The Long Game - Ten Years of Patient Capital, Steadfast Values, and Betting on Families.
Dear Friends,
Ten years ago, I set out to build something unconventional in the world of private equity. Not with the pedigree of an Ivy League degree or the backing of a blue-chip institution, but with a clear sense of purpose and a belief that brands solving problems for families were being overlooked.
I grew up in rural Tennessee and worked my way through public universities before landing on Wall Street. When the 2008 recession hit, it knocked me off the expected path and opened my eyes to a glaring imbalance. The big money chased safe bets: mature, established consumer brands. Meanwhile, the scrappy, underdog startups, the ones trying to make life better for everyday people, were starving for growth capital. To test my hunch, I began advising a few early-stage companies. One of the first was Moda Operandi. I helped the founders refine their pitch and connect with seed investors. Today, that brand is valued north of $750 million. That experience lit a fire in me. So in 2015, with little more than my own savings and a probably irrational level of conviction, I took the leap and launched what would eventually become Beliade.
There was no blue-chip institution backing me. Just a belief in a different kind of investing. The firm was briefly called M3 Ventures, before I renamed it Beliade - a mashup of my three kids’ names: Bennett, Liam, and Adella. It was a daily reminder of what I stand for: building something enduring, with values rooted in empowering real American families. In the early days, it was just me in a Flatiron office doing everything from sourcing deals to logging expenses to making the coffee. No team, no fanfare. But I had a mission: find the soul in a business. I was looking for founders with conviction, building products that solved real problems for real families. Being outside the usual circles turned out to be a strength. While most VCs were off chasing hype cycles, we were investing into diapers, potato chips, and hydration mixes. Unsexy? Maybe. But they were solving everyday problems, and they were products real American families actually used.
It wasn’t easy. Raising capital never is, especially without a blue-chip name or legacy backing. At times, I questioned whether I was just being stubborn. But then the early wins started to compound. Founders started calling us. Not because we were flashy, but because we showed up, did the work. By the late 2010s, Beliade had become a quiet force - a counterweight to the establishment. We were proving we belonged at the table. On our own terms.
Early Wins
So how did an unknown firm like ours start earning credibility? One brand at a time. Our early wins came from backing gritty, passionate founders - often in categories the mainstream venture world thought were too boring, too niche, or too hard. We saw something real in them. And then we got to work helping them build brands that are now shaping the consumer landscape.
Rhone was our first investment. It was 2015, and every VC was busy chasing women’s athleisure on the back of Lululemon’s success. But the Rhone founders had a different vision: premium men’s activewear designed with purpose. I backed them on gut. Fast forward: Rhone is now profitable, generating over $100 million in annual revenue, and operating its own thriving retail stores across the U.S. At one point, the founders even bought out their private equity partner to stay true to their mission. That’s the kind of independence we’re proud to support and stay with for the long haul.
Cotopaxi was another early bet in 2016. The founder, Davis Smith, had a bold idea: build an outdoor gear company anchored in social impact. A lot of folks rolled their eyes at the idea of a B Corp trying to compete with the big incumbent brands in outdoor gear and apparel. But I believed in Davis and in the rising generation of consumers who cared about doing good. Today, Cotopaxi is one of the fastest-growing brands in the space, with annual revenue having eclipsed $100 million. Kosas is a beauty brand that many investors initially passed on. Too crowded, they said. But founder Sheena Yaitanes had a radically different take: makeup that actively improves your skin. We backed her early and stuck with the brand through years of growth. Today, Kosas is a top seller at Sephora and Ulta, with annual retail sales around $120 million and one of the fastest-growing cult followings in beauty. Quietly, they’ve become one of the most sought-after beauty targets in M&A conversations.
Coterie makes diapers - yes, diapers. As a new dad, I knew firsthand how broken that category was. We backed Coterie from day one, in the depths of the COVID-19 pandemic when equity capital for early-stage consumer products brands was hard to come by. We helped the team grow from DTC to retail. Now they’re doing over $160 million in annual revenue, going head-to-head with Pampers, and winning by delivering performance, safety, and total transparency. It’s a David vs. Goliath story, and we’re still proudly standing by their side. Cure was the opposite of flashy. No cane sugar or artificial ingredients, no neon branding, just a clean, science-backed hydration mix based on a WHO formula. We knew the need was real and growing. When COVID hit and the wellness boom began, Cure took off. They’re now in over 15,000 stores nationwide and have grown tenfold since 2019. It’s one of my favorite examples of a product quietly changing the game and an ambitious, hard-working founder who continues to push the business forward.
