"The Promise Venture seeks to foster wealth creation opportunities for diverse entrepreneurs and contribute to bridging the wealth gap among underrepresented community members.
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. The Promise Venture's founding team – Reggie Carter, Thomas Askew, Segun Olowofela and Michael Gilligan – came together from a range of operating and investment backgrounds to ensure that all entrepreneurs with ownership potential have equitable access to capital and the resources required to succeed.
The Promise Venture looks to be the investment partner of choice among diverse entrepreneurs and sees itself as a demonstration model that will spawn expansive growth in the access to business leadership and other entrepreneurial opportunities among members of diverse communities. The search fund market has developed over the last several decades to enable MBA graduates and mid-career professionals with operating experience coming out of industry to acquire businesses in the lower middle market (typical revenue range: $10 - $50 million). This market is generating strong investor interest and growing entrepreneur participation."