Bow River Capital

Bow River Capital: Denver's Multi-Platform Alternative Asset Manager

Denver, CO – Nov 17, 2025 – Bow River Capital is a private, employee-owned alternative asset management firm focused on investing in lower and middle market companies in the American West. Founded in 2003 by Blair E. Richardson and Eric B. Wolf, formerly of DLJ (now Citi), the firm has transitioned from a regional investment manager to a leading lower and middle market alternative asset manager in the American West. Today, Bow River Capital has almost 80 employees and has made over 110 investments with 35 exits since inception. The firm prides itself on: Regional expertise with deep-seated knowledge of the American West, Disciplined underwriting and rigorous decision-making, A multi-platform approach to investing across five asset classes, A proven ability to grow assets: Bow River Capital’s AUM has increased five-fold since 2020 and now sits at $5 billion as of November 2025.

Investment Platform & Strategy

Bow River Capital operates five private fund platforms, each focused on a different area of the alternative investment universe. The firm’s Private Equity platform invests in lower middle market buy-and-build and majority recapitalization opportunities in the industrial services, tech-enabled business services and healthcare services end markets. The firm’s Software Growth Equity platform invests in majority controlling stakes of high growth B2B Software as a Service (SaaS) businesses. The firm’s Real Estate platform invests in value-add multifamily properties primarily in our core markets. The firm’s Private Credit platform, which follows the acquisition of Park Cities Asset Management (PCAM) and in conjunction with our joint venture with Thornburg, invests in senior, subordinated and unitranche debt and asset-based financings to lower middle market businesses. Bow River Capital’s National Defense Technology platform, operated through the firm’s ONE Bow River joint venture based in Colorado Springs, launched the firm’s inaugural fund focused on defense data solutions businesses with a $500m target fundraising goal. In addition to the firm’s institutional private fund products, Bow River Capital also offers investors the opportunity to invest in the Evergreen Fund (EVERX), a registered closed-end interval fund that invests in a diversified portfolio of institutional private equity. EVERX is designed to give individual and institutional investors access to a portfolio of primary investments in institutional private equity at a lower cost than would be possible when investing directly with private equity firms. EVERX celebrated its 5 year anniversary in June 2025 with $850m of assets under management.

• Approximately $5 billion in assets under management as of November 2025, up from roughly $1 billion in 2020
• Five distinct investment platforms: Private Equity, Software Growth Equity, Real Estate, Private Credit, and National Defense Technology
• Geographic emphasis on the 'Rodeo Region'—a 14-state area spanning the Rocky Mountain West and Southwest where the firm has invested for over 20 years
• Employee-owned structure with substantial co-investment alongside investors, ensuring deep alignment of interests
• Evergreen Fund (EVERX) surpassed $850 million in AUM, distributed through a strategic partnership with New York Life Investment Management
• Over 110 investments and 35 exits completed since founding in 2003
• ONE Bow River National Defense Fund I is the largest fund in the SBICCT Initiative's inaugural cohort of 17 funds
• SEC-registered Investment Adviser (CRD# 156765) operating through multiple legal entities including Bow River Asset Management, LLC and Bow River Advisers, LLC

Track Record & Notable Investments

Read on to learn more about Bow River Capital’s investment track record, which consists of numerous successful exits and strategic investments made in the companies below. In July 2025, we sold Progressive Roofing to TopBuild Corp. (NYSE: BLD) for $810 million in all cash. During Bow River’s roughly four-year investment period, the business scaled to over 1,700 employees. In addition to construction, Bow River’s industrial services platform now includes electrical and mechanical services companies. Bow River purchased a majority stake in HRSoft in Q3 2022, where it scaled the business by over 350% and exited in March 2026 when it sold its position to Gryphon Investors. In April 2025, Bow River made a majority investment in CloudShare, an Israeli company providing virtual training and cybersecurity labs. Bow River also has minority positions in the following growth companies: Topia, a cloud-based platform for global mobility and talent mobility software; Accelo, a professional services automation software for the consulting and creative industries; Kivu Consulting, the nation’s leading cybersecurity and incident response firm dedicated to serving the energy sector; and meQuilibrium, a global provider of artificial intelligence-powered platform for modern work and continuous performance development. In December 2024, Bow River made the defense technology platform’s first investment by deploying $50 million into Bluestaq, a defense data solutions company. In August 2025, Bow River acquired Park Cities Asset Management, a leading provider of asset-based financing solutions, significantly expanding Bow River’s capabilities in the alternative lending space and positioning the firm to build a scaled private credit business.

Market Position & Differentiators

Summary Bow River Capital (BRC) stands out from a crowded and increasingly competitive alternative asset management industry. The multifaceted disadvantages faced by most multi-strategy platforms due to their coast-based location are less relevant for BRC, which has leveraged its considerable expertise to build a competitive advantage over the past twenty plus years by operating primarily in the Rodeo Region (defined as the 14 states spanning the Rocky Mountain West and Southwest). By focusing investments primarily in the Rodeo Region, BRC can target smaller deal flow and leverage existing relationships with dozens of entrepreneurs and operating executives. Such local and regional operations can result in the identification of attractive business acquisition opportunities often before they are offered up for sale to broader markets, potentially at more attractive valuations and before other bidders become involved. We believe that these advantages are meaningful and are preserved by BRC’s unique employee-owned-and-operated structure and its heavy commitment of principal capital to many of its strategic partnerships with limited partners. We believe that the acquisition by Bow River of the National Defense Technology business within the ONE Bow River joint venture that leverages a SBICCT fund of $500 million in initial capital represents a highly strategic and large opportunity that enables Bow River Capital to expand into a fast-evolving sector at the intersection of private capital and national security— a growing and bipartisan recognized priority. With Evergreen Fund assets under management (AUM) growing rapidly to $850 million, we believe that BRC’s ability to offer institutional-caliber investment opportunities for the broad universe of wealth management clients represents another compelling value proposition. In summary, we believe Bow River Capital is one of the handful of meaningful alternative asset managers that have emerged in the past two decades in the traditionally underappreciated Mountain West market.