Pine Street Capital Partners IV

Pine Street Capital Partners IV, LP is the fourth and currently active fund in the Pine Street Capital Partners mezzanine series, managed by Pine Street Capital Partners—a specialist lower-middle-market private credit firm based in Albany, New York and Wellesley, Massachusetts. The fund achieved its final close in September 2024 at $203 million in total investable capital, exceeding its target and representing a near-doubling of the predecessor PSCP III (~$121 million). The fund is structured as an SBIC under Pine Street's third SBA license, with the SBA providing matching debt capital that expands the LP equity base into the $203 million investable pool. The final close was announced by the Small Business Investor Alliance (SBIA), where Pine Street is an active member, with Winston & Strawn LP serving as legal counsel to the fund.

PSCP IV continues Pine Street's established mandate of providing $3–15 million in subordinated debt and minority equity to established lower-middle-market U.S. companies with revenues of $10–75 million and EBITDA of $3–15 million. The fund supports change-of-control transactions (sponsor-backed and management buyouts), platform add-on acquisitions, growth capital initiatives, and recapitalizations. Sector coverage spans business services, manufacturing, healthcare services, technology-enabled services, and consumer businesses. Pine Street structures its mezzanine instruments with current-pay interest and equity kickers—warrants or co-investment rights—to capture both income and capital appreciation from portfolio company exits.

PSCP IV has been Pine Street's most active deployment vintage on record, establishing seven new platform company investments during 2024 alone. With $425 million in cumulative capital deployed across 60+ portfolio companies through four consecutive SBIC funds, Pine Street Capital Partners has built a recognized franchise in U.S. lower-middle-market mezzanine financing. PSCP IV is positioned to continue this track record across its investment period through approximately 2027–2028, building on the firm's 20+ year history of supporting U.S. small business growth through flexible, non-control subordinated capital solutions.