Industrial operations representing the lower middle market
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Built for Two Sides of
the Lower Middle Market

Whether you manage the capital or run the business, _nclude is structured to meet you where the work actually happens.

An Operating Platform Built Around Your Investment Strategy

Fund I and Fund II managers face a structural challenge: LPs expect a demonstrated value creation capability, but building a full in-house operating team is expensive and premature at early fund sizes.

_nclude Capital extends your investment team with integrated operating and buy-side M&A expertise, giving you the capacity to win competitive deals, execute value creation plans, and report credibly to LPs, without the overhead of a permanent operating group.

What changes with _nclude

Faster post-close deployment
Better KPI visibility across the portfolio
Improved portfolio company margins
Clearer accountability to LPs
Stronger acquisition fit and diligence
Reduced leadership burden on the GP

The Challenges We Hear Most

Value creation plans that stall after close

The 100-day plan looks good on paper, but the portfolio company lacks the bandwidth and internal expertise to execute it. Progress slows and momentum is lost.

Limited portfolio visibility between board meetings

Investment teams rely on periodic management reports rather than real-time KPI visibility, making it hard to spot problems early or make proactive adjustments.

Acquisitions evaluated on financials alone

Add-on targets are screened financially but the operational due diligence is thin. Integration capacity and cultural fit are underweighted until it's too late.

No consistent value creation framework across the portfolio

Each portfolio company is managed differently. LPs see inconsistent reporting and can't identify a repeatable operating model, which makes the fund harder to differentiate.

Three Capabilities Mapped to Your Fund's Needs

Value Creation Planning

We translate your investment thesis into a prioritized operating plan with clear milestones, owners, and LP-ready reporting. From the first 100 days through exit, the plan stays live and accountable.

  • Investment thesis to operating plan translation
  • Prioritized initiative roadmap with milestone tracking
  • Revenue growth and EBITDA improvement programs
  • LP-ready value creation reporting and dashboards

Portfolio Operating Partnership

We embed alongside portfolio company management to build the KPIs, processes, and accountability structures that create scalable, predictable performance, without adding permanent headcount.

  • KPI architecture and management dashboards
  • Process optimization and cost structure improvement
  • Leadership cadence and board reporting infrastructure
  • Organizational design and talent alignment

Buy-Side M&A Support

We support platform builds and add-on strategies with operational diligence, integration planning, and deal execution, bringing the operating perspective that purely financial advisors miss.

  • Proprietary deal sourcing and origination
  • Operational and strategic due diligence
  • 100-day integration planning and execution
  • Add-on acquisition fit assessment

The Integrated Advantage

Whether you are managing capital or running a business, the advantage is the same: one partner owns strategy, operations, and M&A together. No coordination overhead. No fragmented accountability. Measurable outcomes from a single engagement.