Tritium Partners

David Lack and Philip Siegel, the firm's co-founders and managing partners, lead all investment decisions. Both spent over a decade as partners at Austin Ventures before launching Tritium in 2013. The partnership structure is deliberately concentrated; there is no disclosed investment committee beyond the two managing partners, and the firm does not publicly list additional senior investment professionals.

Tritium makes equity investments of $25 million to $75 million in North American growth-stage, late-stage, and buyout transactions. The firm targets companies with $10 million to $75 million in revenue, seeking control or significant minority positions. It has flexibility to commit up to $150 million for select platform investments or add-on acquisitions. The portfolio is deliberately concentrated, with typically two to three new platform investments annually.

Tritium's sourcing model relies heavily on the deep network Lack and Siegel built during their tenure at Austin Ventures and on their concentrated industry focus in software and tech-enabled services. The firm targets founder-owned and entrepreneur-led businesses, which by their nature do not circulate as widely in auction processes. Tritium's smaller fund size and preference for capital-efficient companies also position it to compete on terms other than price, including operational partnership and post-close strategic involvement.

Tritium is a direct investor, making control and significant minority equity investments in operating companies. There is no public evidence that the firm commits capital to other private equity or venture funds as a limited partner. The firm's model is built entirely around principal investments where the partners can serve on boards and drive operational change.

Tritium concentrates on enterprise software, AI and machine learning, fintech, digital health, and industrial technology. The firm targets capital-efficient businesses with recurring or re-occurring revenue models. It avoids capital-intensive industries such as heavy manufacturing, traditional energy, and real estate. Retail and consumer-facing businesses have not featured in disclosed portfolio activity.

Tritium is an entirely independent firm, not a spinout or subsidiary of Austin Ventures. David Lack and Philip Siegel left Austin Ventures voluntarily in 2013 after more than a decade at the firm to build a smaller, more concentrated lower-middle-market vehicle. There is no shared fund structure, GP affiliation, or overlapping limited partner base publicly disclosed between the two firms.

Tritium has not publicly marketed a co-investment program and does not operate a club-deal model. The firm's concentrated, board-heavy engagement model suggests a preference for lead or control positions, though the firm has the capacity to partner with co-investors where a transaction structure or LP relationship warrants it. No recurring co-investment partners are publicly identified.