Ten Coves Capital

Co-Founders Ned May and Steve Liguori lead the firm as Managing Partners, each bringing tenure from GE Capital's technology investing group. Investment decisions follow a partnership-driven model typical of growth-equity firms of this size, with both founders involved in deal sourcing, diligence, and board-level engagement. The firm has not publicly designated a separate CIO, suggesting the founding team retains centralized decision authority.

The firm pursues a single-sector growth-equity strategy, targeting financial technology companies at Series B through pre-IPO stages. It writes equity checks typically between $10 million and $50 million, taking minority positions alongside board seats. The portfolio concentrates on B2B fintech infrastructure — payments, capital markets software, and insurance technology — rather than consumer-facing apps.

Ten Coves operates as a traditional private equity firm managing outside institutional capital. It closed its second fund at $200 million in 2020, per SEC filings, and raises from limited partners rather than deploying a single family's wealth. The firm is not related to a family office structure.

The firm's exclusive fintech focus is its primary differentiator. Partners Ned May and Steve Liguori spent years inside GE Capital evaluating financial technology, giving them a network of potential customers and acquirers within banking, insurance, and exchanges. This domain density — combined with a deliberately compact fund size — allows the firm to access deals where strategic fit matters more than the raw size of the check.

The firm avoids everything outside financial technology. It does not invest in healthcare, traditional software-as-a-service outside fintech, consumer internet, or hard technology. Even within fintech, the firm gravitates toward B2B infrastructure rather than consumer neobanks or crypto-native platforms, based on the composition of its disclosed portfolio.