TZP Group

TZP targets companies with $5 million to $15 million in EBITDA — what the firm calls 'the lower-middle sweet spot.' Katz believes this segment is structurally inefficient: too complex for individual buyers, too small for mega-funds, and populated by founder-owners seeking both liquidity and an experienced operational partner. Average equity checks range from $10 million to $50 million for control or significant-minority stakes.

TZP relies heavily on a proprietary network of former Apax alumni, industry executives, and regional intermediaries cultivated since 2007. The firm actively targets founder-owned businesses before they reach broad auction, often engaging owners 12–18 months before a formal process. Katz has described the sourcing model as relationship-driven, emphasizing direct outreach to owners in fragmented industries like residential services and niche consumer products.

TZP exclusively pursues direct control and significant-minority investments in operating companies. The firm does not operate as a fund-of-funds manager, nor does it allocate committed capital to external general partners. Limited partners gain exposure solely through the firm’s own platform investments.

TZP avoids capital-intensive industries like heavy manufacturing and commodity-linked energy. The firm also does not invest in regulated financial services or biotechnology — preferring asset-light service and consumer businesses where operational improvements, rather than capital deployment, drive returns.