People-driven private equity firm
San Francisco, CA
Overall Rank: 33
Category: Established Growth
Category Rank: 4
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Alpine Investors is a people-driven private equity firm committed to building enduring businesses by working with, learning from, and developing exceptional people. Alpine specializes in investments in software and services industries, has made 450+ add-on investments in the last five years, and currently has more than 20,000 employees across its portfolio. In total, the firm has embarked on nine funds over its 22+ years of operations, having most recently closed their latest Fund IX in July 2023 with $4.5b in committed capital after an oversubscribed fundraising process.
Alpine strives to support driven, engaged, emerging leaders who are willing to take a bet on themselves. Alpine’s distinct PeopleFirst strategy allows it to bring proven leadership into businesses and the firm has built multiple executive talent programs that invest in exceptional people. These programs enable Alpine to effectively equip its portfolio companies with high-performance leadership teams that create lasting impact for their employees, investors and the communities they serve. Alpine’s talent programs have over 110+ members.
A Certified B Corporation, Alpine is headquartered in San Francisco and has over $15b in assets under management.
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2017 Top 40 Under 40 Growth Investors, Ramsey Sahyoun
2016 Top 40 Under 40 Growth Investors
Graham Weaver, Founder and CEO
Graham Weaver is the Founder and CEO of Alpine Investors and spends nearly all his time helping develop the strategy, direction and priorities of the firm. Graham has been in private equity for over 20 years, starting Alpine in his dorm room at Stanford Business School. When he’s not inspiring growth at Alpine, Graham teaches a top-rated strategic management course at Stanford’s Graduate School of Business (GSB). Graham holds an MBA from Stanford University and a Bachelor of Science in engineering from Princeton University, where he graduated with highest honors and was captain of the national championship lightweight crew team.
Billy Maguy, Founding Partner
Billy Maguy is a founding partner at Alpine Investors and co-leads the firm’s software and tech-enabled services investing efforts. Prior to joining Alpine in 2004, Billy worked in business development for a successful technology start-up and was a management consultant specializing in strategy and M&A. Billy holds a BS and MS in industrial engineering from Stanford University and an MBA from Stanford University’s Graduate School of Business. Billy was a member of Stanford’s 1993 NCAA National Championship Water Polo Team and was an Academic All-American.
Mark Strauch, Founding Partner
Mark Strauch is a founding partner at Alpine who co-leads the investing and sourcing functions for the firm. Mark also co-leads the software and tech-enabled services vertical and is one of the founders of ASG. He has been involved as board member in over 20 past and present Alpine investments. Prior to Alpine, Mark has served in several CEO roles for venture and PE-backed businesses and has over 30 years of experience in software and online businesses. Mark received his MBA from the Kellogg School of Management at Northwestern University and his Bachelor of Science in industrial engineering from Lehigh University where he graduated with honors and served as a four-year letter winner and captain of the baseball team.
Dan Sanner, Founding Partner
Dan Sanner is a founding partner at Alpine and both oversees the sourcing team and co-leads Alpine’s business services and online investing team. Prior to joining Alpine in 2002, Dan graduated with honors from Dartmouth College and went on to direct the successful turn-around of an Alpine portfolio company. Apart from a two year period investing on behalf of a family office based in Hong Kong, Dan has spent his career with Alpine.
Matt Moore, Managing Partner
Matt Moore is a managing partner at Alpine Investors. Matt’s charter with Alpine is to oversee Alpine’s portfolio of companies from investment to exit. Prior to Alpine, Matt was in the world of retained search where he helped venture backed startups, public companies, and PE backed entities build executive teams that created over $20B in market value. He helped place executives at OpenDNS, Symantec, FireEye, SolidFire, Google, and Virident, among others. A native San Franciscan, Matt attended the University of California at Santa Barbara, where he graduated in 2007 with degrees in both environmental studies and geography.
Dorothy Walter, Partner and CFO
Dorothy Walter is a Partner and the CFO at Alpine. She oversees fund and management company accounting, investor reporting, and firm operations. Prior to joining Alpine, Dorothy worked at Apple, Inc. in financial operations and at Carlyle Group on the real estate solutions investment team. Dorothy holds a BA from Vassar College and an MBA from Stanford Graduate School of Business.
Daniel Cohen, Partner
Daniel Cohen is a partner at Alpine and works with business owners and managers, service providers, intermediaries and capital providers to evaluate and execute investments in software, online and business services companies. Prior to Alpine, Daniel worked at DBO Partners, a San Francisco-based investment bank, where he focused on technology M&A and private financings. Daniel graduated Phi Beta Kappa and magna cum laude from the Haas School of Business at UC-Berkeley, where he played on the men’s lacrosse team.
Jake Brodsky, Partner
Jake Brodsky is a partner at Alpine Investors and oversees the firm’s Sourcing & Business Development functions. Jake has spent his entire career in software, first working at a Fortune 100 company, as an entrepreneur and then as an investor. While at Alpine, Jake co-Founded ASG, a software company focused on buying and building vertically oriented SaaS companies
On July 12, 2023, Alpine announced a $4.5 billion fundraise for its Fund IX. Alpine far exceeded the fund’s target of $3.75 billion and was oversubscribed. Fund IX received limited partner commitments from a diversified investor base of returning and new investors from the U.S., Europe, Asia, and the Middle East. Fund IX is Alpine’s most global LP base to date and received $2 billion in new money from global investors. Alpine will use the capital for Fund IX in control buyouts of software and services businesses with total enterprise values of up to $1 billion as well as add-on acquisitions for high-performing platform investments.
