Stephens

The firm sources through a network built over nine decades: relationships with hundreds of former portfolio company executives, the investment banking division's corporate advisory clients, and a reputation as a patient, family-backed capital provider. Its Sun Belt geography provides access to founder-owned businesses in secondary and tertiary markets that coastal private equity firms often overlook. The firm's indefinite-hold structure appeals to selling families who do not want their companies flipped within a fixed fund cycle.

Stephens does both. Through Stephens Capital Partners, the firm makes direct control and minority equity investments in private companies. It also commits as a limited partner to venture capital funds — historically including managers like Emergence Capital and Battery Ventures — and uses those LP relationships to source co-investment opportunities. The firm's private credit arm, expanded through the Trinity Capital acquisition in 2024, makes direct asset-backed and middle-market loans.