Ferrolane Systems
2021Industrial software · Cleveland, OH
Maintenance scheduling for mid-market manufacturers — the system the plant floor actually opens at 6am.
- Position
- Control, 71%
- Since entry
- ARR $31m → $88m
Portfolio
Every platform investment since 2009 sits on this page or in the fund reports. We have never removed a company from it because the outcome was poor — a portfolio page that only shows winners is a marketing asset, not a track record.
Current holdings
Industrial software · Cleveland, OH
Maintenance scheduling for mid-market manufacturers — the system the plant floor actually opens at 6am.
Healthcare services · Raleigh, NC
Twenty-two outpatient infusion suites across the south-east, built one lease at a time rather than by acquisition.
Industrial software · Chicago, IL
Freight-car telemetry. The only minority position we hold with two board seats, which is why we hold it.
Financial infrastructure · New York, NY
Reconciliation software for insurance brokers — deeply unglamorous, contractually sticky, and mispriced when we bought it.
Healthcare services · Phoenix, AZ
Compounding pharmacy serving 340 hospitals. Bought from a founder who stayed and still runs it.
Realisations
Ashgrove Metering
2019 → exit
Sub-metering and settlement for UK commercial landlords.
3.4× gross, 24% IRR
Perrin Diagnostics
2016 → exit
Regional pathology labs consolidated onto one accreditation and one LIS.
4.1× gross, 31% IRR
Halloway Freight
2015 → exit
Invoice factoring for owner-operator trucking. Our second-worst decision, and one we still write about internally.
0.6× gross — a loss
Eleven realisations, of which two lost money. Both are listed above or in the fund reports; we have never removed a company from this page because it did badly.
Track record
| Fund | Vintage | Commitments | Status |
|---|---|---|---|
| Fund I | 2009 | $310m | 2.9× net · fully realised |
| Fund II | 2014 | $740m | 2.4× net · fully realised |
| Fund III | 2019 | $1.35bn | 1.9× net · 4 of 9 realised |
| Fund IV | 2024 | $1.80bn | Investing · 3 platforms to date |
Fund III and IV figures are as at 31 March 2026 and include unrealised holdings carried at fair value. Past performance is not indicative of future results, and nothing on this page is an offer to sell securities.