# TVC Capital

TVC Capital is a Private Equity based in La Jolla, United States.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** La Jolla, United States
- **Region:** North America
- **Address:** La Jolla, CA, United States
- **Founded:** 2006
- **Assets under management:** Undisclosed
- **Website:** tvccapital.com
- **LinkedIn:** https://www.linkedin.com/company/tvc-capital-llc

## Regulatory record

- **CRD number:** 163541
- **SEC file number:** 802-76068
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/163541

## About

TVC Capital is an operator-led growth equity firm focused on investments in and acquisitions of innovative B2B software companies. It partners with management teams to accelerate growth, maximize value and position for a profitable exit. The firm can pursue minority growth, recapitalizations and full buyouts, and targets capital-efficient North American B2B software companies with $3 million-plus in ARR.

## Sectors

- Enterprise Software

## People

- Steven Hamerslag — Managing Partner and Co-Founder
- Jeb Spencer — Managing Partner and Co-Founder
- Joanne Ward — Director of Operations
- Icelle Ningala — Executive Assistant
- Tighe Reardon — CFO
- Nelson Greenwood — Advisor - Sales Best Practices

## Questions

### What investment stage does TVC Capital typically target?

TVC Capital targets growth equity and buyout opportunities in enterprise software companies generating $3 million to $12 million in revenue. The firm enters post-product-market-fit but before institutional late-stage capital, a gap created when founders seek partial liquidity or strategic operating partners rather than full exits.

### How does TVC Capital source proprietary deal flow?

The firm sources primarily through founder referrals, software executive networks, and relationships cultivated since its 2006 founding. TVC Capital's operator-heritage means many deal leads come from repeat entrepreneurs who previously worked with or were referred by the firm's partners and portfolio executives.

### Does TVC Capital participate in fund commitments or only direct deals?

TVC Capital executes direct growth equity and buyout investments rather than fund-of-fund commitments. The firm does not publicly report allocations to outside managers, maintaining a concentrated portfolio approach where each partner-led deal receives active board-level involvement.

### Which sectors does TVC Capital explicitly avoid?

The firm concentrates exclusively on enterprise software. Historical exits include compliance, data management, and financial software companies. TVC Capital has not disclosed investments in consumer internet, hardware, life sciences, or financial services outside its software perimeter.

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Last updated: 2026-08-11T15:08:22.057Z

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