Z2 Investment Management

Scott Gold, Jake Sussman, and Andy Cahill are the three partners responsible for all investment decisions. Gold leads firm strategy, investor relations, and team culture; Sussman oversees sourcing, underwriting, and exits; Cahill manages underwriting diligence, deal execution, and portfolio risk. The trio previously collaborated at Arena Investors on the Corporate Private Credit team.

Z2 positions itself as a flexible capital provider. While the majority of its disclosed transactions are senior secured first-lien term loans, the firm also structures preferred equity, minority-shareholder buybacks, and follow-on acquisition financing. It explicitly states it does not operate inside a rigid credit box.

Z2 focuses on non-sponsored transactions, meaning it lends directly to family-owned businesses, individual owners, and management teams. It will evaluate sponsor-backed or independent-sponsored opportunities, but the firm’s origination model is built around forming direct relationships with operators rather than relying on private-equity auction processes.

Z2 maintains a generalist mandate and states it invests across most industries with the majority of operations in the U.S. Publicly disclosed portfolio companies span infrastructure maintenance, portable sanitation, telecom retail (Blufox Mobile), financial services (Coastline Wealth Management), and technical building-services consulting (FST Technical Services). The firm has an operating advisor dedicated to healthcare services.

Z2 sources deals through a relationship-driven model rooted in the partners' networks. The firm notes that many of its investors are prior owners, operating executives, and management teams from businesses the principals have previously financed. Vice President of Origination Max Jaffe leads direct sourcing efforts, and the firm highlights its willingness to structure non-traditional capital solutions outside conventional bank processes.

The firm targets investment sizes between $10 million and $40 million, aimed at companies generating $2 million to $20 million in EBITDA. Since inception, the partners have cumulatively made over 150 investments representing more than $15 billion in total transaction value across multiple economic cycles.

Z2 does not publicly disclose its regulatory registration status on its website. The appearance of an SBIC reporting role for Vice President Matt Paige suggests the firm may manage a Small Business Investment Company license, a structure common among lower-middle-market private-credit managers seeking SBA leverage.