Northern Dealbook

The Directory

Who invests in the Upper Midwest

Every private equity, venture capital, growth, and credit firm we can confirm is actively deploying capital across Minnesota, Wisconsin, and the Dakotas — with the source for each entry shown on the page.

132
Firms listed
66
Active in Minnesota
48
Active in Wisconsin
1
Active in North Dakota
17
Active in South Dakota

10K Lakes

Bloomington-based private equity manager; 1 fund on file with the SEC (2020).

Private EquityBloomington, MN
MN

701

Grand Forks-based venture manager; 2 funds on file with the SEC (2022–2024).

Venture CapitalGrand Forks, ND
ND

ACMI Investment

Milwaukee-based private equity manager; 1 fund on file with the SEC (2023).

Private EquityMilwaukee, WI
WI

ACTAI Unicorn

St Louis Park-based venture manager; 2 funds on file with the SEC (2021–2026).

Venture CapitalSt Louis Park, MN
MN

AMAP Capital

Rapid City-based private equity manager; 1 fund on file with the SEC (2026).

Private EquityRapid City, SD
SD

AMAP Investments

Rapid City-based private equity manager; 1 fund on file with the SEC (2026).

Private EquityRapid City, SD
SD

AmFam VC

Madison-based venture manager; 1 fund on file with the SEC (2023).

Venture CapitalMadison, WI
WI

Arden Park Capital

Edina-based private equity manager; 2 funds on file with the SEC (2025–2026).

Private EquityEdina, MN
MN

Arthur Ventures

Minneapolis-based venture manager; 17 funds on file with the SEC (2013–2025).

Venture CapitalMinneapolis, MN
MN

Atland

Minneapolis-based venture manager; 1 fund on file with the SEC (2025).

Venture CapitalMinneapolis, MN
MN

Background Capital

Madison-based venture manager; 3 funds on file with the SEC (2021–2025).

Venture CapitalMadison, WI
WI

Badger State

Racine-based private equity manager; 1 fund on file with the SEC (2021).

Private EquityRacine, WI
WI

Badlands Equity

Sioux Falls-based private equity manager; 1 fund on file with the SEC (2022).

Private EquitySioux Falls, SD
SD

Baird Capital Global

Milwaukee-based private equity manager; 3 funds on file with the SEC (2016–2020).

Private EquityMilwaukee, WI
WI

Baird Venture Partners

Milwaukee-based private equity manager; 2 funds on file with the SEC (2014–2019).

Private EquityMilwaukee, WI
WI

Bcgf

Milwaukee-based private equity manager; 2 funds on file with the SEC (2016–2020).

Private EquityMilwaukee, WI
WI

Black Hills Regional Angel

Brookings-based private equity manager; 3 funds on file with the SEC (2013–2021).

Private EquityBrookings, SD
SD

Bluestem Investment

Sioux Falls-based private equity manager; 8 funds on file with the SEC (2014–2023).

Private EquitySioux Falls, SD
SD

Bluestem Special Purpose

Sioux Falls-based private equity manager; 1 fund on file with the SEC (2025).

Private EquitySioux Falls, SD
SD

Bold Coast Capital

Whitefish Bay-based venture manager; 1 fund on file with the SEC (2020).

Venture CapitalWhitefish Bay, WI
WI

Brown Venture Group

Minneapolis-based venture manager; 1 fund on file with the SEC (2023).

Venture CapitalMinneapolis, MN
MN

Butcher Investments

Sheboygan Falls-based venture manager; 1 fund on file with the SEC (2023).

Venture CapitalSheboygan Falls, WI
WI

Bvp

Milwaukee-based private equity manager; 2 funds on file with the SEC (2014–2019).

Private EquityMilwaukee, WI
WI

Capita3 Venture

Minneapolis-based venture manager; 3 funds on file with the SEC (2018–2024).

Venture CapitalMinneapolis, MN
MN

Capital Midwest

Mecquon-based venture manager; 2 funds on file with the SEC (2010–2021).

Venture CapitalMecquon, WI
WI

CLCS Aggregation

Minneapolis-based private equity manager; 1 fund on file with the SEC (2024).

