Lower middle market private equity firm
BayHawk Capital
- HeadquartersBoston, MA S2
- Founded2024 S6
- Websitebayhawkcapital.com
- Last verifiedOctober 27, 2026
At a glance
| Latest fund | BayHawk Capital Fund I, $616M (Feb 2026) S6 |
|---|---|
| Check size | $25M to $150M S3 |
| Deal types | Platform, Add-on, Minority, Growth S3 |
| Geography | North America S3 |
| Sectors | Environmental & Waste, Construction Services, Software & SaaS |
What BayHawk Capital buys
BayHawk Capital is a Boston firm started in 2024 by two longtime partners from Thomas H. Lee Partners. It backs founder-owned companies in two areas. The first is essential services: infrastructure, industrial and facility, residential and commercial, and testing, inspection and compliance work. The second is technology: tech-enabled services, data and information services, and SaaS. It looks for predictable revenue, steady margins, growth driven by long-term trends and room to consolidate a market, and it helps each company grow through follow-on acquisitions.
BayHawk takes majority stakes or large minority stakes and puts in $25 million to $150 million of equity per company, which is the top end of the lower middle market. It focuses on businesses based in North America. Its first fund, BayHawk Capital Fund I, closed at its $616 million hard cap in February 2026. The firm does not publish revenue or EBITDA minimums. A smaller company is most likely to reach BayHawk as a future add-on to one of its platforms, such as Gridco, Pipe & Plant or American Patrols.
Recent deals
Announced in the 24 months before October 27, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| August 2026 | MerchyntMarketing automation software for local service businesses and agencies | Platform | Software & SaaS | Source |
| May 2026 | Pipe & PlantWastewater and stormwater infrastructure cleaning, inspection, maintenance and condition assessment | Platform | Environmental & Waste | Source |
| Mar 2026 | InspectedMajority investment in permitting and virtual inspection software and services for residential contractors, made in June 2025 alongside the founder | Platform | Software & SaaS | Source |
| Feb 2026 | GridcoGrowth investment in a Southeast electric utility maintenance and repair services company; the founders stay majority owners and keep running it | Minority | Construction Services | Source |
| Feb 2026 | BayHawk Capital Fund IDebut fund closed oversubscribed at its $616 million hard cap, above a $475 million target | Fund close | Source | |
| January 2025 | American PatrolsAerial inspection, surveying and geospatial data services for critical infrastructure | Platform | Source |
Portfolio by sector
From the firm's portfolio page S4.
Services: Commercial & Residential Services
- Big Picture Group
Services: Infrastructure Inspection Services
- American Patrols
Services: Utility Infrastructure Services
- Gridco
Services: Water Infrastructure Services
- Pipe & Plant
Technology: Tech-Enabled Services
- Inspected
- Merchynt
Greymont’s take
How BayHawk Capital fits a seller
BayHawk fits founders of growing service businesses with steady, repeat work, such as utility, water and sewer infrastructure, inspection, or home and commercial services, and of software or tech-enabled companies that serve contractors and local businesses. Its minimum equity check of $25 million means a company usually needs real scale, so smaller owners are more likely to meet BayHawk through one of its platforms.
Deals can leave founders in charge. In the February 2026 Gridco investment, the founding team stayed the majority owners and kept running the company. BayHawk says it prefers longer holds and does not place its own operators inside companies. An owner should ask whether BayHawk wants a majority or a minority stake, and how many acquisitions it expects the company to make after closing.
Questions owners ask
How much does BayHawk Capital invest?
BayHawk says it invests $25 million to $150 million of equity per company, mostly through majority or large minority stakes in growing lower middle market businesses.
Does BayHawk take minority stakes?
Yes. Its strategy covers substantial minority investments, and in its February 2026 Gridco deal the founding management team kept majority ownership and continued to lead the business.
How big is BayHawk's fund?
BayHawk Capital Fund I, the firm's first fund, closed in February 2026 at $616 million. That was its hard cap and above its original $475 million target.
Does BayHawk invest in water and wastewater service companies?
Yes. Pipe & Plant, which cleans, inspects and maintains wastewater and stormwater infrastructure, joined its portfolio in May 2026, according to the firm's portfolio page.
Sources
- S1BayHawk Capital home page Accessed October 27, 2026
- S2BayHawk Capital: About Accessed October 27, 2026
- S3BayHawk Capital: Strategy and investment criteria Accessed October 27, 2026
- S4BayHawk Capital: Portfolio Accessed October 27, 2026
- S5BayHawk Capital: News and Press Releases Accessed October 27, 2026
- S6BayHawk Capital Announces Final Close of Inaugural Fund at Over $600 Million (February 4, 2026) Accessed October 27, 2026
- S7Gridco Announces Strategic Growth Investment from BayHawk Capital (February 24, 2026) Accessed October 27, 2026
- S8Inspected Announces Majority Investment from BayHawk Capital (March 24, 2026) Accessed October 27, 2026
- S9Pipe & Plant home page (wastewater treatment plant and collection system services) Accessed October 27, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with BayHawk Capital. Figures are as reported on the dates shown and may have changed. Request a correction