicle underpinned by family-office commitments, not a blind-pool drawdown fund. The firm describes forming long-term partnerships with entrepreneurial leaders, aligning with the indefinite hold periods typical of permanent capital rather than a fund's mandated exit timeline. This structure lets them remain engaged alongside operators without a fixed liquidation horizon.

The firm looks for acquisition targets with $5 million to $30 million in revenue and a strong base of recurring revenue. It requires $1 million to $5 million in EBITDA at minimum 20% margins, and a track record of at least three years of double-digit growth. The primary focus is business services companies with clear opportunities to scale (per firm website).

Riviera Capital invests alongside entrepreneurial leaders through traditional search funds, self-funded searchers, independent sponsors, and management buyouts. Its role extends beyond writing a check: the partners act as board-level sounding boards and engaged operators. The firm does not market itself as a deal-by-deal sponsor that originates and controls transactions in-house.

Riviera Capital does not publish a formal exclusion list. Its stated sector focus—business services, software, finance, and healthcare—implies it avoids capital-intensive industrial assets, consumer discretionary, and heavy-manufacturing businesses. Its emphasis on recurring revenue and wide moats around price elasticity further suggests a bias against cyclical commodity-exposed sectors.

Riviera Capital does not publicly disclose its carried interest or management fee structure, nor does it publish standard searcher equity splits. Its model centers on partnership alignment and ESG commitments, but detailed economic terms are not available in any public source.