VC Fund Dossiers

PSG is basically the Berkshire Hathaway of software roll-ups - they've turned buy-and-build into a science with 530+ acquisitions under their belt. They're legitimately good at what they do: taking bootstrapped B2B software companies and scaling them through a combination of organic growth and strategic tuck-ins. The team is experienced (Tom Reardon and Marco Ferrari are both highly respected), and founders genuinely like working with them - they've won Inc's Founder-Friendly award multiple times for a reason. But here's what they won't tell you: this is private equity masquerading as growth equity. They take control, they have a massive team that needs to deploy capital, and their model depends on finding acquisition targets. If you're not excited about doing deals constantly, this isn't your partner. They're also riding the wave of easy credit - when rates were low, financial engineering made their roll-ups look genius. The real test is how these cobbled-together software 'platforms' perform when it's time to exit.

Rittenhouse is the anti-unicorn fund that actually makes sense in today's market. Saul Richter explicitly says he's "not interested in searching for so-called unicorns" and is "more interested in exits of $35 to $75 million." This is refreshingly honest - they're not chasing billion-dollar fantasies, they're building a business around achievable outcomes. With "total portfolio exit values exceeding $3 billion," they've actually delivered returns. The team upgrade with David Nevas (Edison Partners pedigree) and Sushma Rajagopalan (actual CEO experience) shows they're serious about scaling beyond their Philly roots. They acknowledge that "our region has yet to scale up its corresponding growth capital base" but see opportunity in being "location in the heart of Philly means we have some of the best and brightest in the country right at our doorstep." The founder testimonials are genuinely positive - not just generic praise.