Broadwing Capital Closes Oversubscribed Inaugural Fund at $440 Million
The Dallas-based lower middle market firm's debut fund beat its $350 million target, with Raymond James as placement agent and a limited partner base spanning pensions, insurers, foundations and family offices.
DALLAS, August 18, 2026. Broadwing Capital Management, a Dallas-based private equity firm investing in lower middle market manufacturing and services companies, announced the final close of Broadwing Capital Fund I LP with $440 million in total capital commitments. The inaugural fund was oversubscribed and closed above its $350 million target.
Fund I drew commitments from pension plans, insurance companies, foundations, funds of funds, family offices and registered investment advisers. Broadwing targets control investments in domestic founder-, family- and operator-owned businesses, and since its founding in 2022 has raised more than $730 million of committed capital and completed 26 acquisitions.
"We're on a mission-driven journey to build the most trusted and transformative private equity firm in the lower middle market, and Fund I reflects the confidence our investors have placed in our team, our strategy and our track record," said Eliot Kerlin, Managing Partner and Co-Founder. "I'm both humbled and energized by investor response that exceeded our expectations."
"A generational wave of businesses is on the precipice of changing hands, and we started Broadwing to give founders and investors a path to make the most of this opportunity," said Andrew Boisseau, Co-Founder and Partner. "Many firms talk about operational partnership, but we purpose-built our model around it, with a Resource Group that equips and enables management teams to drive sustainable growth."
The firm's current platforms include Forte Technologies, an Irving-based IT services business formed this summer from the combination of CloudScale365, Valeo Networks and PCS International; Upchurch Companies, a commercial mechanical, electrical and plumbing services provider; LEHR, a vehicle upfit services business; and Reroof Partners, a commercial roofing platform.
Raymond James Private Capital Advisory served as placement agent for Fund I. Greenberg Traurig, LLP served as legal counsel.