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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 on February 15, 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 grew out of a shared desire to see the opportunity for wealth creation opportunities among Black and other diverse entrepreneurs become more equitable. The founding team collectively believe that entrepreneurship is a path to further wealth building in underrepresented communities through sustainable quality jobs and employee ownership programs, while also generating attractive returns for investors.
“We can be a catalyst for creating a seat at the table, that’s when value can be shared, and change is really made,” expresses Reggie Carter, whose expertise lies in success growth strategies and talent development. “Our efforts will result in greater access to entrepreneurship through acquisition, serve as a solution for business owners addressing succession planning, and foster wealth creation for employees. Imagine improving the lives of hundreds of entrepreneurs, their families, and employees—that’s the American Dream!”
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.
“Our goal is to foster an ecosystem where all entrepreneurs have an equal shot at driving and participating in financial value creation”, declares Michael Gilligan, whose expertise lies in strategy and leadership development. “Equity is the key to the shift we envision, and we’re excited to unlock the untapped talent that diverse entrepreneurs bring. Our success is rooted in the allies, partners and collaborators who desire to join our ecosystem.”
The Promise Venture is currently in the market building its team, its pipeline of search entrepreneurs and raising investment capital. The firm’s investment strategy targets businesses with established value propositions, consistent operating performance and strong growth potential primarily in the health care, business services and technology-enabled business sectors.
“We take an inclusive and results-oriented approach to investing”, adds Thomas Askew, whose talent development and operating expertise ensures superior candidate selection, strong revenue growth and top-tier operating results. “Our strategy allows us to partner with excellent operators and quality investors, who not only share our vision, but believe in it and will do their part to help us change the economic landscape and close the wealth gap of underrepresented communities.”
Segun Olowofela, an expert in business transformation and operational excellence continues, “We created The Promise Venture with one singular goal in mind… to provide opportunities for brilliance and value creation across all spectrums. Providing the capital to diverse entrepreneurs enables them to focus where they can excel and fully harness the untapped potential within every community, making us better as a whole. We are talking about employment opportunities, upskilling of talent and really identifying new ways to solve old problems and ultimately, fostering wealth creation opportunities for all.”
