Private equity’s march toward specialization is showing up in a new crop of firms targeting everything from animal health and agriculture to national security and healthcare technology—a far cry from the generalist investment mandates that characterized the industry in its early days.
Among specialists raising debut funds are Austin, Texas-based Osiris Growth Capital, which focuses on animal, crop and nutritional sciences; Voltage Ventures, based in Portland, Maine, and San Francisco and a specialist in animal healthcare; and Chicago-based Valhalla Group, which targets U.S. economic and national security-related businesses including AI, aerospace, cybersecurity, defense and manufacturing.