At a glance
| Latest fund | VSS Structured Capital Fund IV, $530M (Dec 2022) S4 |
|---|---|
| EBITDA range | $3M to $15M S2 |
| Check size | $20M to $50M S2 |
| Deal types | Platform, Add-on, Minority, Growth S2 |
| Sectors | Healthcare Services, Accounting & Professional Services, IT Services & MSP, Education, HVAC, Plumbing & Electrical |
What VSS Capital Partners buys
VSS Capital Partners is a New York firm that has backed founder-owned, lower middle market companies since 1987. It invests in three areas: healthcare (physician practice management, behavioral health, clinical research sites and healthcare IT), business services (IT and managed services, human capital, insurance services, legal support, engineering and facility services) and education. Target companies earn $3 million to $15 million of EBITDA, and it typically invests $20 million to $50 million.
What sets VSS apart is how it invests. It can use senior or subordinated debt, preferred equity, common equity or a mix, and it can take control or stay a minority partner, so a founder can keep majority ownership. The money can fund growth, acquisitions, recapitalizations, management buyouts or the exit of other shareholders. Its fourth Structured Capital fund closed at $530 million in December 2022, and the firm counts about $4 billion of committed capital across eight funds, more than 100 platforms and over 600 add-ons.
Recent deals
Announced in the 24 months before October 19, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Aug 2026 | Cordoba, LLCLos Angeles engineering, construction and program management firm founded in 1983 | Growth | Construction Services | Source |
| Jul 2026 | Centroid SystemsOracle cloud managed services provider; revenue and EBITDA tripled over a five-year hold | Exit | IT Services & MSP | Source |
| January 2026 | Hausch & CompanyInsurance claims adjusting and third-party administration firm; month from the portfolio page | Investment | Source | |
| October 2025 | Granite Trade ServicesNortheast electrical and specialty trade contractor that also installs and services HVAC; month from the portfolio page | Investment | HVAC, Plumbing & Electrical | Source |
| May 2025 | Southwest EngineersTexas civil engineering firm, the tenth partner firm added to HFW | Add-on | Accounting & Professional Services | Source |
| Dec 2024 | LumenciAustin intellectual property consulting firm, backed with Century Equity Partners | Platform | Accounting & Professional Services | Source |
| Oct 2024 | Lane FourToronto Salesforce consulting and managed services firm; the founder kept a majority stake | Growth | IT Services & MSP | Source |
Portfolio by sector
From the firm's portfolio page S3.
Business Services
- Cordoba
- Coretelligent
- GreenSlate
- Granite Trade Services
- Hausch & Company
- HFW
- Lane Four
- Lumenci
- Powerhouse
- Quatrro Business Support Services
- Remedi8
- S&A Legal Management
- Treya Partners
Education
- Really Great Reading
Healthcare
- Ambulatory Anesthesia Care
- Ascent Behavioral Health
- Center for Rheumatology
- Eximia
- GLOBO Language Solutions
- Olympus Cosmetic Group
- Pacesetter Health
- Specialty1
Greymont’s take
How VSS Capital Partners fits a seller
VSS suits a founder who wants to take some money off the table and fund growth but is not ready to give up control. In the October 2024 Lane Four deal the founder kept a majority stake, and VSS can shape its money as debt or preferred equity rather than buying the company outright. Debt and preferred equity come with repayment or return terms, so an owner should model what the company would owe VSS in a slow year as well as a good one.
VSS also makes platform investments, such as Lumenci in December 2024, and its platforms keep buying smaller firms, as HFW did when it added its tenth engineering firm in May 2025. Questions to ask: is the offer debt, preferred equity or common equity, and what happens to the VSS position when the company is later sold?
Questions owners ask
Does VSS take control of the companies it invests in?
Not always. VSS says it can invest control or non-control capital depending on what the company needs. When it invested in Lane Four in October 2024, the founder and CEO kept a majority interest, while Lumenci in December 2024 was a new platform investment made alongside Century Equity Partners.
What size company does VSS look for?
It targets lower middle market companies with $3 million to $15 million of EBITDA and typically invests $20 million to $50 million, using senior debt, subordinated debt, preferred equity, common equity or a combination.
Does VSS invest in IT services or managed service providers?
Yes. Managed service providers, IT consulting and cybersecurity services are among the business services niches it lists. It sold Coretelligent, a managed IT provider, in 2021 while keeping a minority stake, and in July 2026 it exited Centroid, an Oracle cloud services firm whose revenue and EBITDA tripled during its five-year hold.
Sources
- S1VSS home page Accessed October 19, 2026
- S2VSS: About Us (strategy and criteria) Accessed October 19, 2026
- S3VSS: Portfolio Accessed October 19, 2026
- S4VSS Capital Partners Closes VSS SC Fund IV at Hard Cap of $530 Million (December 14, 2022) Accessed October 19, 2026
- S5VSS Capital Partners Completes Growth Investment in Lane Four (October 31, 2024) Accessed October 19, 2026
- S6VSS Capital Partners Completes Investment in Lumenci, Inc. (December 18, 2024) Accessed October 19, 2026
- S7VSS Capital Partners Completes Successful Exit from Centroid (July 15, 2026) Accessed October 19, 2026
- S8VSS Capital Partners Completes Successful Sale of Coretelligent to Norwest Equity Partners (October 25, 2021) Accessed October 19, 2026
- S9VSS: News Accessed October 19, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with VSS Capital Partners. Figures are as reported on the dates shown and may have changed. Request a correction