Private EquityMinneapolis, MN
MN

Clean

Wayzata-based private equity manager; 5 funds on file with the SEC (2013–2026).

Private EquityWayzata, MN
MN

Clearwater Private

St. Paul-based private equity manager; 4 funds on file with the SEC (2014–2025).

Private EquitySt. Paul, MN
MN

CVI Aviation Income

Minneapolis-based private equity manager; 2 funds on file with the SEC (2020–2026).

Private EquityMinneapolis, MN
MN

CVI Clean Energy

Minneapolis-based private equity manager; 5 funds on file with the SEC (2020–2023).

Private EquityMinneapolis, MN
MN

CVI Credit Value

Minneapolis-based private equity manager; 7 funds on file with the SEC (2011–2025).

Private EquityMinneapolis, MN
MN

CVI Excelsior

Minneapolis-based private equity manager; 1 fund on file with the SEC (2023).

Private EquityMinneapolis, MN
MN

EGB Capital Ventures

Stevens Point-based venture manager; 1 fund on file with the SEC (2024).

Venture CapitalStevens Point, WI
WI

Excelsior Ventures

Excelsior-based venture manager; 1 fund on file with the SEC (2021).

Venture CapitalExcelsior, MN
MN

Fairway

Minneapolis-based private equity manager; 1 fund on file with the SEC (2023).

Private EquityMinneapolis, MN
MN

Falls Angel

Brookings-based private equity manager; 2 funds on file with the SEC (2019–2021).

Private EquityBrookings, SD
SD

FiTran

Madison-based private equity manager; 1 fund on file with the SEC (2026).

Private EquityMadison, WI
WI

Gather Venture

Edina-based venture manager; 1 fund on file with the SEC (2021).

Venture CapitalEdina, MN
MN

Gener8Tor

Madison-based venture manager; 2 funds on file with the SEC (2020–2023).

Venture CapitalMadison, WI
WI

gener8tor Alabama

Madison-based venture manager; 1 fund on file with the SEC (2024).

Venture CapitalMadison, WI
WI

gener8tor Great Plains

Madison-based venture manager; 1 fund on file with the SEC (2023).

Venture CapitalMadison, WI
WI

gener8tor Luxembourg

Madison-based venture manager; 1 fund on file with the SEC (2024).

Venture CapitalMadison, WI
WI

Generation Growth Capital

Milwaukee-based private equity manager; 2 funds on file with the SEC (2017–2023).

Private EquityMilwaukee, WI
WI

Global Alts FinTech

Appleton-based venture manager; 1 fund on file with the SEC (2022).

Venture CapitalAppleton, WI
WI

GMB Mezzanine Capital

Minneapolis-based private equity manager; 3 funds on file with the SEC (2011–2020).

Private EquityMinneapolis, MN
MN

Goldner Hawn

Minneapolis-based private equity manager; 1 fund on file with the SEC (2019).

Private EquityMinneapolis, MN
MN

Granite Debt

St Cloud-based private equity manager; 1 fund on file with the SEC (2020).

Private EquitySt Cloud, MN
MN

Granite Equity

St. Cloud-based private equity manager; 1 fund on file with the SEC (2026).

Private EquitySt. Cloud, MN
MN

Granite Equity Associates

St Cloud-based private equity manager; 1 fund on file with the SEC (2026).

Private EquitySt Cloud, MN
MN

Gravity

Minneapolis-based venture manager; 2 funds on file with the SEC (2022–2024).

Venture CapitalMinneapolis, MN
MN

Great North Capital

Maple Grove-based venture manager; 2 funds on file with the SEC (2026).

Venture CapitalMaple Grove, MN
MN

Groove Capital

Minneapolis-based venture manager; 2 funds on file with the SEC (2022).

Venture CapitalMinneapolis, MN
MN

GS Capital

Sioux Falls-based private equity manager; 1 fund on file with the SEC (2022).

Private EquitySioux Falls, SD
SD

H Point Strategic

Eden Prairie-based private equity manager; 1 fund on file with the SEC (2022).

Private EquityEden Prairie, MN
MN

Hammes Partners

Milwaukee-based private equity manager; 4 funds on file with the SEC (2014–2021).

