V29 Capital's Spinout Highlights the Rise of Minority Growth Equity

NEW HAVEN, Conn. – November 05, 2026 – For the past decade, the technology sector's funding pipeline was defined by a binary reality. On one end of the spectrum, early-stage venture capital offered high-risk, highly dilutive funding designed to fuel growth at all costs. On the other end, traditional private equity buyout firms waited to swallow mature companies whole, demanding operational control in exchange for liquidity. But as the global business landscape undergoes a fundamental structural shift—where sustainable profitability has usurped unbridled expansion as the ultimate metric of success—a critical void has emerged in the middle of the market.

Enter V29 Capital Management. Officially launching as an independent private equity firm, the New Haven-based outfit represents a compelling case study in how capital structures are adapting to the 21st-century marketplace. Spun out from the Pritzker Vlock family office, V29 has arrived with a highly specific mandate: deploying flexible, minority growth equity into founder-led, technology-enabled businesses that are at or near an EBITDA-positive inflection point.

With over $165 million already raised and backing from heavyweight institutional investors, the firm's debut is more than just a new marquee name in private equity. It is a calculated response to a shifting competitive landscape, offering a blueprint for how successful family office investment teams are evolving into standalone institutional powerhouses.

The Family Office Spinout Playbook

The mechanics behind V29's independence underscore a growing trend in the alternative asset space: the GP-led secondary transaction. To establish itself as an independent SEC-registered investment adviser, V29 did not simply pass the hat among high-net-worth individuals. Instead, the firm orchestrated a complex spinout backed by funds managed by industry titans, including BlackRock's Secondaries and Liquidity Solutions team, Sagard, and Pomona Capital.

This structural maneuver highlights why institutional giants are increasingly eager to back fund carve-outs. By anchoring a spinout, these secondary market investors gain immediate exposure to a proven team and a seeded portfolio, bypassing the traditional blind-pool risk associated with first-time funds. One secondary market analyst noted that the current macroeconomic climate heavily favors these GP-led transactions, as they provide liquidity to original backers while capitalizing a seasoned management team for future deployment.

At the helm of V29 is Founder and Managing Partner Elon Boms, a veteran investor who previously served as Managing Director at Pritzker Vlock Capital Management. During his tenure at the family office, Boms oversaw more than $1 billion in private assets, navigating investments across diverse sectors. The spinout allows him to carry forward the strategy he honed there, while maintaining a strong strategic alignment with his former base.

The separation appears to be a textbook example of an amicable and mutually beneficial carve-out. “Elon has been an invaluable partner to our organization and to the companies that he invests in. I’m proud to see V29 launch as an independent firm, and I look forward to continuing a fruitful relationship with Elon and the V29 team for years to come,” said Karen Pritzker in the firm's launch announcement. Her continued support signals strong confidence from the legacy LP base, a critical asset for any newly independent sponsor.

Escaping the Buyout Trap

The core thesis driving V29 Capital Management is rooted in a fundamental friction point for modern technology entrepreneurs. Over the last several years, the broader market's pivot toward profitability has created a new class of resilient, cash-flow-positive startups. However, the capital markets have been slow to service them properly.

When founders of these technology-enabled businesses seek growth capital to scale operations, acquire competitors, or provide early liquidity to employees, they frequently encounter a frustrating impasse. Traditional venture capital is often too expensive in terms of equity dilution and comes with pressure to chase unsustainable growth metrics. Conversely, traditional private equity firms typically require majority control, forcing founders to hand over the keys to the companies they built.

V29 is designed to exploit this exact inefficiency. By targeting primary and secondary minority positions, the firm offers a non-control alternative.

“Founders who are approaching or have reached profitability have earned options for growth capital, but too often face a choice between expensive venture capital or buyers seeking controlling stakes,” said Elon Boms in a public statement regarding the launch. “We established V29 to give these founders a different option – flexible capital, long-term minority ownership, and a hands-on partnership.”

This approach resonates deeply in today's market. Corporate finance advisors point out that founders who have successfully navigated the recent economic turbulence to achieve consistent profitability are fiercely protective of their equity and strategic autonomy. Providing an avenue for growth without the mandate of a buyout effectively removes the ceiling for mid-market tech firms, allowing them to scale on their own terms.

A Highly Selective Deployment Strategy

To execute this mandate, V29 is adopting an intentionally concentrated investment strategy. The firm plans to write checks of up to $50 million per investment, targeting a remarkably low volume of just one to three deals per year. This highly selective pacing stands in stark contrast to the volume-driven models often seen in early-stage venture capital, as well as the rapid-fire rollup strategies employed by mega-buyout funds.

By limiting its active deal flow, V29 ensures that its leadership can embed deeply with portfolio companies. Joining Boms in this effort is Partner Jason Gray, who formerly headed the investment team at Pritzker Vlock Capital Management. Together, they co-manage V29's existing portfolio, which already includes three seeded assets. Among these early investments are early-stage venture firm LaunchCapital—which Boms co-founded in 2008—as well as luxury e-commerce platform Moda Operandi and insurtech provider Trellis, both of which represent the kind of technology-enabled enterprises V29 targets.

Beyond capital, the firm is leveraging a proprietary advisory network dubbed The V29 Collective. Comprising senior operators and industry veterans with global experience, the Collective provides portfolio founders with on-demand expertise in critical inflection areas such as capital structure optimization, corporate governance, talent acquisition, restructuring, and operational scaling. This hands-on partnership model ensures that V29's capital is paired with the institutional scaffolding necessary to transition a startup into a mature enterprise.

Redefining the Future of Competition

The emergence of firms like V29 Capital Management signals a maturing of the technology investment ecosystem. As the lines between venture capital and private equity continue to blur, the winners in the next decade will be the capital providers who can tailor their structures to the specific realities of the companies they back.

For the global business landscape, the availability of substantial minority growth equity means that independent, founder-led companies can remain private and competitive for much longer. They are no longer forced into premature public offerings or defensive acquisitions by larger conglomerates. By bridging the gap between early-stage innovation and late-stage buyouts, V29 is not merely funding businesses; it is actively preserving the competitive diversity of the technology sector.

As more family office teams look to institutionalize their track records and spin out into the broader market, the GP-led secondary framework utilized by V29 will likely become a standard playbook. Backed by the deep pockets of secondary market leaders and driven by a forensic focus on profitability, V29 Capital Management is well-positioned to capitalize on the structural changes reshaping how the 21st-century marketplace is funded and built.