Onyx Capital invests alongside a small group of capital partners on a deal-by-deal basis. We do not run a blind-pool fund. Every transaction is its own opportunity — with clear economics, a defined hold, and a clear exit thesis.
Most LPs writing into the small, founder-owned market do it through a blind-pool fund and a placement memo. Onyx is the other path: a direct co-investment alongside an operating partner with three decades of scaling owner-led businesses, sourced through a referral-driven funnel.
Every Onyx transaction is its own opportunity, with full diligence materials, defined economics, and a clear exit thesis. You evaluate each deal on its own merits. No commitment to deploy across vintages.
Carlos's deal flow is built on three decades of operator and referral relationships — not broker-auctioned listings. These are proprietary opportunities, often the founder's first conversation about partnership capital.
Carry economics align Onyx with the operator and the capital. The principal is in the building — not on the board. The same partner sourcing the deal is running the playbook.
Onyx is built to keep capital partners close, informed, and aligned. Participation is limited per deal and by invitation.
Travis Industries is the flagship case study — Carlos paid $4M for a 70% interest in a sandblasting, coatings, and scaffolding business, kept the founder in the seat as a meaningful 30% partner, and scaled the company to roughly $23–25M and a successful exit. At exit, the 30% retained minority was worth more than the pre-deal 70% majority would have been. Additional portfolio entities and prior deal history available to qualified counterparties under NDA.
Figures shown are approximate and pending final confirmation.
Carry economics, deal terms, and current opportunities are available under NDA to qualified partners. Tell us a little about you, and we'll be in touch within two business days.