Prox Search Capital
At a Glance
Two numbers most firms will not publish, from a firm that publishes little else.
- Pricing
- Custom Pricing, Two numbers on its own site: 'Investment Size: $500K–$2.5M' and 'Ownership Target: Minority, non-control equity', the percentage band it once published having been withdrawn. It looks for 'Adjusted EBITDA of $1M–$5M'. It does not require a board seat by default and takes one where it leads or anchors a deal; nothing published on fees or vesting.
- Best For
- A self-funded searcher who wants to know the dilution before the conversation rather than after it
- Track Record
- Fund I, a $10M fund launched in 2025, and a portfolio page naming five businesses by sector and region across home services, logistics and healthcare, three dated 2025 and two 2026, none paired with a named entrepreneur. The firm grew out of a holding company with nine acquisitions, by its about page.
- Lane
- Self-Funded
- Funds
- The deal only
- In the Round
- Says it will either lead or join, depending on the deal.
- Based
- Denver, by a photo caption; no address.
- Invests
- The lower forty-eight states only, by its sponsors page, which lists anywhere outside them among the places it will pass.
- Buys
- Companies with $1M to $5M of adjusted EBITDA in any industry, profitable, with limited customer concentration and a seller leaving for a reason such as retirement; startups, turnarounds and pre-profit businesses are outside what it underwrites, in its words.
- Before A First Call
- A sponsor profile on its sponsors page: meaningful personal investment in the transaction, relevant operating, investing or transaction experience, and, where the sponsor will not run the business day to day, an operator it can meet who holds meaningful equity. Its submit form asks where the deal stands, from a thesis still being built to diligence complete.
- First-Time Operators
- Its own partners' backgrounds and, on the sponsors page, a profile asking for relevant operating, investing or transaction experience with no role, years or kind of company named, which is a preference rather than a bar a reader could fail.
- How Long The Search Runs
- No length on the search and nothing about what happens if it ends without a deal, on the pages this review read. Ask what the clock is before you sign anything.
- Published Terms
- Investments of $500K to $2.5M for a minority, non-control position, in its own words; the percentage band it once published is withdrawn. It does not require a board seat by default, and takes one where it leads a deal or anchors it. Nothing on fees or vesting.
- What A Searcher Gets
- Not published on the pages this review read. It is the figure a searcher most wants and most of this shelf does not print it, so ask before the first call rather than after.
- After The Close
- Says it does not require a board seat and does not want a place in management meetings.
- Roadmap Stages
- 3. Set Up & Fund the Search5. Diligence & Close the Deal
Pros and Cons
Pros
- Publishes a check size and its ownership posture together, which answers the self-funded searcher's first question
- Takes minority, non-control positions explicitly, stated rather than implied
- Names a first fund, $10M launched in 2025, and five portfolio businesses by sector and year, where the site once carried no record at all
- Says it will back an independent sponsor who intends to operate, a distinction most sites blur
Cons
- The portfolio names sectors and years and never a company or a searcher, so the record cannot be checked against anybody's own account
- Whether it funds the search itself is settled by the shape of its door: its home page asks for a deal under LOI and its form asks where the deal stands, and no page offers money before one
- No fees or vesting published, so the check size, the ownership posture and the board rule are the whole disclosure
What Searchers Say
Check size, ownership range, earnings band and territory read from its own site. Its about page carries three titled biographies and says the firm grew out of a holding company with nine acquisitions; its investor portal is a third-party product, and its only place name is Denver in a photo caption.
How to Approach
Firms do not publish a term sheet you can prepare against, so this is how self-funded search capital comes in, what it weighs, and how to arrive ready.
The Typical Arc
- No conversation until you have a deal: gap capital comes in at the LOI, not before.
- A fast read on the specific target and your underwrite.
- An equity check to close the gap the loan and your own injection leave.
What It Weighs
- The deal itself: is the business financeable and fairly priced.
- Your underwrite, since there is no search track record to lean on.
- How much of the equity gap actually remains after the loan and your own cash.
How to Prepare
- Underwrite the specific deal end to end before you call. Underwrite a Deal
- Size the gap: sources and uses against what a lender and seller accept. Sources & Uses Builder
- Know your own number first. SBA Acquisition Calculator