Lower middle market impact private equity firm
FVLCRUM Funds
- HeadquartersBethesda, MD S6
- Websitefvlcrum.com
- Last verifiedOctober 26, 2026
At a glance
| Latest fund | FVLCRUM Fund LP, $302M (Aug 2023) S5 |
|---|---|
| EBITDA range | $3M to $25M S3 |
| Deal types | Platform, Add-on, Growth S3 |
| Geography | United States S3 |
| Sectors | IT Services & MSP, Construction Services, Accounting & Professional Services, Healthcare Services, Dental |
What FVLCRUM Funds buys
FVLCRUM Funds is a Bethesda, Maryland private equity firm whose partners have invested together since 2013. It buys control of US lower middle market service and technology companies, and its preferred sectors are government contracting, healthcare and business services. It is also an impact investor: it aims to create living wage jobs and wider ownership in underserved communities, and banks that invested in its first fund could earn Community Reinvestment Act credit. Its current fund closed in 2023 on more than $302 million, above a $250 million target.
FVLCRUM targets companies with $3 million to $25 million of EBITDA and steady, predictable demand. It does recapitalizations and ownership transitions for founders and families, management buyouts, growth equity, corporate divestitures and deals led by an operating executive searching for a company. Its government work runs through Project Maverick, which pairs Advanced IT Concepts, a federal IT integration and cybersecurity firm, with Fidelity Technology Services, a military simulation and training provider bought in October 2026. Other holdings span telecom and underground utility work, marketing, linen service and dental care.
Recent deals
Announced in the 24 months before October 26, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Oct 2026 | Fidelity Technology ServicesReading, Pennsylvania military simulation and training provider; joins Advanced IT Concepts under the Project Maverick holding company | Add-on | Source | |
| Oct 2025 | Federal ECWoodstock, Georgia trenchless pipe and storm drain rehabilitation firm bought with Crescent Peak; closed September 24, 2025 | Investment | Construction Services | Source |
| Apr 2025 | FitzcoAtlanta marketing agency added to Burrell Communications Group | Add-on | Source |
Portfolio by sector
From the firm's portfolio page S4.
Accounting & Professional Services
- Jefferson Solutions Group
Construction Services
- FBR Solutions
- PEAK Infrastructure Services
Dental
- Smile23
IT Services & MSP
- Advanced IT Concepts
Other
- Fidelity Technology Services
- Burrell Communications Group
- Professional Linen Companies
- SafeTouch
- Shamekh IV Solutions
Greymont’s take
How FVLCRUM Funds fits a seller
FVLCRUM fits founders of federal contractors and other service businesses with $3 million to $25 million of EBITDA, especially owners who care what happens to employees and the community after a sale. For a government IT or defense services company, the likely route today is joining Project Maverick, where each company keeps its own identity for contracting purposes under a shared holding company. FVLCRUM also buys alongside partners: it acquired Federal EC with the holding company Crescent Peak in 2025.
An owner should ask whether FVLCRUM's impact goals, such as job and wage targets or broader share ownership, would shape plans for the business. Because its current fund closed in 2023, it is also worth asking how much capital is left for new platforms and whether a deal would be funded from that fund or a new one.
Questions owners ask
Does FVLCRUM buy government IT contractors?
Yes. Government contracting is one of its three preferred sectors. It owns Advanced IT Concepts, a federal IT integration and cybersecurity firm, and in October 2026 added Fidelity Technology Services, a military simulation and training provider, under the same Project Maverick holding company.
What size companies does FVLCRUM look for?
Its criteria call for US service and technology businesses with $3 million to $25 million of EBITDA, a defensible market position and recurring or predictable demand for what they sell.
Is FVLCRUM an impact investor?
Yes. It aims for market-rate returns alongside impact goals such as living wage jobs and wider ownership in underserved communities. Banks that invested in its first fund could also earn Community Reinvestment Act credit.
Sources
- S1FVLCRUM Funds home page Accessed October 26, 2026
- S2FVLCRUM: About Us Accessed October 26, 2026
- S3FVLCRUM: Investment Criteria Accessed October 26, 2026
- S4FVLCRUM: Portfolio Accessed October 26, 2026
- S5FVLCRUM Exceeds Target Fund Size and Closes on Over $302 Million in Fund Commitments (August 2023) Accessed October 26, 2026
- S6FVLCRUM: Contact Accessed October 26, 2026
- S7FVLCRUM Funds Announces Acquisition of Fidelity Technology Services (Advanced IT Concepts news, October 7, 2026) Accessed October 26, 2026
- S8Generational Group Advises Federal EC LLC in its Sale to Crescent Peak and FVLCRUM Funds (October 10, 2025) Accessed October 26, 2026
- S9FVLCRUM-backed Burrell Communications Group acquires marketing agency Fitzco (April 24, 2025) Accessed October 26, 2026
- S10FVLCRUM Funds Completes Acquisition of Advanced IT Concepts (October 2023) Accessed October 26, 2026
- S11FVLCRUM: Mission Accessed October 26, 2026
- S12FVLCRUM: Media Accessed October 26, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with FVLCRUM Funds. Figures are as reported on the dates shown and may have changed. Request a correction