Look across our portfolio - The Good Crisp rethinking snacks, Van Leeuwen turning artisan ice cream into a household name, Hill House Home redefining lifestyle, Poncho creating outdoor apparel rooted in authentic American culture and a pattern emerges. We win by betting early on real founders solving real problems. We lean into overlooked spaces. And we do it all with patient capital, long-term partnership, and steady hands. In nearly every one of these stories, we were the first institutional investor in. That’s our sweet spot. Helping a founder go from idea to category leader and building something enduring along the way.
Hard Lessons
Not every investment we made turned out to be a winner - far from it. With bold bets come hard lessons, and Beliade’s journey has its share of scars and stumbles that ultimately made us stronger and wiser. In fact, I’ve learned more from these failed investments than from those that went smoothly. Those experiences taught me about the dangers of hype and herd mentality, the necessity of good governance, and the paramount importance of integrity and grit.
Two tough cases still stick in my mind. One was a boutique fitness chain we backed that looked like the next big thing, until the pandemic shut down gyms overnight and its momentum vanished. Another was an upscale convenience store startup that raised a ton of money, only to implode virtually overnight due to runaway costs and leadership turmoil. Those failures stung, no question. But they were a harsh reminder that fundamentals like sustainable economics and good governance matter way more than flashy growth numbers. The silver lining is that these setbacks ultimately reinforced Beliade’s core values. In fact, they made us double down on how we build our portfolio and operate. We became even more selective, putting a premium on operational excellence in the founders we partner with. I also put stricter internal checkpoints in place. Startups are hard; things go wrong. Having lived through numerous companies collapsing, we now spend even more time helping our portfolio teams navigate challenges before they spiral out of control. We know what can happen if problems are left to fester.
I’m an optimist at heart, and if anything, the lessons taught me to balance that optimism with a healthy dose of realism. Now, when a startup comes to us, I ask the tougher questions. We’ve gotten a lot better at sifting substance from smoke. I also developed a personal litmus test that I apply to every potential deal: Would I be proud to tell my kids about this company? And will this brand still matter in 30 years? If the answer to either question is no, we walk away. That two-part test has become my North Star. It keeps us honest and focused on the long term. In an industry that sometimes loses its moral compass chasing the next big win, I intend for Beliade to remain the firm that stays true to doing the right thing.
More Capital, Same Conviction
Ten years in, Beliade now manages over $125 million, with a portfolio of nearly 45 consumer brands across the country. We’ve steadily grown through strong returns, founder trust, and a clear, values-first strategy. Years ago, we welcomed our first institutional investor: the California State Teachers’ Retirement System. That early partnership from one of the largest pension funds in the country meant a lot. It didn’t just validate our model; it proved that serious capital could get behind a different kind of firm. We’ve continued to build the firm our founders and LPs can count on - staying disciplined, growing with purpose, and deepening our ability to help companies win. Still the same hands-on partnership, the same focus on long-term outcomes, and the same belief in solving real problems for real families.
Beliade remains, as I like to say, more family barbecue than bankers’ cigar bar. We hire people who share that mentality. Our team today is still small - three partners and a lean support infrastructure - split between New York and Nashville. We’re a mix of big-firm experience and scrappy startup DNA. Whitney Williams, came from a major financial institution but grew up in Tennessee like I did, so she brings both institutional rigor and a down-to-earth perspective. Bill Schultz had a long career at Goldman Sachs; he lends us that big-picture thinking and operational savvy from having seen companies at scale. This blend of backgrounds helps keep Beliade true to its roots even as we operate at a higher level. Scaling up has also meant evolving our strategy while keeping our core principles intact. Unlike many growth equity firms that aim to flip companies for a quick profit in 3–5 years, we emphasize long-term ownership and partnership. We tell founders, we’re with you for the long haul. If that means holding an investment for 7, 8, 10+ years, so be it - we’ve structured our funds with the flexibility to do exactly that. This patience has resonated with entrepreneurs. We’ll support a brand from seed to Series C to expansion and beyond if it makes sense. Just look at Rhone: we’ve been investors for almost a decade now. Or Kosas: we kept backing them through multiple rounds as they steadily conquered the clean beauty space. We’d rather be part of building a legacy than make a quick buck and miss out on the bigger story.
We remain proudly geography-agnostic within America. We don’t care about zip codes. We’ve invested in companies from Utah to Texas to Tennessee to the Midwest. I absolutely love finding gems in places that the traditional firms might ignore. It not only uncovers value others miss, but it also aligns with our broader mission of revitalizing American communities. Some of the best, most resilient consumer brands are born in towns and cities that don’t make headlines. By being willing to go there, we get to support the kind of entrepreneurs who truly feel the problems they’re solving, because they live in those communities. And nothing beats visiting a portfolio company in, say, Texas and seeing the jobs they’re creating and the pride in the local workforce. That’s what real firm for real people means in practice, it means embracing America in all its diversity.
