Roster Capital

Roster Capital uses its own balance sheet, funded by the founders' proceeds from the 2021 sale of SpotX, to acquire a controlling stake in a single private company. The partners then step into active management roles. This is not a traditional fund; there are no outside limited partners, no fixed investment period, and no mandate to exit on a predetermined timeline. The structure is best understood as a permanent-hold holding company managed by its owners.

No. Roster Capital's stated strategy is to acquire and directly operate one business at a time. The firm does not publicly participate in fund commitments, club deals, or passive co-investments alongside external general partners.

All investment decisions are made by the two co-founders, Mike Shehan and Steve Swoboda. They are the firm's sole managing partners and primary operators. Shehan brings experience as the former CEO of SpotX and several earlier tech ventures, while Swoboda served as COO and CFO of SpotX, overseeing its growth to more than 450 employees across six countries.

The capital deployed by Roster Capital originated from the April 2021 sale of SpotX to Magnite for $1.2 billion (per the firm's website). Mike Shehan co-founded SpotX in 2006 and served as CEO; Steve Swoboda co-founded the company and served as COO/CFO. Both were significant equity holders.

The firm does not publish a restricted sector mandate, but the founders' operational expertise and existing company relationships cluster around ad-tech, enterprise software, and digital media. Portfolio companies named on the firm's website include flytedesk (college media advertising), tvScientific (performance CTV), and FxM (media supply-chain fintech). The firm's acquisition criteria center on successful, team-driven businesses rather than specific industry verticals.

Like a search fund, Roster Capital seeks one company to acquire and operate. Unlike a traditional search fund, the partners are not raising capital from external investors to fund a search period, nor do they intend to raise institutional capital for the acquisition. They are deploying their own permanent capital and plan to hold the business indefinitely, without any obligation to sell or recapitalize for third-party LPs.

The website separates its primary acquisition strategy from a portfolio of 'current investments and advisory relationships' that include flytedesk, Givebutter, tvScientific, and others. These appear to be angel investments or advisory roles held by the principals dating from before or alongside the firm's formation, rather than acquisitions executed by Roster Capital itself. The acquisition-target solicitation language on the contact page confirms that Roster Capital is actively seeking its first platform acquisition.