True Equity

Mike DiFebbo and Chris Feeney, the firm's Managing Partner and Partner respectively, make all investment decisions. The partnership structure is intentionally flat, with both founders sitting on every portfolio company board and carrying deal execution personally. No investment committee operates above or outside the two founding partners.

True Equity does both. The firm targets control buyouts in profitable industrial manufacturing and business services companies generating $2 million to $8 million in EBITDA, while simultaneously making minority growth equity investments in enterprise software and tech-enabled healthcare companies with $10 million to $50 million in revenue. This dual-mandate structure is unusual for a fund of its size.

True Equity operates as an institutional private equity fund manager, not a family office. The firm raised its debut committed fund from institutional investors and a network of family offices rather than managing the wealth of a single founding family. The name reflects the partnership structure, not a family-office origin.

True Equity concentrates on companies headquartered in the Tri-State area (New York, New Jersey, Connecticut) and the Mid-Atlantic region. The firm's Haddonfield, New Jersey location places it within driving distance of its target acquisition markets without the overhead of a Manhattan office. The firm has not disclosed investments outside the eastern United States.

True Equity has not publicly disclosed the size of its debut fund. Altss estimates the vehicle is sub-$500 million based on the firm's lower-middle-market positioning, lean team structure, and the capital intensity of the buyout and growth investments it targets. The firm has not reported any subsequent fund closes as of early 2024.

True Equity runs a concentrated portfolio, targeting 8 to 12 platform investments per fund. The partners sit on every board and avoid delegation to junior investment professionals. The firm uses add-on acquisitions to build out platform companies and retains founder-operators with meaningful equity stakes post-close, a model that keeps portfolio-level management fees low relative to multi-fund peers.

The firm has not publicly disclosed any adjacent vehicles, credit funds, secondaries funds, or philanthropic foundations. True Equity appears to operate a single institutional fund with co-investment capital raised on a deal-by-deal basis from the family office and high-net-worth networks in the Philadelphia-New York corridor.