Private EquityMilwaukee, WI
WI

Headwater Ventures

Minneapolis-based venture manager; 1 fund on file with the SEC (2026).

Venture CapitalMinneapolis, MN
MN

HealthX Ventures

Madison-based venture manager; 4 funds on file with the SEC (2015–2023).

Venture CapitalMadison, WI
WI

HealthX Wisconsin

Madison-based venture manager; 1 fund on file with the SEC (2024).

Venture CapitalMadison, WI
WI

Homegrown Capital

Brookings-based venture manager; 1 fund on file with the SEC (2025).

Venture CapitalBrookings, SD
SD

Hunter Search Capital

Minneapolis-based private equity manager; 1 fund on file with the SEC (2020).

Private EquityMinneapolis, MN
MN

Hunter Street

Wayzata-based private equity manager; 4 funds on file with the SEC (2020–2023).

Private EquityWayzata, MN
MN

Idea

La Crosse-based venture manager; 3 funds on file with the SEC (2017–2024).

Venture CapitalLa Crosse, WI
WI

Imperative Ventures

Stillwater-based venture manager; 1 fund on file with the SEC (2023).

Venture CapitalStillwater, MN
MN

Ironwood Four Capital

Sioux Falls-based private equity manager; 1 fund on file with the SEC (2019).

Private EquitySioux Falls, SD
SD

Isleview Equity RBIC

Minneapolis-based venture manager; 1 fund on file with the SEC (2026).

Venture CapitalMinneapolis, MN
MN

Liftbridge Commercial

Stillwater-based private equity manager; 3 funds on file with the SEC (2019–2024).

Private EquityStillwater, MN
MN

Liftbridge ERISA

Stillwater-based private equity manager; 1 fund on file with the SEC (2024).

Private EquityStillwater, MN
MN

Liftbridge Senior Living

Stillwater-based private equity manager; 1 fund on file with the SEC (2020).

Private EquityStillwater, MN
MN

Lightspring Capital

Minneapolis-based private equity manager; 2 funds on file with the SEC (2021–2026).

Private EquityMinneapolis, MN
MN

Lloyd Real Estate

Sioux Falls-based private equity manager; 1 fund on file with the SEC (2025).

Private EquitySioux Falls, SD
SD

Mairs & Power Ventures

St. Paul-based venture manager; 2 funds on file with the SEC (2023–2025).

Venture CapitalSt. Paul, MN
MN

Mason Wells

Milwaukee-based private equity manager; 2 funds on file with the SEC (2010–2020).

Private EquityMilwaukee, WI
WI

Mastercraft Ventures

Beloit-based venture manager; 1 fund on file with the SEC (2025).

Venture CapitalBeloit, WI
WI

Matchstick Ventures

Arden Hills-based venture manager; 3 funds on file with the SEC (2019–2024).

Venture CapitalArden Hills, MN
MN

MPowered Capital Access

Minneapolis-based private equity manager; 1 fund on file with the SEC (2026).

Private EquityMinneapolis, MN
MN

MRH Irish Ventures

Minneapolis-based venture manager; 3 funds on file with the SEC (2020–2022).

Venture CapitalMinneapolis, MN
MN

MRP Crossroads

Minnetonka-based private equity manager; 1 fund on file with the SEC (2026).

Private EquityMinnetonka, MN
MN

MRP Evergreen Income

Minnetonka-based private equity manager; 1 fund on file with the SEC (2025).

Private EquityMinnetonka, MN
MN

MRP Value

Minneapolis-based private equity manager; 3 funds on file with the SEC (2020–2024).

Private EquityMinneapolis, MN
MN

MSP Equity

Plymouth-based venture manager; 1 fund on file with the SEC (2023).

Venture CapitalPlymouth, MN
MN

Mvc

Madison-based venture manager; 2 funds on file with the SEC (2015–2019).

Venture CapitalMadison, WI
WI

MW Buyout Executive

Milwaukee-based private equity manager; 2 funds on file with the SEC (2010–2020).

Private EquityMilwaukee, WI
WI

NewBound Ventures

Minneapolis-based venture manager; 1 fund on file with the SEC (2023).

Venture CapitalMinneapolis, MN
MN

Nmc

Milwaukee-based private equity manager; 1 fund on file with the SEC (2022).

