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Peterson Partners Raises $265 million for Tenth Private Equity Fund

Peterson Partners Raises $265 million for Tenth Private Equity Fund

Utah-based firm with 20-year track record remains committed to lower middle market


May 21, 2024

SALT LAKE CITY – Peterson Partners announced that its private equity business, Peterson Private Equity, closed $265 million in Fund X, which is focused on investing $10-25 million behind entrepreneurs and management teams in profitable and growth-oriented companies.

“Our passion is helping great people build great businesses,” said Clint Peterson, Managing Partner of Peterson Partners. “We are grateful for the active support of our investors, many of whom have been with us for more than twenty years, and many of whom have also been CEOs with us.”

Peterson Private Equity is one of the earliest funds based in the Mountain West region and for the past two decades, has actively invested across software, business services, healthcare, and consumer, including in companies such as Packsize, NMA, solidcore, and Blue Raven Solar.

“As most of our investments are sourced from CEOs and investors in the Peterson network, we have deep insights into the people we’re backing and the ways in which we can add value,” said Brett Stohlton, Partner at Peterson Private Equity. “In a world where capital is often a commodity, we find ways to accelerate growth by applying lessons from more than 300 companies and management teams we’ve backed over the years.”

With the close of Fund X, Peterson Private Equity intends to make approximately 12 investments and has already invested in three companies: Dura Software – a software aggregator of niche B2B SaaS companies; Packsize – a sustainable, smart packaging provider for e-commerce and retailers; and Kelso – a leader in commercial mechanical, electric, and plumbing services.

“Kelso is a good example of what Peterson Partners is all about: helping an exceptional entrepreneur do the hard work of scaling a business while also maintaining its distinctive culture,” said Spencer Clawson, Partner at Peterson Private Equity. “We are grateful for our partnership with Steve Carroll, CEO of Kelso, and the incredible work he and his team are doing.” “The support from Peterson goes far beyond their capital,” added Steve Carroll. “We ultimately chose Peterson as our partner because of their track record of supporting entrepreneurs, especially in hard times.”

About Peterson Partners

At Peterson Partners, our mission is to help great people build great businesses. We roll up our sleeves in supporting exceptional entrepreneurs and management teams in building enduring enterprises and have invested across industries in more than 300 companies, including Packsize, Lucid Software, solidcore, Ethos, Luggage Forward, SmartAsset, and Breeze Airways. We often provide the first institutional equity capital in a business, and we participate for a meaningful chapter of growth, usually 5-10 years, during which we work hard as a trusted coach and advisor in driving growth and building brands, systems, and human capital. Peterson Partners is an independent investment firm with more than $2.0 billion under management across Private Equity, Venture Capital, and Search strategies. To learn more about Peterson Partners, please visit

The portfolio companies identified and described herein do not represent all the portfolio companies purchased, sold or recommended for funds advised by Peterson Private Equity. The reader should not assume that an investment in the portfolio companies identified was or will be profitable. Past performance is not indicative of future results. AUM indicated is as of December 31, 2023. Portfolio company executives, including some who are investors in Peterson funds, who provided their opinion above have not received any compensation nor a fee reduction related to their investment in a Peterson fund as incentive for this feedback. This press release is not a solicitation of an offer to purchase securities and may not be relied upon in connection with the purchase or sale of any security. Interests in the Peterson Funds, if offered, will only be made pursuant to a confidential offering memorandum and subscription documents.