Black-led Private Equity Firm Launches Search Fund Platform to Further Wealth Building in BIPOC Communities

These partners saw an opportunity for wealth creation.

Black-led private equity firm The Promise Venture launched its Search Fund platform February 15, a vehicle to provide equitable access to capital and other business resources for Black and other diverse entrepreneurs.

According to a news release, The Promise Venture’s founding team includes success growth and talent development expert Reggie Carter, talent development and operating expert Thomas Askew, business transformation and operational expert Segun Olowofela, and strategy and leadership development expert Michael Gilligan.

The partners created the platform with a mission to further wealth opportunities in underrepresented communities through sustainable quality jobs, employee ownership programs, and investment opportunities. The firm focuses on being the chosen investment partner for diverse entrepreneurs.

“We can be a catalyst for creating a seat at the table, that’s when value can be shared, and change is really made,” Carter said. “Our efforts will result in greater access to entrepreneurship through acquisition, serve as a solution for business owners addressing succession planning, and foster wealth creation for employees. Imagine improving the lives of hundreds of entrepreneurs, their families, and employees—that’s the American dream!”‘

“Our goal is to foster an ecosystem where all entrepreneurs have an equal shot at driving and participating in financial value creation,” Gilligan said, adding that equity is the key to drive the shift toward success that is fixed in the allies, partners, and collaborators who join the platform.

Askew said the team’s approach to investing is inclusive and results-oriented.

“Our strategy allows us to partner with excellent operators and quality investors, who not only share our vision, but believe in it and will do their part to help us change the economic landscape and close the wealth gap of underrepresented communities,” he added.

“Providing the capital to diverse entrepreneurs enables them to focus where they can excel and fully harness the untapped potential within every community, making us better as a whole,” Olowofela said. “We are talking about employment opportunities, upskilling of talent and really identifying new ways to solve old problems and, ultimately, fostering wealth creation opportunities for all.”

The Promise Venture is building its team in the developing search fund market that has enabled MBA graduates and mid-career professionals to have operating experience to acquire businesses in the lower middle market, with revenues typically ranging between $10 to $50 million.