GRAIN MANAGEMENT, LLC

Thesis

Grain Management, LLC is a private equity firm founded in 2007, specializing in the global communications sector, with a strong emphasis on broadband technology and digital infrastructure. Their investment strategy involves acquiring, building, owning, and operating communications towers, wireless infrastructure, fiber networks, wireless spectrum, data centers, and related services businesses. The firm targets mission-critical services and infrastructure characterized by predictable, stable revenue streams that are resilient to market cycles. Grain Management employs a data-driven approach, utilizing deep industry expertise and an extensive network to identify and capitalize on high-growth opportunities. As of December 31, 2025, the firm managed approximately $8.07 billion in regulatory assets under management (RAUM). They have raised multiple funds, including Grain Communications Opportunity Fund III, L.P. ($2.25B) and Grain Spectrum Holdings III, L.P. ($1.5B). As of April 2021, their total managed assets exceeded $6 billion. The firm operates globally with offices in Washington D.C., New York, and Sarasota, Florida, and has expanded to London, UK. Their primary investment focus is on companies in the United States and Brazil. Grain Management typically invests between $50 million and $200 million in equity for companies with enterprise values in the lower to middle market range.

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• Series C+ investors based in Washington, DC