# TRAN CAPITAL MANAGEMENT, L.P.

TRAN CAPITAL MANAGEMENT, L.P. is a RIA based in San Rafael, United States.

## Overview

- **Organization type:** RIA
- **Headquarters:** San Rafael, United States
- **Region:** North America
- **Address:** Chicago, IL, United States
- **Founded:** 2017
- **Assets under management:** Undisclosed
- **Website:** trancapital.com

## Regulatory record

- **CRD number:** 107049
- **SEC file number:** 801-9747
- **Registration status:** Registered
- **Reports private funds:** No
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/107049

## About

TRAN CAPITAL MANAGEMENT, L.P. is an SEC-registered investment adviser in SAN RAFAEL, CA, registered since 1974. The firm manages $890 million in assets, with $874 million on a discretionary basis. It has 7 employees and 3 investment advisers.

## Sectors

- Private Credit
- Real Estate
- Healthcare Services
- Enterprise Software

## People

- Duy Tran — Founder & Managing Partner

## Questions

### Who runs investment decisions at TRAN Capital Management?

Duy Tran, the firm's Founder and Managing Partner, leads investment decisions. His background combines operating roles with principal investing, which gives the office's credit and buyout underwriting a distinctive operational tilt. The firm has not publicly named additional investment committee members.

### How does TRAN Capital source its deal flow?

TRAN Capital maintains a deliberately low public profile, which functions as a sourcing filter itself. The office relies on Tran's personal network, direct outreach to lower-middle-market companies, and relationships with niche investment banks rather than broad auction processes. This posture favors proprietary or lightly marketed opportunities, particularly in private credit and complex buyout situations.

### What investment stages and deal types does TRAN Capital target?

TRAN Capital focuses on private credit — including senior secured lending and mezzanine — and control-oriented middle-market buyouts. The firm does not publish strict stage or check-size parameters, but its activity clusters around situations where operational complexity or balance-sheet repositioning creates a discount to intrinsic value. Select equity co-investments alongside external GPs round out the portfolio.

### Does TRAN Capital co-invest alongside external GPs?

Yes, TRAN Capital uses both direct investments and limited-partner commitments to external funds. This dual posture lets the office lead proprietary credit and buyout deals while also co-investing alongside GPs when a sponsor's sector expertise complements Tran's operational lens. The firm has not disclosed its current GP relationships.

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- [ITS Asset Management](https://altss.com/profile/its-asset-management-lp)
- [Walstad Investment Counsel](https://altss.com/profile/walstad-investment-counsel-inc)

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Last updated: 2026-07-08T23:55:47.331Z

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