Silversmith Capital Partners Research
Investment Thesis
Silversmith Capital Partners is a Boston-based growth equity firm founded in 2015 that partners with founder-led, capital-efficient technology and healthcare companies. The firm's stated belief is that "providing capital is not unique" — what differentiates Silversmith is who they are, how they partner, and what they value. Silversmith explicitly positions itself as a partner to entrepreneurs who have already done the hard work of building a real business, rather than an operator trying to build companies itself. The firm organizes its culture around four stated values: integrity, teamwork, humility, and conviction, and backs this with concrete numbers it publishes on its site: 100% collaborative, team-based investment decisions, 100% senior leadership involvement in deals, 0% ego-driven culture, 89% founder retention (versus a stated industry average of 42%), and 0% partner turnover since founding.
Sector Focus
Silversmith invests across two primary verticals: SaaS & Information Services and Healthcare IT & Services. Within SaaS, the portfolio spans vertical and horizontal software including marketing automation (ActiveCampaign), ecommerce search and discovery (Constructor.io), web design/publishing (Webflow), DevOps tooling (Gearset), compliance and regtech (Novatus), payments and incentive/reward platforms (Onbe), employee engagement (Unily), real estate marketing (Rentsync), sports data (SkillCorner), and cross-border ecommerce/customs (Zonos). In Healthcare IT & Services, the firm has backed clinical documentation and AI (Iodine Software), behavioral health services (LifeStance Health), physician practice networks (Upperline Health, Sound Physicians, Nira Medical Group), healthcare cybersecurity (Fortified Health Security), and healthcare data/analytics (Centauri Health Solutions, Advanced Medical Strategies, Panalgo).
Stage Focus
Silversmith is a growth equity investor, not an early-stage or venture investor. Its "Approach" page is explicit about the profile it targets: "through the tunnel" companies with more than $10M in revenue, greater than 20% growth, and demonstrated capital efficiency (breakeven or profitable). This is a later-stage, proof-already-established mandate rather than a pre-revenue or early product-market-fit bet.
Check Size
Per the firm's own disclosure, Silversmith writes Growth Equity investments in the $20M-$125M range. Consistent with this, recent 2026 disclosed rounds include a $110M growth investment in Perry Weather and a $100M+ investment in Vantora.
Lead Tendency
Silversmith frequently leads or is the primary institutional capital partner in its transactions, and the firm states it has "senior leadership in 100% of deals." Several 2026 press releases (Vantora, Perry Weather) name Silversmith as the round's capital source, consistent with a lead investor role, though the firm also participates alongside other growth/PE sponsors (e.g., its Vastian investment was announced jointly with Bregal Sagemount).
Recent Activity
Silversmith closed its fifth fund, Fund V, in July 2025 at $1.7 billion in total commitments ($1.6B from LPs plus $110M from the Silversmith team itself), oversubscribed and closed at its hard cap within three months of launch. This followed Fund IV ($1.25B, closed 2022), Fund III ($880M, 2020), Fund II ($670M, 2018), and Fund I ($460M, 2015) — ten years and five funds totaling more than $5 billion in capital raised. The firm is actively deploying: in September 2026 alone it announced a $100M+ investment in Vantora (AI-native operating companies inside industrial enterprises) and a $110M growth investment in Perry Weather (weather operations and safety software), and in May 2026 it backed Vastian alongside Bregal Sagemount.
Portfolio Highlights
Silversmith's portfolio includes several notable exits and public outcomes: Iodine Software (acquired by Waystar, NASDAQ: WAY), LifeStance Health (public, Nasdaq: LFST), Absorb Software (acquired by Welsh, Carson, Anderson & Stowe), MediQuant (acquired by Revelstoke Capital Partners), Digital Map Products (acquired by LightBox), Nordic Consulting (acquired by Bon Secours Mercy Health), Panalgo (acquired by Norstella), Partners Surgical (acquired by Legent Health), Social Sentinel (acquired by Navigate 360), Venminder (acquired by Ncontracts), Centauri Health Solutions (continuation vehicle led by Abry Partners at a $780M valuation), and most recently Talon.One, acquired by Adyen alongside Orb in July 2026. Active portfolio companies span well-known SaaS and healthcare names including Webflow, ActiveCampaign, DistroKid, MeridianLink, Constructor.io, impact.com, Onbe, Unily, and Upperline Health.
Team
Silversmith's investment team is organized around a small group of long-tenured Managing Partners supported by principals, vice presidents, and an operating team:
- Jeff Crisan — Managing Partner
- Todd MacLean — Managing Partner
- Jim Quagliaroli — Managing Partner
- Sri Rao — Managing Partner
- Lori Whelan — Managing Partner & COO
- Brian Peterson — General Partner
- Ned Kingsley — Principal
- Jordan Braunstein — Principal
- Tod Pesses — Principal
- Shelby Miller (Herrington) — Principal
- Danielle Waldman — Principal
The firm also maintains a bench of Operating Partners (including a dedicated Operating Partner for Talent and an Operating Partner & CTO) and Senior Advisors, reflecting a value-creation model built around post-investment operational support (infrastructure planning, team building, go-to-market acceleration, and M&A) rather than pure capital deployment.
Decision Process
Silversmith describes its investment process as fully collaborative and partnership-driven: "we make investment decisions as a team," with senior leadership present on 100% of deals and a stated 0% ego-driven culture. This points to a partnership-style decision process rather than a solo-GP or committee-vote structure.
Founder Preferences
The firm explicitly seeks "great entrepreneurs" — passionate subject-matter experts who have already built a capital-efficient, scaling business — and frames its role as helping founders "achieve more together than they could on their own." Testimonials on the site from founders/executives at Apryse, LifeStance Health, Onbe, and ActiveCampaign consistently emphasize founder-friendliness, deep market understanding, and a "family" rather than transactional relationship.
Geographic Focus
Headquartered at 116 Huntington Ave, Boston, MA, Silversmith invests primarily in North American companies but has a meaningfully international portfolio, including the UK (Gearset, Novatus, Unily), Canada (Absorb Software, Rentsync), France (SkillCorner), and Germany (Talon.One, prior to its Adyen acquisition).