How Sequoya Borgman Built 10 Platforms with 500 LPs
Sequoya Borgman of Borgman Capital shares how retail fundraising, second-tier cities, and disciplined execution drove 10 platforms and 500+ LPs since 2017.
Today, Borgman Capital is regarded as one of the most well-operated and respected independent sponsor firms. Meticulous and disciplined, they have completed 10 platforms, multiple add-on acquisitions, and secured an exit delivering a 57% IRR.
That first platform, in 2017, came together after Sequoya had hustled his network to scrape together sufficient equity for the deal. It was need that drove the retail strategy, with 26 HNWIs in the first deal, but, unbeknownst to Sequoya, the retail financing would become a hallmark for Borgman Capital.
Borgman Capital has raised the bar by quite literally “passing the hat.” With over 500 limited partners across 10 platforms and every deal since the first being oversubscribed, their retail-focused model has become a cornerstone of their business, providing them with resilience and flexibility. The benefits go beyond capital as the investors also contribute talent, referrals, expertise, and deal flow. To further scale this approach, Borgman Capital recently launched PassTheHat.com 11 (5%) , a platform where accredited investors can register for access to upcoming deals.
Geography is another core tenet of Borgman’s philosophy as an independent sponsor. Headquartered in Milwaukee and with an office in Minneapolis, Borgman deliberately avoids crowded financial hubs (e.g., Dallas, Chicago, NYC). Instead, they focus on tier-two cities like Des Moines, Omaha, and Kansas City for future expansion. These are places where local presence matters for proprietary deal flow.
With potential changes looming for the tax treatment of carried interest, we asked Sequoya, ever the accountant, about possible workarounds for independent sponsors. As any good CPA would, he smiled and declined to offer creative loopholes.
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