The Promise Venture is a new search fund platform formed to partner with Black and other diverse entrepreneurs acquiring quality businesses in the lower-middle market. It's a new tool and platform designed to partner specifically with African American businessmen and other diverse entrepreneurs.

Founded by Reggie Carter, Thomas Askew, Segun Olowofela, and Michael Gilligan with the goal of closing the wealth gap among members of underrepresented communities, the fund ensures that all entrepreneurs with property potential have equitable access to necessary capital and resources to have success.

Carter noted:

We can be a catalyst for creating a seat at the table, that's when value can be shared, and change is really made.

Helping diverse communities

Building pathways that lead to wealth creation, the organization works to deliver sustainable quality jobs and employee ownership programs, generating attractive returns to investors.

By becoming the investment partner of choice among diverse entrepreneurs, The Promise Venture wants to generate expansive growth in access to business leadership and other opportunities among its members.

The search fund market, which is generating strong interest from investors and a growing participation from entrepreneurs, has developed in recent decades to enable MBA graduates and mid-career professionals with operating experience to acquire businesses in the lower-middle market (typical revenue range: $10-$50 million).

The Promise Venture announced the launch of its Search Fund platform, a vehicle formed to partner with Black and other diverse entrepreneurs acquiring quality businesses in the lower middle market. https://t.co/GLxx3hgQCA

— Equire (@EquireFunds) February 17, 2023

“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!” added Carter. 

Let's do it

The Promise Venture is currently in the market building its team, its portfolio of search entrepreneurs, and raising investment capital.

The investment strategy targets businesses with established value propositions, consistent operating performance, and strong growth potential, primarily in the healthcare, business services, and technology sectors.

“Our goal is to foster an ecosystem where all entrepreneurs have an equal shot at driving and participating in financial value creation. Equity is the key to the shift we envision, and we're excited to unlock the untapped talent that diverse entrepreneurs bring. Our success is rooted in the allies, partners and collaborators who desire to join our ecosystem,” said Gilligan, whose experience lies in strategy and leadership development. 

For his part, Askew said: “We take an inclusive and results-oriented approach to investing. 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.”