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VMG Partners
Kara Cissell-Roell, Michael Mauzé, and Wayne Wu run VMG Partners, a San Francisco private equity firm that invests exclusively in branded consumer...
VMG Partners
VMG Partners is an SEC-registered investment adviser in San Francisco, CA, registered since 2012. The firm manages $3.2 billion in regulatory assets. It has 36 employees and 30 investment advisers.
General information
Firm type
Private Equity
Year founded
2005
AUM
Undisclosed
Location
Region
North America
Country
United States
City
San Francisco
Corporate office
San Francisco, CA, United States
Additional offices
Los Angeles, CA, United States
Principals
Kara Cissell-Roell
Co-Founder & Managing Partner
Michael Mauzé
Co-Founder & Managing Partner
Wayne Wu
Co-Founder & Managing Partner
Carle Stenmark
Partner
Sector focus
Frequently asked questions
Who runs investment decisions at VMG Partners?
Co-Founders Kara Cissell-Roell, Michael Mauzé, and Wayne Wu serve as Managing Partners and collectively lead the firm's investment committee. Partner Carle Stenmark also holds investment decision authority. The tight partnership structure concentrates approval for new platform investments and exits among the three co-founders.
How does VMG source proprietary deal flow?
VMG leverages deep relationships within the consumer-packaged-goods ecosystem built over two decades. Its operating partner network, former portfolio company founders, and repeat interactions with strategic acquirers such as PepsiCo and SC Johnson produce off-market referrals. The firm also sources through its Catalyst arm, which invests in commerce infrastructure companies that surface brand-level opportunities.
Is VMG structured as a single family office or does it operate more like a venture firm?
VMG Partners is a private equity firm, not a family office or venture firm. It raises discretionary institutional funds from limited partners. While Catalyst funds can participate in venture-style rounds, the core brand equity strategy uses growth equity and buyout structures.
What investment stages does VMG typically target?
The core VMG Partners vehicles target growth equity and buyout stages for consumer brands with established revenue, typically post-proof-of-concept but pre-exit. VMG Catalyst funds invest in early-to-growth-stage commerce infrastructure companies, from seed to Series B, that serve the broader consumer ecosystem.
Which sectors does VMG explicitly avoid?
VMG does not invest in retail, restaurants, industrial companies, or highly regulated consumer categories like alcohol, tobacco, or cannabis. The firm's narrow mandate excludes companies outside branded consumer products, even when adjacent consumer sectors present financial opportunities.
How is VMG related to TSG Consumer Partners?
VMG's three co-founders — Kara Cissell-Roell, Michael Mauzé, and Wayne Wu — all left TSG Consumer Partners to launch VMG in 2005. TSG is a larger, multi-strategy consumer-focused private equity firm. VMG was built as a specialist with a tighter brand-centric thesis and remains independently operated.
Does VMG maintain philanthropic structures, and how are they separated?
No public philanthropic foundation or entity is directly affiliated with VMG Partners. The firm does not disclose a formal philanthropic vehicle. Individual partner giving and any firm-level community engagement are not publicly detailed.
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