Active

Keystone Capital

Investor type

PE / VC

Founded

1994

AUM

$1 000 M

Location

Chicago, Illinois, United States

Investment Ticket

$10-50 m

Investment Stage

Pre-seed Seed Series A Series B Late Stage (Series C+)

Region of investment

North America
Investor profile last updated: 22 September, 2025

Profile

Keystone was founded in 1994 with the objective of investing the personal capital of its partners in high quality, market-leading businesses; patiently building long-term value alongside management through organic growth and strategic acquisitions. Today, Keystone manages over $1 billion in capital commitments across two funds - Keystone Capital Fund II, LP ("Fund II") and its most recent Keystone Capital Fund III, LP (“Fund III”), with Fund III representing $630 million of capital commitments. To maintain consistency with its historical investment strategy and align interest across all stakeholders, the principals of Keystone collectively represent the largest single investor in both Fund II and Fund III, with both Funds having been structured with an extended life to support investment period flexibility. Over the course of its history, Keystone has completed over 40 platform investments and more than 170 total acquisitions with a focus on professional & tech-enabled services, engineering & technical services, commercial & industrial services, food & beverage manufacturing, and engineered products.

Industry

Financial Services Fintech Healthcare Services Marketing and Advertising Real Estate Energy HealthTech Telecommunications SaaS Software

Keystone Capital Funds

Name Type
Questionare
Industry
Questionare
Stage
Questionare
Region
Size AUM Launch date
Keystone Venture V
Venture Capital (VC)
Financial Services
Fintech
Healthcare Services
Real Estate
Energy
HealthTech
Pre-seed
Seed
North America
$5-10 m
$102 M
February 2000
Keystone Capital Fund II
Private Equity (PE)
Financial Services
Fintech
Healthcare Services
Real Estate
Telecommunications
Energy
HealthTech
Pre-seed
Seed
North America
$5-10 m
$420 M
June 2021
Keystone Fund III
Private Equity (PE)
Healthcare Services
Real Estate
SaaS
Software
Telecommunications
Energy
HealthTech
Series B
Late Stage (Series C+)
North America
$5-10 m
$630 M
February 2024

Contacts

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FAQs about Keystone Capital

Keystone Capital is a venture capital and private equity firm. It backs companies at Pre-seed, Seed, Series A, Series B and Late Stage (Series C+), writing tickets of $10-50 m.
Keystone Capital is located in Chicago, Illinois, United States.
Keystone Capital was founded in 1994.
Keystone Capital invests in companies and startups in Financial Services, Fintech, Healthcare Services, Marketing and Advertising, Real Estate, Energy, HealthTech, Telecommunications, SaaS, Software.
Keystone Capital invests in companies and startups in North America.
Keystone Capital invests in companies and startups at Pre-seed, Seed, Series A, Series B, Late Stage (Series C+).
Keystone Capital usually invests $10-50 m on average.
Keystone Capital has around $1 000m assets under management.
Keystone Capital last fund was created/launched in 2024-02-20
Keystone Capital can be reached through its website keystonecapital.com and its LinkedIn page. Its general enquiries address is info@keystonecapital.com. Cold-mailing a general inbox rarely reaches a partner, so Private Equity List also lists the investment-team contacts for Keystone Capital — names, roles, verified work emails and LinkedIn profiles — available on a Pro plan from $129/month (see pricing). Contacts are sourced from the firm's website and LinkedIn and re-verified on a rolling cycle. Spot a stale contact, or none at all? Report it — we re-run that firm within 48h and get back to you.
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Private Equity List re-verifies investor profiles on a rolling cycle, pulling from the firm's own website and LinkedIn rather than a one-off import. This profile was last updated on 22 September, 2025. Something out of date here? Report it — we re-run that firm within 48h and get back to you.