KEYSTONE CAPITAL

KEYSTONE CAPITAL is a Series C+ and buyout fund in the US investing in consumer-goods, technical-services, environmental-services, power-engineering, project-management, construction-management, transportation-engineering, water-engineering, building-sciences-consulting, pharma-life-sciences-consulting, professional-services, technology-enabled-services, marketing-services, digital-transformation, niche-consulting, it-consulting, managed-services, process-automation, life-sciences-consulting and healthcare-consulting.

Stages: Series C+, buyout
Sectors: consumer-goods, technical-services, environmental-services, power-engineering, project-management, construction-management, transportation-engineering, water-engineering, building-sciences-consulting, pharma-life-sciences-consulting, professional-services, technology-enabled-services, marketing-services, digital-transformation, niche-consulting, it-consulting, managed-services, process-automation, life-sciences-consulting, healthcare-consulting
Invests in: US-wide
Actively investing: Yes
Founded: 1994
Assets under management: $1.55B
Website: keystonecapital.com

Check size not disclosed

Thesis

Keystone Capital is a Chicago-based private equity firm founded in 1994, specializing in buyout strategies within North America. They target privately held businesses with EBITDA between $3 million and $20 million, focusing on sectors such as consumer goods, technical services (including environmental, power, transportation, and water engineering, as well as building sciences and life sciences consulting), and professional/technology-enabled services (like marketing, digital transformation, IT consulting, and healthcare consulting). Their core strategy is a 'buy-and-build' approach, involving close collaboration with management teams to drive organic growth and facilitate acquisitions. As of December 31, 2025, the firm managed approximately $1.55 billion in AUM, with two funds raised totaling over $1 billion since 2021. The firm has a history of over 110 acquisitions.

Common questions

Does KEYSTONE CAPITAL invest at the Series C+ stage?

Yes. KEYSTONE CAPITAL lists Series C+ and buyout among the stages it invests in.

Where does KEYSTONE CAPITAL invest?

KEYSTONE CAPITAL invests in the US.