A New York growth investor founded in 2021 that provides $10M–$75M of flexible capital plus operational and M&A support to software, fintech, digital-infrastructure, healthcare-IT and services companies.
Founded 2021
Type Venture capital 2 LoneTree I 2025-03-04 2025-03-04 $200M FinalcloseUSD200m announced2025-03-04, investing since2023; AUMUSD308m splitUSD215m regulatory/USD93m affiliateSPVs separate. LegalclosingFebruary2025directory notconfirmed.
LoneTree II — — January2026 official plan to beginfundraising during2026; amounttarget/first/finalclose unknown, not a closedfund.
SHOW MORE
— — – — — — – — — — – — — — – — — — – — — — – — — — – — — — – — — — – — — — – — — — – — — — – — — — – —
SHOW MORE
No co-investors on record yet.
team@apexlogos.ai · yesterday
Investment-fund research reviewed 2026-10-06. Publicly identified funds, dates, amounts and fundraising status are below. Undisclosed commitments remain unknown; this is not a complete register of private SPVs or parallel entities.
Fund size and capital distinctions
| Item | Amount / status | Evidence |
| --- | --- | --- |
| **LoneTree I** | **US$200 million final close**, announced **2025-03-04**; investing since **2023** | [Official close announcement](https://www.lonetreecap.com/LoneTree-Closes-Inaugural-200M-Fund.html ), directly read; corroborated by [Buyouts, 2025-03-04](https://www.buyoutsinsider.com/lonetree-collects-200m-for-debut-growth-equity-fund/ ), accessible headline/summary only |
| Firm and affiliates' combined AUM | **US$308 million as of 2025-03-04**, consisting of **US$215 million regulatory AUM** plus **US$93 million in affiliated SPVs** | Footnote in the same [official announcement](https://www.lonetreecap.com/LoneTree-Closes-Inaugural-200M-Fund.html ). These are AUM figures, not separate fund closes. |
| **LoneTree II** | Firm expected to begin fundraising **during 2026**; **target, first close and final close not verified** | [Official leadership announcement, 2026-01-07](https://lonetreecap.com/LoneTree-Welcomes-Gerald-Castaldo-as-Partner.html ); [AltAssets, 2026-01-08](https://www.altassets.net/private-equity-news/by-region/north-america-by-region/united-states-north-america-by-region/lonetree-already-planning-2026-fund-ii-launch-a-year-after-raising-debut-vehicle.html ), paywalled beyond headline/intro |
| Investment size | **US$10M–US$75M** per investment, as advertised | [Official investment criteria](https://lonetreecap.com/ ), undated; accessed 2026-10-06. Not fund size. |
The January 7, 2026 official announcement says approximately 70% of Fund I had been deployed across seven platforms. Its $177 million figure is aggregate enterprise value of three 2025 platform investments, **not capital raised or investment checks**. No later official Fund II amount/close was found in the newer-fund searches or current official news checked. Treat Fund I as latest-known verified close, not conclusively the latest fund.
Funds recorded in Adex after this review:
| Fund | Disclosed amount | Announcement / filing date |
| --- | --- | --- |
| LoneTree II | Undisclosed / unverified | Unknown |
| LoneTree I | USD 200000000 | 2025-03-04 | SHOW MORE
team@apexlogos.ai · yesterday
Match research 2026-10-06 / LoneTreeCapital / sha256:808379505d28153a74af3beb5ea0120d69c9aabcf5b40f2159df6a18ecb501c0 / part 2 of 2
Imported completed research. Baseline Adex/Signal statements describe prior state, not independent verification. Retain cited attribution, date, currency and classification caveats.
The firm's homepage distinguishes **prior experience** from actual portfolio holdings. Prior-experience entries include naviHealth, Key Health, Adreima, ASI, Buyers Edge, Irth, MicroEdge, Options, RDX, TriplePoint, Truckstop and ZeOmega. These must not be imported as LoneTree investments merely because they appear on its website. [Official portfolio](https://lonetreecap.com/ ), undated, accessed 2026-10-06.
## Missing, uncertain or conflicting information
- **Fund II:** Planned fundraising is verified; target/close absent. Search databases may list it without amount/status. Do not convert a planned vehicle into a closed fund.
- **Close timing:** [Private Equity International's institution profile](https://www.privateequityinternational.com/institution-profiles/lonetree-capital.html ), undated/accessed 2026-10-06, lists February 2025 for Fund I, while the official announcement and Buyouts date are March 4, 2025. February could be an actual legal closing month, but this was not independently verified; preserve March 4 as the announcement date.
- **Signal:** No firm-specific profile located; profile existence and claims remain unknown.
- **Strict deep-tech classification:** Balena and OneReach.ai have verified investment attribution, but the technology descriptions alone do not prove a science-led deep-tech thesis. Do not infer neurotech from general AI or healthcare IT.
