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The North Dakota Growth Fund, managed by 50 South Capital Advisors, has announced investments totaling $22.5 million in two firms: LongWater Opportunities and Homegrown Capital. LongWater focuses on lower middle market private equity, seeking to partner with family-owned manufacturing companies. Homegrown Capital, established in 2021, targets early-stage tech firms in the Northern Plains, particularly in B2B software and agri-tech sectors. These investments mark the second and third from the Growth Fund, enhancing capital access for local businesses.
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Investment of $22.5 million from the North Dakota Growth Fund indicates strong capital support for local companies.
Homegrown Capital focuses on early-stage tech sectors, enhancing innovation in undercapitalized markets.
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Investments Now at $22.5 Million
FARGO, N.D.--(BUSINESS WIRE)--
50 South Capital Advisors, LLC, the general partner of the recently-formed North Dakota Growth Fund, is pleased to announce the fund’s most recent investments: LongWater Opportunities, a leading lower middle market private equity firm with offices in Fargo as well as Dallas, Texas; and Homegrown Capital, an early stage venture capital firm focused on disruptive technology companies in the Northern Plains. Homegrown Capital also has an office in Fargo, in addition to offices in Brookings and Sioux Falls, South Dakota.
Founded in 2009, LongWater Opportunities targets control equity investments in family-owned and operated U.S.-based manufacturing companies. The firm is centered on aligning interests with owners and investing long-term capital to build American manufacturing businesses. It seeks opportunities to partner with founding families and owner-operators of differentiated companies with compelling growth prospects that are looking for hands-on support as well as capital to fund organic growth initiatives and add-on acquisitions.
Homegrown Capital, which was founded in 2021, is focused on serving the needs of early stage founders in undercapitalized markets of the Northern Plains. The firm is looking to invest in companies that demonstrate strong scalability, and particularly focuses on the business-to-business software, agriculture technology and financial technology sectors.
50 South Capital is a leading alternatives investment firm and a wholly-owned subsidiary of Northern Trust, a leading, global financial services firm.
“The teams at LongWater and Homegrown have a track record of supporting companies that have a positive impact on employees, shareholders and communities,” said 50 South Capital Director Kodee Furst. “We are thrilled to be able to bring additional types of capital to North Dakota through the mentorship and experience of these fund managers.”
LongWater Opportunities and Homegrown Capital are 50 South Capital’s second and third investments out of the North Dakota Growth Fund, which has invested $22.5 million to date.
50 South Capital Advisors, LLC is an alternatives asset management firm designed to meet the core strategic needs of investors seeking access to private equity, private credit and hedge funds. Its highly experienced team works closely with a wide range of investors to fulfill specific investment objectives and create lasting relationships. 50 South Capital’s investment philosophy focuses on providing access primarily to small-to-mid sized managers that offer unique and differentiated sources of return. 50 South Capital is a wholly owned subsidiary of Northern Trust Corporation. Visit www.50SouthCapital.com for more information.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 22 U.S. states and Washington, D.C., and across 23 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of December 31, 2021, Northern Trust had assets under custody/administration of US$16.2 trillion, and assets under management of US$1.6 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Please visit our website or follow us on Twitter.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Please read our global and regulatory information.
