Bonaccord Capital Partners is a private equity firm focused on providing equity capital and operating expertise to support exceptional private markets firms in achieving their strategic objectives.

As of year-end 2025, we have completed 19 investments across 16 partner sponsors, spanning private equity, private credit, real estate, and real assets.

VMG Partners was founded in 2005 to identify and support the growth of innovative companies. Headquartered in San Francisco, the firm invests through two fund strategies, Consumer and Technology, and is guided by the thesis that progress and innovation ultimately prevail over the status quo. Since inception and through September 30, 2025, VMG has deployed approximately $2.5 billion across 96 investments (67 in Consumer and 29 in Technology). Notable investments include Justin's, Drunk Elephant, [solidcore], and Weee!.

Through the VMG Technology strategy, the firm closely tracks how AI is transforming shopping behavior. One emerging trend is agentic commerce – the use of AI to guide and, in some cases, automate online shopping. This shift has meaningful implications for how brands capture and build connection with consumers.  

In this article, VMG Technology Co-Head Indy Guha and Vice President Dhruv Bansal highlight three key trends reshaping the consumer landscape:

Read the full article to learn more about how brands can adapt to AI-driven commerce.

As we enter a more complex environment for Private Credit, join us as Bradford Pilcher, Partner at Bonaccord Capital Partners engages in a discussion with Robin Doumar, Founder and Managing Partner at Park Square Capital and Richard Bradlow, Partner at Penfund to address the outlook, associated risks and opportunities this cycle brings, and key considerations for limited partners in navigating the market.

Date: February 10, 2026

Time: 8:30 AM ET

We are excited to host an evening bringing together investors and sponsors from across the private markets landscape. Join us for cocktails and light bites at Soho Beach House in Miami Beach, Florida, for a relaxed evening of conversation and connection with peers across the private markets community.

Date: February 23, 2026

Time: 4:30 - 7:30 PM ET

Despite a challenging realization environment, Bonaccord's Partner Sponsors generated 24 portfolio company sales at an aggregate of 3.6x gross / 2.8x hypothetical net MOIC.

Deployment remained active in 2025, with Bonaccord’s Partner Sponsors completing 53 new platform investments.

Although the fundraising market has been slower-moving, firms with exceptional returns and strong investor demand continued to successfully raise capital.

National Security, Aerospace, and Industrial Services

AE Industrial Closes Aerospace Leasing Fund II with $418 Million in Commitments

Business and Industrial Services

Aurora Capital Partners Raises over $2.1 Billion for Middle Market Buyout Strategy

North American Private Credit Platform

Monroe Capital Closes $6.1 Billion in Investable Capital for Flagship Fund V

European Private Credit Platform

Park Square Capital Raises €4 Billion for Fifth European Junior Capital Fund

Middle Market Junior Debt Specialist

Penfund Closes $1.8 Billion of Investable Capital for Penfund Prime

Branded Consumer Products

VMG Partners Raises $1.0 Billion for Consumer Fund VI

Consumer Tech and Vertical SaaS: Inside Carle Stenmark’s Investment Playbook

Shamrock's Patrick Russo Featured on Variety’s Dealmakers 2025

Park Square Capital and Nomura Enter Strategic U.S. Private Credit Alliance

Brian Neider on Lead Edge Capital's Strike Zone Strategy Behind $5B Growth

Justin
Sheehan, CFA

Perry
Green

Victoria
Romano

Charlotte
Kelly

Vincenzo
Narciso

Anand
Tanna

Zara
Humayun

Chris
Lerner

1. In June 2025, Redwire (NYSE: RDW), a portfolio company of AE Industrial Partners Fund II, completed its acquisition of Edge Autonomy for $150 million in cash at close and $775 million in Redwire common stock. As of Q3 2025, Edge Autonomy was marked at a 10.9x gross MOIC based on a Redwire share price of $12.05. Final realized returns will depend on Firefly’s market performance and share price at the time AE Industrial chooses to liquidate its holdings.
2. In August 2025, Firefly Aerospace (“Firefly”), a portfolio company of AE Industrial Partners Fund III, made its public market debut on the NASDAQ under the ticker symbol "FLY.” After initially filing to price its shares at $35.00–$39.00, Firefly raised its pricing range to $41.00–$43.00 per share and ultimately priced its offering at $45.00 per share. As of Q3 2025, prior to its IPO, Firefly was marked at a 7.8x gross MOIC. Final realized returns will depend on Firefly’s market performance and share price at the time AE Industrial chooses to liquidate its holdings.
3. Exits exclude two recapitalizations, private credit Partner Sponsors and AE Industrial's ancillary strategies.
4. New investments exclude private credit Partner Sponsors and AE Industrial's ancillary strategies.
5. Performance disclosed herein represents information for realized positions as of 12/31/2025 and reflects gross as well as net of fees incurred by the underlying portfolio sponsor whose fund(s) the positions were held. The complete performance history of Bonaccord’s funds is available upon request. This is not a recommendation to buy or sell specific securities. The securities discussed do not represent any of Bonaccord’s funds nor any funds of any of Bonaccord’s portfolio sponsors. The positions realized combines investments made across more than one underlying portfolio sponsor and more than one investment vehicle. As a result, the extracted performance is hypothetical because it does not represent the investments of a single vehicle made available to investors.  In addition, no representation is being made that Bonaccord will or is likely to achieve hypothetical returns similar to those shown.  In fact, there frequently are sharp differences between hypothetical performance results and the actual results subsequently achieved by any private investment fund.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
6. For the transactions presented, Hypothetical Net MOIC is calculated by reducing the Gross MOIC of each partner sponsor portfolio company sale by the largest gross-to-net spread across the respective partner sponsors’ funds.
For the transactions presented, Aggregate Performance metrics are calculated by weighting each partner sponsor’s portfolio company performance based on both BCP’s proportional ownership in the partner sponsor and the amount of invested capital allocated to each underlying portfolio company. Total proceeds include sale proceeds as well as anticipated value of escrow and/or roll-over proceeds, as reported by each partner sponsor. 

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