New Majority Capital Launches NMC Fund I With First Close

Accelerating Entrepreneurship Through Acquisition Among Underrepresented Entrepreneurs

PROVIDENCE, R.I., June 19, 2024 /PRNewswire/ -- New Majority Capital (NMC) today announced the first close of NMC Fund I. This milestone is a major move for NMC on its mission to help close persistent wealth gaps in the United States. NMC Fund I is a Private Equity micro-buyout fund focused on the acquisitions of profitable, cash flowing, small businesses that are coming to the market with the Silver Tsunami of retiring owners.

New Majority Capital is proud to be joined by the Skoll Foundation, among other investors, who have contributed to NMC Fund I's first close. 

"Truly inclusive entrepreneurship ensures that all individuals have the opportunity to own the businesses in which they work," said Liz Diebold, Managing Director at the Skoll Foundation. "Asset ownership is key to wealth-building opportunities, but it remains systematically out of reach for many workers in the U.S. NMC is reducing barriers to business ownership with an equity-centered, non-extractive approach that generates impact at multiple levels—from business owners and employees to the communities they serve." 

Over the last 12 months, NMC has closed on 12 acquisitions as an independent sponsor or deal advisor. There are currently 20+ live deals in a growing pipeline in which NMC has partnered with well-qualified new owners to start selectively investing in.

"I am so proud to announce the first close of NMC Fund I with our partners at the Skoll Foundation," says Havell Rodrigues, CEO & Managing Partner of New Majority Capital. "This milestone is a testament to the opportunity to build wealth through small business asset ownership. We are excited about the Fund's launch given its potential to significantly impact underrepresented entrepreneurs and the employees in their acquired businesses who will benefit from the profit share program."

To learn more about NMC Fund I, click here.

About New Majority Capital: New Majority Capital (NMC) is an impact investing firm that provides training and non-extractive capital for underrepresented entrepreneurs to acquire and scale small businesses through ETA (Entrepreneurship through Acquisition). As a B Corp, NMC's north star is addressing persistent wealth gaps in the United States. NMC is currently raising a Private Equity fund, NMC Fund I, from accredited investors. Learn more at newmajoritycapital.com.

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SOURCE New Majority Capital