As Beliade has grown, one of the most gratifying developments has been the blossoming of our founder network. We actively foster connections among our portfolio CEOs so they can swap advice, share resources, and even collaborate on opportunities. If one of our brands needs help with their supply chain, chances are another Beliade founder has experience there and is just a phone call away. If a founder is trying to break into a new retail channel, we connect them with another who already sells there. This collaborative, pay-it-forward culture stems from my belief that the consumer sector isn’t zero-sum, a rising tide lifts all boats, especially when the brands involved share common values. I’ve seen our founders go out of their way to help each other succeed, and it makes me incredibly proud. We double down on being hands-on and human. We strive to be an investor who is supportive, patient, and values driven. That reputation has started to precede us, and now many founders seek out Beliade as their preferred partner. We act like part of the team, part of the family. And that, to me, is everything.
Championing Families. Backing the Basics.
If you ask what drives our strategy, it’s a set of values and a sense of mission that has crystallized over the years, shaped by my personal experiences and by watching the challenges American families are facing. Unlike many funds that define themselves by a narrow sector, Beliade defines itself by purpose and impact themes. In broad strokes, our mission is to support healthier, happier American families. That North Star guides the kinds of products and brands we back. And as the last decade has progressed, this mission has only grown more urgent, because some troubling trends in our country have come into sharp focus.
One issue I can’t ignore, both as an investor and as a father of three, is the health crisis facing our children. The statistics are downright alarming. Over 40% of U.S. kids now have at least one chronic health condition, whether it’s asthma, allergies, obesity, diabetes, or even anxiety and depression. Think about that: almost half of our children are battling some long-term health issue. It’s gotten so bad that experts warn today’s young generation could be the first in modern history to have shorter lifespans than their parents. As if that’s not dire enough, about 75% of America’s 17-to-24-year-olds are currently unfit for military service, primarily due to health issues like obesity and poor fitness. Let that sink in - three out of four young people would not qualify to serve if they wanted to. One official described it as “the most obese, depressed, disabled, medicated population of young people in the history of the world.” That line stopped me in my tracks. No society can sustain that kind of trajectory and expect to thrive.
It’s clear that we as a nation have to step up and address this. Preventative health and fundamental lifestyle changes have to be front and center. That’s why I’ve become a vocal proponent of the Make America Healthy Again vision. In early 2025, the White House released a report that highlighted four root causes behind our kids getting sicker. In short, we have:
Poor diet: We’ve shifted to ultra-processed, junk-filled diets.
Environmental exposure: Kids today are exposed to a cumulative onslaught of environmental chemicals, starting from the womb onward.
Physical inactivity: Physical activity has plummeted as kids trade outdoor play for screen time, leading to sedentary lifestyles and chronic stress.
Over-medication: We’re over-medicating children – reaching for pills to manage issues instead of addressing the root causes through healthy habits.
None of these causes are shocking on their own, as parents, many of us have worried about junk food, or too much screen time, or the chemicals in our homes. But seeing them laid out together in a comprehensive strategy is powerful. It is a national wake-up call that we need to confront root causes, not just manage symptoms. Beliade has taken that wake-up call to heart. We’ve oriented our entire investment thesis around tackling these very areas. For example, we’re investing in:
Healthier food: Clean-label, truly nutritious food brands that can replace the sugary, chemical-laden junk in family diets.
Active lifestyle: Recreation and fitness companies that get kids moving and playing, rather than staying glued to yet another screen.
Mental wellness: Tools and programs that help address children’s mental health and developmental challenges in natural, constructive ways, so families aren’t relying solely on pharmaceuticals when lifestyle changes or support can make a difference.
Non-toxic living: Brands creating safer home and family products to reduce the everyday chemical exposures that might be undermining our health.
Our guiding question for any potential investment is always: Will this help families lead healthier, less stressful lives? If the answer is yes, it likely fits our mission. And unsurprisingly, we’ve found an enormous market hungry for these kinds of solutions. Parents are desperate for help; they’re actively seeking better options in food, in activities, in health, and in home products. We want to be there to meet that need alongside the entrepreneurs who share this vision.
Another pillar of our strategy is a deep belief in American-made products and homegrown trust. Now, this is partly patriotic for me, I love this country, and I want to see us making things here again. But it’s also pragmatic business sense. We all got a harsh lesson in recent years about global supply chain risks: between trade wars and pandemic disruptions, relying solely on overseas factories suddenly looked a lot less wise. American consumers have taken note. Roughly two-thirds of U.S. shoppers now say they actively look for Made in USA labels, and well over 75% say they prefer to buy American-made whenever possible. It’s not just flag-waving; it’s about trust and quality. Products made under U.S. regulations are generally seen as higher quality and safer. I’ve heard so many parents say they just feel better knowing a product for their child was made here at home versus who-knows-where abroad.
