Hartford Business Journal

HARTFORDBUSINESS.COM | AUGUST 25, 2025 21 FOCUS | BANKING & FINANCE Local support, fast service, and smart solutions from real people right here in your community. 413.568.1911 | 860.838.3766 | 800.995.5734 | westfieldbank.com Superior business checking. Seriously better banking. From your first cup of coffee to closing time, you're building something great. Westfield Bank is right there with you. Our low-to-no-fee business checking account options are designed to help you focus on what matters most, so you can do what you do best. Checking, Money Market, and Certificates of Deposit IOLTA and Escrow Management Accounts Westfield Bank Merchant Services Powered by Clover Business Lines of Credit and Term Loans including FastTrack Business Credit Stop by, or open an account online. © 2025 Clover Network, LLC. The Clover name and logo are registered trademarks owned by Clover Network, LLC and are registered or used in the U.S. and many foreign countries. Use of Clover requires a Merchant Processing Agreement. All trademarks, service marks and trade names referenced in this material are the property of their respective owners. has shrunk significantly during that time period. More recently, there have been concerns about a private equity industry shakeout amid a higher interest rate environment that has made it harder for firms to raise capital. Being in control Case Study Capital Partners is among the firms looking for investors and investment opportunities. Now in its new Old Greenwich home, the firm is focused on acquiring majority stakes — typically at least 75% — in founder- and family-owned businesses with between $5 million to $25 million in earnings before interest, taxes, depreciation and amortization. The goal will be to drive growth in portfolio companies by introducing new leadership, enhanced capabilities and operational improvements, said Allard, the firm's managing partner and co-founder. Prior to launching Case Study, Allard was a partner at Brightstar Capital Partners, a middle- market private equity firm. "While many family- or found- er-owned businesses have been incredibly successful, they're often not fully aware of the latest tech- nology and tools that can be available to build up the organization, be that a head of HR, head of IT," said Allard, who also formerly worked at invest- ment banking firm Stifel and earned his MBA from the Columbia Business School. "(We can) bring those tools to help drive value." The firm has not begun a formal fundraising effort but aims to launch a $250 million fund next year, supported in part by third-party limited partners such as family offices, foundations, endowments and high-net-worth individuals. For now, Allard said he and Cordover will fund a few independent invest- ments. They are currently in discus- sions with about five potential portfolio companies and hope to close at least one deal within the next six months, Allard said. Cheaper office space Besides being closer to home, Allard said property costs also played a factor in his decision to open his firm in Greenwich. The location costs about 50% less than New York City lease rates, and is only a 45-minute train or car ride for his partners. "We're all winning," Allard said. He said numerous other private equity firms have set up shop in Fairfield County to give employees a place to collaborate in-person without having to spend hours commuting into New York City. "COVID made remote work possible outside of New York City, but what firms were missing was the personal interactions that come from an office environment," Allard said. "With a corporate HQ in Fairfield County, you get the best of both — a limited commute and the informal interactions that are critical to a successful culture of a firm." Allard said more private equity firms could relocate from New York City to Connecticut amid political shifts there, pointing to the Democratic primary victory of Zohran Mamdani, a self-de- scribed democratic socialist. If elected in November, Mamdani has pledged to raise taxes on incomes above $1 million. "If Mamdani is elected, we are likely to see many more people moving out of New York City," Allard said. LARGEST PRIVATE EQUITY FIRMS IN CT ASSETS UNDER RANK NAME LOCATION MANAGEMENT 1 Stone Point Capital Greenwich $49.1B 2 Portfolio Advisors Darien $20.5B 3 CF Private Equity Wilton $17.3B 4 Lime Rock Westport $12B 5 Great Mountain Partners New Haven $10.6B 6 Gridiron Capital New Canaan $9.5B 7 Greenbriar Equity Group Greenwich $8.6B 8 Olympus Advisors Stamford $8.3B 9 First Reserve Stamford $6.1B 10 Healthcare Royalty Management Stamford $6B Source: Capital Assets Under Management

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