- **Baseline rounds:** Most snapshot investments lack date/amount/round type. Homepage inclusion supports discovery, not all details. DocuPhase and TransAct history predates or intersects firm formation/acquisitions and should receive transaction-specific attribution review before changes.
- **Fund I platform-count timing:** The January 7, 2026 team release references seven platforms; the January 20 Balena release calls Balena the seventh. Announcement versus completion timing may explain this, but sources do not resolve it. Do not invent an eighth platform.
- Third-party directories show inconsistent stage/check ranges; use the official investment criteria over unsourced directory classifications.
## Handoff for a later Adex reviewer
Research only; **no updates to Adex were made**. A later authorized review can consider recording Fund I's US$200M close and March 4, 2025 announcement, retaining AUM/SPV amounts separately; growth equity/buyout stage and US$10M–US$75M investment range; Balena's January 20, 2026 growth transaction and Northern Light's US$23M January 7, 2025 growth investment; and OneReach.ai's January 26, 2022 growth investment. Recheck Fund II before any current-fund claim. Preserve uncertain deep-tech classification and the absence-of-evidence neurotech statement. Never merge prior-employer investments into this exact firm ID.
All linked sources were accessed **2026-10-06**. Dates shown are publication/announcement dates where available. Official pages and investee release were directly read; Buyouts/AltAssets access was limited as noted. NFX search produced no profile to read. SHOW MORE
team@apexlogos.ai · yesterday
Match research 2026-10-06 / LoneTreeCapital / sha256:808379505d28153a74af3beb5ea0120d69c9aabcf5b40f2159df6a18ecb501c0 / part 1 of 2
Imported completed research. Baseline Adex/Signal statements describe prior state, not independent verification. Retain cited attribution, date, currency and classification caveats.
# LoneTree Capital
- **Exact Adex ID:** `LoneTreeCapital`
- **Canonical Adex URL:** https://adex.page/firms/LoneTreeCapital
- **Official website:** https://lonetreecap.com/
- **Research date:** 2026-10-06
- **Status:** Research completed with identified limitations; no Adex mutations performed.
LoneTree is a New York growth capital investor established in 2021. Its latest verified closed fund is **LoneTree I, US$200 million**, announced March 4, 2025. Fund II fundraising was planned for 2026, but its target and closing status remain unverified. **Balena** provides the clearest advanced-technology infrastructure exposure; **OneReach.ai** is a verified conversational-AI investment with uncertain strict deep-tech classification. No verified neurotech investment found in the sources checked. Sources and detailed qualifications follow.
## Adex and NFX Signal starting evidence
Research began with the exact-ID read-only MCP Search result, retrieved **2026-10-06 at 19:28:53 UTC** from `http://localhost:3000/mcp` , using Org search term `LoneTree Capital`, label `Match`. The preserved raw record is `data/research/_sources/LoneTreeCapital.adex.json`. The matched record describes a growth investor offering $10M–$75M flexible capital across software, fintech, digital infrastructure, healthcare IT and services. Its source is https://lonetreecap.com/ , with baseline evidence dated September 14, 2026. Structured investment-size fields are null; there is no fund-size entry or NFX Signal URL. The description is starting evidence, not independent verification.
The snapshot lists **Accela, AllPaid, Arkatechture, Balena, Carson Living, DocuPhase, Education Advanced, Northern Light, OneReach AI, Safety Plus, Synergy Pet Group and TransAct Communications**, with unknown dates and amounts. Their common baseline source is the firm homepage. This is a useful discovery list; historical ownership and round attribution still require care.
Next, NFX Signal was checked through indexed searches for `site.signal.nfx.com "LoneTree"`, `"Matt Koven"`, and team members Mike Devine, Peter Bozian and Gerald Castaldo. No matching investor profile was located. The [Signal homepage](https://signal.nfx.com/ ) was directly opened and readable, but did not supply firm-specific evidence. **NFX status: profile not located; no stage, check-size or portfolio claim independently obtained from Signal.** This does not establish that a profile does not exist. Access/search date: 2026-10-06.
