When veteran private equity investors Eliot Kerlin, Andrew Boisseau, and JJ Barto launched Broadwing Capital in 2022, they didn’t immediately start raising capital for their first fund. Instead, they started by building a team. Headquartered in Preston Center, that team now encompasses 18 employees.
The firm’s thesis is to invest in lower-middle-market manufacturing and services companies that have not previously received institutional capital—typically businesses owned by founders, families, or operators, along with corporate carve-outs. Broadwing generally targets companies with less than $25 million in EBITDA and between $50 million and $250 million in revenue.
The fundraise comes amid one of the most difficult environments in years for emerging private equity managers. Just 18 first-time U.S. private equity funds reached final close in 2025, according to PitchBook, raising a combined $5.7 billion. Meanwhile, Bain & Co. says private equity fundraising declined for the fourth consecutive year in 2025, as sluggish exits and distributions left limited partners with less capital to recycle into new funds…