Hidden River Strategic Capital

Structured Capital for Small Businesses


A customized, hybrid alternative to restrictive debt and/or dilutive equity


Capital and support to create win-win outcomes with management teams


50+ years of collective experience investing in small, growing businesses

A Different Type of Capital Partner

We provide structured capital – a unique type of capital that addresses the needs of small business owners in ways the traditional capital markets do not

Designed for situations that call for capital that is more patient and open-minded than traditional debt and less invasive and dilutive than traditional equity

Customized capital to match
the objectives and goals
of management-owned
small businesses

A Collaborative Approach
for Small Business Owners

flexible capital

Supportive partners to
management who will continue
to own and run their business

Relationship-based approach
with the belief that the best
outcome is when everyone wins

An Experienced Team

We have founded and led successful investment firms with our extensive experience as “first outside capital” for many small businesses.

Patricia Graver

Steve Gord



  • 25+ years investing in lower middle market companies
  • Most recently: Co-Founder & General Partner of Boathouse Capital
  • Previously: American Capital Strategies, Robertson Stephens, Compass Partners, Furman Selz
  • Dartmouth College (AB and MBA)
Patricia Graver

Todd Morrissey


  • 20+ years investing in lower middle market companies
  • Most recently: Partner & COO of LLR Partners
  • Previously: Advanta Partners, Bank of America Merrill Lynch
  • Georgetown University (BS); Columbia Business School (MBA)
Matthew Raymon

Kevin Condon



  • 10+ years investing in lower middle market companies
  • Most recently: Principal at Boathouse Capital
  • Previously: OFS/Tamarix Capital, The Edgewater Funds, Baird
  • University of Wisconsin (BBA); University of Chicago (MBA)
Matthew Raymon

Graham Bachman

Head of Business Development gbachman@hiddenrivercap.com

  • 8+ years in private capital investing
  • Most recently: Managing Director at Pennington Partners & Co.
  • Previously: Edge Capital/Context BL, FS Investments
  • University of Pittsburgh (BSBA)
Matthew Raymon

Jyothi Rajendran, CPA

  • 9+ years expertise in financial reporting within financial services
  • Most recently:  Auditor at PricewaterhouseCoopers (PwC).
  • Holds the titles of CPA (Certified Public Accountant) in the United States and Indian Chartered Accountant
  • Resides in the suburbs of Philadelphia with her husband and two children
Matthew Raymon

Matthew Duey, CFA

  • 5+ years of strategically advising companies
  • Most recently: Associate, MTS Health Partners
  • Previously: CFGI, KPMG
  • University of Delaware (BS); Lehigh University (MS); Cornell University (MBA)

Investment Focus

$7.5 – $25 million junior debt and/or preferred equity investments to support event-driven capital needs.

Typical Uses of Capital

Organic Growth Initiatives


Inactive Shareholder Recaps

Business Models of Interest

Durable business models over
fashionable ones – a long-term
approach to success

Capital efficient businesses
that are resistant
to cycles

Targeted Financial Characteristics

Sufficient scale:
$10+ million of revenue
and cash flow positive

Repeatable revenue streams
supported by imbedded
customer relationships