Sage Capital Partners

Investment decisions are made by Managing Partners Jonathan Piurko and Glen Silvestri, who jointly lead the firm from its Toronto headquarters. Both are listed as the primary contacts for the firm, with no separate investment committee disclosed publicly. Their roles encompass sourcing, diligence, and post-acquisition mentorship of the CEOs they back.

Sage sources deals through a two-sided funnel: it backs entrepreneurs conducting dedicated searches for Canadian-based lower-mid-market companies, and it also markets directly to retiring business owners exploring succession planning. The search-fund model means the searcher does the on-the-ground sourcing, while Sage provides the capital and strategic guidance to close the acquisition.

Sage operates as a private equity fund manager, not a family office. It currently deploys capital out of Sage Fund 2 and has indicated plans for a Sage Fund 3, which points to a traditional closed-end fund structure with outside limited partners. The firm describes itself as actively investing out of Fund 2 and closed to new investors, consistent with a blind-pool fund model.

Sage makes direct investments into search funds and the businesses those searchers acquire. It is not structured as a fund-of-funds and does not publicly indicate it makes LP commitments to other private equity vehicles. Its capital goes directly to funding the search phase and the subsequent acquisition of a target company.

Sage does not disclose a formal co-investment program. Its model is built around backing individual searchers who become CEO-operators of the acquired business, which is structurally different from a GP-led co-investment syndicate. The firm may co-invest with other search-fund backers on a deal-by-deal basis, but this is not publicly detailed.