154 Partners announced the final close of its inaugural fund, 154 Partners Fund I, at its $400 million hard cap, marking the firm’s launch into the lower-middle market private equity space. The firm was founded in 2025 by Isaac Harrouche and Mike Berlin, former colleagues at Blackstone. The fund received backing from Bolt Ventures and a group of strategic family offices.
As part of the firm’s leadership structure, David Blitzer has joined as the third member of the investment committee, bringing additional experience in private equity and sports-related investments.
Fund I will focus on control and shared-control investments in founder- and family-owned businesses across residential, business, and sports and live event services sectors. The firm targets companies generating between $2 million and $20 million in EBITDA and expects to deploy between $40 million and $100 million of equity per platform investment.
Since its launch, 154 Partners has already completed investments in an accounting services consolidation platform and a sports and live event guest services platform, demonstrating early deployment momentum.
The firm’s strategy combines thematic sourcing, deep industry relationships, and an in-house origination function, alongside a portfolio operations approach focused on scaling businesses, improving processes, and executing strategic acquisitions.
Morgan, Lewis & Bockius LLP served as legal counsel for the fund, and the firm did not engage a placement agent for the fundraising.
KEY QUOTES
“Our investors share our conviction in the lower middle market and believe in our partnership driven approach to structuring transactions that meets the needs of founders and owner operators. We are proud of the team we have built over the past 15 months and confident in our thematic approach to identifying compelling investment opportunities.”
Isaac Harrouche, Co-Founder And Chief Executive Officer, 154 Partners
“Our goal is to balance value creation with capital preservation, helping businesses grow sustainably while honoring what founders have already built. We believe the best investments are made when you collaborate with your investor community and portfolio companies.”
Mike Berlin, Co-Founder And Chief Investment Officer, 154 Partners
“I am thrilled to partner with Isaac and Mike again. I had the privilege of hiring them both at Tac Opps, and Isaac was instrumental in helping me launch and scale Bolt Ventures since 2018. We believe that some of the most compelling opportunities exist at the smaller end of the market, especially in the sports and live events sector, where our relationships give us a differentiated ability to find these businesses and bring in the right resources to help drive meaningful growth.”
David Blitzer, Investment Committee Member, 154 Partners