Fund IX is Alpine’s largest fund to date. It nearly doubled the capital raised from Alpine’s Fund VIII.
Funds raised in the past 10 years:
|Alpine Investors||$4.5 billion||2023|
|Alpine Investors||$2.25 billion||2021|
|Alpine Investors VII||$1.0 billion||2019|
|Alpine Investors VI||$532 million||2017|
|Alpine Investors V||$406 million||2015|
Alpine Software Group (ASG): Launched in 2016; completed 50th acquisition in January 2023
Sector: Vertical SaaS
ASG, backed by Alpine Investors, is a unique and fast-growing software business that buys and builds market-leading vertical SaaS companies. ASG believes deeply in the power of people and data to grow great organizations, and that sharing knowledge, expertise, and resources across its community of businesses drives exponential growth. Founders of leading SaaS companies continue to trust ASG to grow their businesses and build even stronger legacies for the future.
Vertex Service Partners: Launched in July 2023
Sector: Residential Home Improvement Services
Vertex aims to create a best-in-class group of industry leaders who can share resources, best practices, and expertise to deliver unparalleled service to residential homeowners. In doing so, Vertex is focused on becoming the partner of choice for founders, management teams, and employees by focusing on culture, living by their values, and creating compelling opportunities for personal and professional growth for teammates and partners.
Medusind: Acquired January 2023
Sector: Revenue Cycle Management (RCM)
Medusind provides deep expertise and powerful revenue cycle management solutions to dental, anesthesia, pathology, emergency, surgery, radiology, and other specialties. Medusind’s proprietary technology platforms allows its customers to deliver superior outcomes to healthcare provider practices. For over two decades, Medusind has seen dynamic growth across markets with its expanded services, strategic acquisitions and an incomparable team of experts.
predictis: Launched in October 2022
Sector: Data Analytics
predictis focuses on partnering with world-class data software businesses and entrepreneurs across multiple industry verticals to unleash the ultimate power of data. The platform does this by deploying data-specific playbooks around areas such as governance, security, pricing, go-to-market and talent.
FEV Tutor: Acquired July 2022
Sector: Education Technology
FEV Tutor has transformed the lives of K-12 disadvantaged and at-risk students through its high impact virtual tutoring model and expansive suite of district services. FEV partners with schools and districts to provide high-quality, structured 1:1 online tutoring solutions, delivered by an extensive 24/7 network of highly trained tutors. FEV provides high-touch client support, tailored program design, data analytics, and ongoing formative assessments for its K-12 customer base. FEV Tutor’s products meet the Level Two Every Student Succeeds Act (ESSA), the national education law that helps ensure success for students and schools.
Alpine’s PeopleFirst Philosophy:
PeopleFirst is Alpine’s operating philosophy. It impacts how Alpine invests (the firm hires people, first—and believes people and teams create exceptional outcomes), its recipe for growth (Alpine’s tested practices are designed to drive high engagement, high-performance teams and cultures), and its platform for impact (a PeopleFirst mentality helps Alpine be a Force For Good). Being a ‘Force For Good’ means using Alpine’s resources and decision rights as a private equity firm to enact change and have a positive impact on the lives of others.
Alpine believes that people make companies thrive, which is why its ESG program aims to grow businesses while engaging the many employees who power them. In 2019, Alpine adopted its ESG Policy with the key component being a commitment to integrating relevant ESG factors into the investment decision-making process. Alpine’s work begins pre-investment by carefully screening industries and businesses to ensure alignment with Alpine’s core values. This carries through the lifecycle of its portfolio companies, including due diligence and annual monitoring of key performance indicators and recommendations. Alpine reports progress to stakeholders through several channels, including its PRI Transparency Report, B Impact Assessment, Annual ESG Investor Letters, and its Force For Good report. Alpine’s diverse ESG Committee includes Alpine team members from across departments and at various levels of seniority, and helps formulate the firm’s approach to ESG issues and strategy.
DEI is at the heart of everything the firm does. The structural inequities people face as a society requires Alpine to take a systems approach to mobilizing every aspect of the firm – from expanding on its attributes-based hiring model, to creating a culture of belonging, to introducing PeopleFirst solutions to companies that change the world. Alpine aims to be the greatest private equity firm of its generation in part by creating an environment in which all people feel included, supported, and celebrated. Alpine will accomplish this through its commitments to hiring, advancing, and promoting underrepresented individuals. Underrepresented individuals at Alpine are Women, BIPOC (specifically Black, Latiné*, and Indigenous), LGBTQIA+, and individuals who identify as first-generation college students or are low-income.
*Alpine uses the term “Latiné” to describe the largest diaspora of people who identify as Hispanic, Latino/a, Latinx, Latin@, or of Spanish Origin and defines this as a person of Cuban, Mexican, Puerto Rican, South or Central American, or other Spanish culture or origin, regardless of race.