Operating Equity: The WestCap Advantage

Building a breakout company takes more than a great product and a strong team—it takes a partner who matches your ambition. Founders are navigating complex markets, compressed timelines, and higher expectations from customers, employees, and investors. They’re not looking for passive capital—they’re looking for someone who can move fast, solve problems, and help turn potential into performance.

For high-growth companies navigating this environment, capital alone isn’t enough. A Founder can, and should, demand much more from their investors. The best founders today are not looking for spectators. They want someone who can join them in the field. They need hands-on support to accelerate their business efficiently, scale globally, or nail a big product launch. They want a partner that helps them generate alpha and secure a better outcome for their teams, their customers, and their shareholders.

That’s why we built WestCap with the simple design and focused mission: WestCap is Built to Build. After decades of building companies from the ground up, our leadership team realized that the growth equity space was prime for a transformation. We call this new approach Operating Equity.

Rewriting the Rules of Growth Equity

Operating Equity is our answer to the realities of entrepreneurship—a new high-impact approach that meets this moment. It’s a hybrid approach that blends the best of private equity operational support and venture capital innovation, grounded in our firsthand experience as founders, operators, and growth-stage leaders. It means we don’t just write the check, we help write the operating plan and then execute it with Founders and their teams. We don’t just sit on the board or make hollow claims in marketing decks, we show up in the room, sleeves rolled up, ready to work and drive tangible results.

We invest in high-growth, asset-light tech companies where we can apply our founding experience, operational excellence, and creative expertise. From go-to-market strategy and customer success to capital markets, product design, and brand storytelling, we embed the resources and capabilities needed to execute an enduring operating plan and navigate across market cycles.

This is not a “value-add” checklist—it’s a committed, strategic partnership. And it’s designed to create real, measurable outcomes, faster.

Designed to Deliver From The Start

Operating Equity isn’t just a philosophy. It is an entirely new model, refined through experience and designed to deliver an operating edge to the companies we back. We’ve assembled a team of world-class operators at the prime of their careers to support our companies across mission-critical functions like sales, customer success, payments, capital markets, and more. Our in-house creative team, CōLab, offers full-service support across brand strategy, design, content, growth marketing, comms, and video—all of which we deliver free of charge to our portfolio companies.

This isn’t advisory. It’s execution.

Unlocking Value At Every Stage

Our model comes to life inside the walls of our portfolio companies, where our team is an extension of theirs. In the case of viagogo, we worked alongside the founder Eric Baker to help scale the business and acquire another business Eric originally founded, StubHub, from eBay. We worked with Eric to lead the financing, structuring and execution of the acquisition. Shortly after closing, when COVID-19 shuttered the live events industry, we stepped in further to ensure we could meet our jointly developed operational plan. Our Managing Partner and Founder, Laurence A. Tosi, served as interim CFO alongside other WestCap team members in key positions, leading weekly cash management calls and navigating the company through a zero-revenue environment. By executing an incredible turnaround strategy, we helped Eric cement StubHub’s global leadership as the premier marketplace for live events.

For Addepar, we reimagined the company’s product reporting experience, leading product design, customer research, and launch strategy to elevate their flagship offering. With Hopper, we redesigned their web presence, crafted a brand-forward enterprise pitch and helped launch their now dominant commercial business. And with Dragos, the leading operational control cyber company, we helped build a scalable go-to-market foundation, supported C-suite onboarding, and helped expand into the insurance sector through strategic partnerships.

And these are only a few select examples of the kind of work we do for every company we invest in.

Shaping The Future, Together

As the private equity landscape continues to evolve, founders deserve a partner who can navigate uncertainty, build with precision, and unlock value at every stage of growth. We are here not just for the investment but to be a capital partner across the life cycle of the company and the journey towards sustainable market leadership. Our hands-on approach also extends to Limited Partners. We believe our partnership isn’t “limited,” which is why we call our investors Investment Partners. Together, we strive to optimize long-term value, not just chase near-term wins. In just 6 years, WestCap has distributed $930M of capital and achieved a 38% net realized internal rate of return for our flagship ‘19 Fund. This performance reflects the WestCap advantage - operational excellence and risk management across even the toughest cycles. Operating Equity is not an add-on—it’s also the core of how we invest. If you’re building something bold and looking for a partner who will help you scale it, we’d love to talk. We’re not just investors. We’re former founders, CEOs, and operators who have been in your position. And we’ve built WestCap to be the kind of partner we wanted as we founded, built and scaled companies together.