Private EquityMilwaukee, WI
WI

Northern Lakes Capital

Minneapolis-based private equity manager; 2 funds on file with the SEC (2022–2025).

Private EquityMinneapolis, MN
MN

Northern Plains

Moorhead-based venture manager; 1 fund on file with the SEC (2019).

Venture CapitalMoorhead, MN
MN

Northstar Mezzanine Partners

Minneapolis-based private equity manager; 3 funds on file with the SEC (2015–2024).

Private EquityMinneapolis, MN
MN

Norwest Equity Partners

Minneapolis-based private equity manager; 2 funds on file with the SEC (2023).

Private EquityMinneapolis, MN
MN

Norwest Mezzanine Partners

Minneapolis-based private equity manager; 2 funds on file with the SEC (2023).

Private EquityMinneapolis, MN
MN

OSP Value

Edina-based private equity manager; 7 funds on file with the SEC (2015–2026).

Private EquityEdina, MN
MN

Paralign

Sioux Falls-based private equity manager; 1 fund on file with the SEC (2024).

Private EquitySioux Falls, SD
SD

Parceiro Ventures

Minneapolis-based venture manager; 2 funds on file with the SEC (2023–2025).

Venture CapitalMinneapolis, MN
MN

Pathfinder 360 Capital Pool

Minnetonka-based private equity manager; 3 funds on file with the SEC (2022–2026).

Private EquityMinnetonka, MN
MN

Piney Point Carbon

Milwaukee-based private equity manager; 1 fund on file with the SEC (2021).

Private EquityMilwaukee, WI
WI

Proterra Credit

Minneapolis-based private equity manager; 3 funds on file with the SEC (2019–2025).

Private EquityMinneapolis, MN
MN

Proterra Credit Partners

Minneapolis-based private equity manager; 1 fund on file with the SEC (2026).

Private EquityMinneapolis, MN
MN

Proterra Rural

Minneapolis-based private equity manager; 1 fund on file with the SEC (2024).

Private EquityMinneapolis, MN
MN

Sagatagan

Sioux Falls-based venture manager; 1 fund on file with the SEC (2025).

Venture CapitalSioux Falls, SD
SD

Salt & Light Capital

Sioux Falls-based private equity manager; 1 fund on file with the SEC (2019).

Private EquitySioux Falls, SD
SD

Sara Capital Partners

Madison-based private equity manager; 1 fund on file with the SEC (2023).

Private EquityMadison, WI
WI

Sara Capital Partners PD

Madison-based private equity manager; 2 funds on file with the SEC (2024–2025).

Private EquityMadison, WI
WI

Svc

Sioux Falls-based private equity manager; 1 fund on file with the SEC (2025).

Private EquitySioux Falls, SD
SD

Territory Real Estate

Sioux Falls-based private equity manager; 1 fund on file with the SEC (2023).

Private EquitySioux Falls, SD
SD

TitletownTech

Green Bay-based venture manager; 2 funds on file with the SEC (2019–2022).

Venture CapitalGreen Bay, WI
WI

UAS Lakeview Investment Co

Milwaukee-based private equity manager; 1 fund on file with the SEC (2019).

Private EquityMilwaukee, WI
WI

Vc 414

Milwaukee-based venture manager; 1 fund on file with the SEC (2024).

Venture CapitalMilwaukee, WI
WI

Venture Investors

Madison-based venture manager; 1 fund on file with the SEC (2024).

Venture CapitalMadison, WI
WI

Venture Investors Health

Madison-based venture manager; 2 funds on file with the SEC (2019–2024).

Venture CapitalMadison, WI
WI

West Creek Investments

Mequon-based venture manager; 1 fund on file with the SEC (2023).

Venture CapitalMequon, WI
WI

Winnow

Madison-based venture manager; 1 fund on file with the SEC (2021).

Venture CapitalMadison, WI
WI

Wisconn Valley Ventures

Milwaukee-based venture manager; 1 fund on file with the SEC (2021).

Venture CapitalMilwaukee, WI
WI

Ziegler Link-Age

Milwaukee-based venture manager; 2 funds on file with the SEC (2017–2021).

Venture CapitalMilwaukee, WI
WI