Broadwing Capital Closes $440M Debut Fund

Broadwing Capital Management has successfully closed its inaugural fund, Broadwing Capital Fund I LP, amassing a substantial $440 million in commitments. This figure significantly surpassed the firm's initial target of $350 million and its hard cap, signaling strong investor confidence in its strategy. The fund attracted a diverse base of institutional investors, including prominent pension plans, insurance companies, foundations, funds of funds, family offices, and registered investment advisors.

The Dallas-based private equity firm, established in 2022, focuses on control investments in North American manufacturing and services companies exhibiting between $5 million and $25 million in EBITDA. With the closing of Fund I, Broadwing has now raised over $730 million in total capital, underscoring its rapid ascent in the lower middle market. This segment, typically encompassing companies valued under $500 million, represents a significant portion of private equity activity, accounting for approximately 69% of domestic buyout deal volume through Q3 2025, according to PitchBook data.

Broadwing has demonstrated a proactive approach to platform building, notably assembling and integrating three IT services businesses—CloudScale365, Valeo Networks, and PCS International—into a unified entity named Forte Technologies. This new platform offers comprehensive managed IT, cybersecurity, cloud, and compliance services. The firm's strategic consolidation began with the acquisition of CloudScale365 in December 2025, followed by the additions of Valeo Networks and PCS International.

Beyond its technology investments, Broadwing has established three additional platform companies. These include Upchurch Companies, a provider of commercial mechanical, electrical, and plumbing (MEP) services based in Mississippi (acquired March 2024); LEHR, a California-based specialist in upfitting emergency and utility vehicles with lighting and electronics (acquired September 2024); and Reroof Partners, a Florida-based commercial roofing services provider (acquired December 2023). Across these platforms, Broadwing has executed a total of 22 add-on acquisitions, highlighting its commitment to consolidating fragmented industries.

Eliot Kerlin, a managing partner and co-founder of Broadwing, expressed enthusiasm for the fund's success, stating, “We’re on a mission-driven journey to build the most trusted and transformative private equity firm in the lower middle market, and Fund I reflects the confidence our investors have placed in our team, our strategy and our track record.” He further emphasized the firm's operational focus, aiming to scale niche platforms into market leaders through hands-on support that benefits companies, cultures, and communities.

The successful oversubscription of Broadwing's debut fund stands in contrast to a broader slowdown in middle-market fundraising, which saw a decline of over 40% in 2025. Andrew Boisseau, co-founder and partner, commented on the firm's purpose-built model, designed around operational partnership with a dedicated Resource Group to empower management teams for sustainable growth. The capital from Fund I will fuel the expansion of their current six platform investments and support future opportunities.

Raymond James served as the placement agent for the fundraise, with Greenberg Traurig providing legal counsel. Investors in the fund include GenNx360, Monogram, Blue Sea, LLCP, Broadwing Capital Management, Raymond James, One Equity, CVC, Incline Equity, Seacoast Capital, Updata Partners, CAI, Marauder Capital, M|C Partners, Warburg Pincus, and Berkshire Partners.