## Fund size and capital distinctions
| Item | Amount / status | Evidence |
| --- | --- | --- |
| **LoneTree I** | **US$200 million final close**, announced **2025-03-04**; investing since **2023** | [Official close announcement](https://www.lonetreecap.com/LoneTree-Closes-Inaugural-200M-Fund.html ), directly read; corroborated by [Buyouts, 2025-03-04](https://www.buyoutsinsider.com/lonetree-collects-200m-for-debut-growth-equity-fund/ ), accessible headline/summary only |
| Firm and affiliates' combined AUM | **US$308 million as of 2025-03-04**, consisting of **US$215 million regulatory AUM** plus **US$93 million in affiliated SPVs** | Footnote in the same [official announcement](https://www.lonetreecap.com/LoneTree-Closes-Inaugural-200M-Fund.html ). These are AUM figures, not separate fund closes. |
| **LoneTree II** | Firm expected to begin fundraising **during 2026**; **target, first close and final close not verified** | [Official leadership announcement, 2026-01-07](https://lonetreecap.com/LoneTree-Welcomes-Gerald-Castaldo-as-Partner.html ); [AltAssets, 2026-01-08](https://www.altassets.net/private-equity-news/by-region/north-america-by-region/united-states-north-america-by-region/lonetree-already-planning-2026-fund-ii-launch-a-year-after-raising-debut-vehicle.html ), paywalled beyond headline/intro |
| Investment size | **US$10M–US$75M** per investment, as advertised | [Official investment criteria](https://lonetreecap.com/ ), undated; accessed 2026-10-06. Not fund size. |
The January 7, 2026 official announcement says approximately 70% of Fund I had been deployed across seven platforms. Its $177 million figure is aggregate enterprise value of three 2025 platform investments, **not capital raised or investment checks**. No later official Fund II amount/close was found in the newer-fund searches or current official news checked. Treat Fund I as latest-known verified close, not conclusively the latest fund.
## Investment stages and mandate
**Verified current strategy: growth capital / growth equity, including buyouts and recapitalizations.** Official criteria target companies above **US$5 million revenue**, above **10% growth**, and break-even, positive cash flow or unit-level profitability. Structures include common/preferred equity and subordinated debt; control and non-control positions, typically leading. This is evidence for established growth businesses, rather than evidence for a seed or Series A mandate. [Official site](https://lonetreecap.com/ ), undated, accessed 2026-10-06.
The 2025 close announcement specifies founder-owned bootstrapped businesses, enterprise divisions and formerly venture-backed companies. [Official fund announcement, 2025-03-04](https://www.lonetreecap.com/LoneTree-Closes-Inaugural-200M-Fund.html ). Historical transactions below support the growth characterization but do not justify assigning numbered venture stages.
## Previous deep-tech and advanced-technology investments
| Company | Verified LoneTree investment | Technology rationale and classification limits | Sources and dates |
| --- | --- | --- | --- |
| **Balena** | Strategic **growth investment announced 2026-01-20**; terms/amount undisclosed. Investee identifies it as the seventh platform investment from **LoneTree I L.P.** | Device lifecycle infrastructure for edge computing, IoT and edge AI, including container-based deployment, secure over-the-air updates and hardware-agnostic fleet management. **Verified advanced infrastructure / deep-tech-adjacent investment**. It enables physical-device and AI applications; evidence does not establish novel semiconductor, robotics or scientific IP, so strict deep-tech classification remains interpretive. | [Investee announcement, 2026-01-20](https://blog.balena.io/accelerating-the-roadmap-why-we-partnered-with-lonetree-to-build-the-future-of-edge-device-management/ ), directly read; [firm announcement, 2026-01-20](https://lonetreecap.com/LoneTree-Capital-Invests-in-Balena.html ), directly read |
| **OneReach.ai** (Adex: OneReach AI) | Significant **growth investment announced 2022-01-26**, directly attributed to LoneTree; amount and numbered round undisclosed | Conversational AI/ML and a low-code/no-code enterprise development platform with voice and automation capabilities. Investment funds support R&D and product development. **Verified AI investment, uncertain strict deep-tech qualification**: announcement establishes platform capabilities, not foundational-model or novel scientific research ownership. | [Official transaction announcement, 2022-01-26](https://lonetreecap.com/Investment-in-Conversational-AI-Market-Leader-OneReach.html ), directly read |
| **Northern Light Group** (Adex: Northern Light) | **US$23 million growth investment announced 2025-01-07**; LoneTree attribution explicit. Other deal terms undisclosed. | Enterprise knowledge management for competitive intelligence and market research. **Not counted as verified deep tech**: the transaction source describes information/software infrastructure without demonstrating a science-driven technology breakthrough. Pharmaceutical customers do not establish neurotech. | [Northern Light release hosted by LoneTree, 2025-01-07](https://lonetreecap.com/Northern-Light-Announces-$23-Million-Investment-from-LoneTree-Capital.html ), directly read |
Ordinary enterprise software, payments, analytics and services holdings are not automatically classified as deep tech. The evidence above supports named technology exposures; **no unambiguous scientific deep-tech investment was verified under a narrow definition**.
## Previous neurotech investments
**No verified neurotech investment found in the sources checked.** Scope checked: the baseline portfolio, current official portfolio, named technology transactions, and searches pairing LoneTree with neurotech, neurotechnology, brain and neural terms. None established a direct investment in neural interfaces, brain sensing/stimulation or other direct neurotechnology. AI/ML terminology at OneReach.ai is not evidence of neurotechnology, and Northern Light's pharmaceutical/healthcare customer base is not a neurotech investment. SHOW MORE
team@apexlogos.ai · 23 days ago
MATCH 
