Evolution Managers Capital invests in Conanicut Capital

Board meeting

Evolution Managers Capital, a platform for emerging private equity managers to launch their own investments, has backed Conanicut Capital, a new Boston-based private equity firm.

EMC was formed in October 2019 by HC Private Investments, a Chicago-based private investment firm, and Landon Capital Partners, a Boston-based family office, and provides financial backing to private equity managers who are focused on lower-middle market companies.

John Kelly and Matthew Moran, HCPI managing partners, and LCP managing partner Chris Sullivan, serve as co-managing partners.

Led by veteran middle market investor Jared Paquette, Conanicut was founded as an alternative to the traditional private equity model given its highly patient and flexible capital base and long-term investment horizon. It's the first firm on the Evolution Managers platform. Prior to founding Conanicut Capital, Paquette was a senior investment professional with Bunker Hill Capital, and held positions at Nautic Partners and Weston Presidio.
Conanicut will make investments in lower-middle market business services companies ranging in size from USD3 to USD15 million of EBITDA.

The firm’s strategy is to partner with existing owners and management teams in the business services sector to help their companies achieve scale and reach their growth potential.

“We have known Jared for years and have admired his track record and disciplined approach to investing in the lower-middle market. Conanicut Capital will focus on select business services sub-sectors, with the intent to be the first institutional investor for business owners and management teams, geared toward helping these companies reach their full potential through post-investment value creation,” said the partners at HCPI and LCP.

Paquette added: “I am thrilled to welcome Evolution Managers Capital as a strategic partner. John, Matt and Chris’ backing and confidence in Conanicut will enable us to execute on the tremendous opportunities in the business services space and identify exceptional service-based companies that have historically lacked the necessary strategic resources to realize their full potential.”

Evolution Capital’s previous transactions include Insite, Comms Group and The Technology Group.