So Beliade has leaned into this manufacturing renaissance. We focus on brands that proudly manufacture in America or are bringing production back stateside. A lot of our portfolio companies produce domestically – for instance, Van Leeuwen makes much its ice cream in upstate New York with dairy from American farms. These choices matter. They not only create jobs and expertise here at home, but they also give our brands a compelling story and an edge in quality control. And the broader economic winds are at our back on this. We’re seeing a true resurgence of Made in USA initiatives, mentions of reshoring on S&P 500 company earnings calls doubled in the past year alone, and government policies are starting to encourage it by closing loopholes that once allowed cheap imports to undercut American goods. I genuinely believe that Made in USA is poised for a big comeback, and that brands who commit to it will enjoy a trust halo with consumers. There’s even data showing that companies with a fully American supply chain enjoy around 70% favorability in consumer polls, versus roughly 30% for those heavily reliant on, say, China. That trust translates into customer loyalty and even pricing power. So for us, investing in the resurgence of American manufacturing isn’t just a feel-good patriotic move – it’s a long-term bet on what consumers want.
Finally, we can’t talk about supporting the modern American family without addressing the challenges of parenting in the digital age. Raising kids today is hard in ways our parents never had to worry about. We’re navigating everything from managing kids’ screen time and TikTok obsessions to worrying about social media’s impact on their mental health. So, we’re also investing in solutions that speak to those 21st-century pains. For instance, we’re interested in tech toys or kits that encourage real-world play to counteract endless tablet time, nutrition startups focused on improving kids’ focus and sleep, and community-based programs that get families exercising together. The unfortunate reality is that today’s younger generation is facing unprecedented rates of obesity, anxiety, and other health issues - which means there’s a massive opportunity for businesses that can help turn this trend around. The market for keeping families healthy, active, and sane is enormous and only growing. And here’s the beauty of it: doing right by families is good business. If a company can help parents stress less or help a child thrive, that company will earn trust and loyalty, the kind of deep customer bond you can’t buy with marketing alone.
By embracing these values-driven themes, Beliade has carved out a unique niche for itself. Now, I want to be clear: we are not an impact fund in the traditional sense, I didn’t hang out a shingle saying we only do socially responsible investing. But organically, our portfolio ended up being full of companies that do have a positive impact, because those are the ones solving real problems and, not coincidentally, those are the ones I believe have the best shot at long-term success. Companies that genuinely solve problems – that help a child eat healthier, or help a parent worry less, or bring manufacturing jobs back to a town – those companies tend to build deep, lasting bonds with their customers. They’re not fads. And they face far less risk of becoming irrelevant, because they’re built on timeless needs and values.
We try to back founders who are tackling the root causes of problems, whether it’s ultra-processed food, sedentary lifestyles, or supply chain dependence. Because when you attack root causes, you make people’s lives better. Our brands are succeeding, I believe, because they put health, trust, and American values first. And that’s very much by design. We’re championing families and time and again we’ve seen that when you put families first, business can thrive.
Outside the Club. Inside the Arena.
Venture capital and private equity have long been clubby realms, the same networks of people doing deals with each other, funds concentrated on the coasts, a lot of pattern-matching, and frankly a lack of diversity in every sense of the word. We set out to be the antithesis of that, and in many ways, we’ve become a kind of counterculture firm. I wear that as a badge of honor. My background is far from the industry norm, and initially I worried that was a disadvantage. Now I see it’s one of our greatest assets. Being a middle-class person from Tennessee who went to state schools means I relate to a lot of the founders we back in a very genuine way. Many of our entrepreneurs come from outside the central casting of startup founder. They’re women, they’re folks from the heartland who set out to solve a problem they personally experienced. Often the venture establishment doesn’t initially see the brilliance in, say, a dad from Charlotte reimagining family snacks, or a mother making jewelry that empowers little girls. Beliade has often been the first institutional believer in these kinds of founders, at a time when others ignored them.
Our door was open to anyone with a great idea to make consumers’ lives better, whether or not they looked the part or spoke the jargon. I’m proud that our portfolio is diverse not because we set quotas, but because we saw opportunities where others did not. If you look at Beliade’s founder roster today, you’d see a tapestry of backgrounds and stories that I think is beautiful – and also a big competitive advantage. Innovation doesn’t live in one zip code or one type of person.
Being on the outside also gives us the freedom to call things as we see them, and to hold ourselves to a higher standard when the mainstream falls short. I’ve never been shy about calling out the missteps and excesses I see in the world. The whole growth at any cost mentality of the late 2010s, for example, led to some spectacular implosions. Those were not just cases of bad luck; they were the result of a culture that stopped asking hard questions as long as the charts were up and to the right. I’ve vowed that Beliade will never be the kind of investor that feeds that frenzy.
We champion transparency, good governance, and ethical behavior in our companies, even if it’s not always the fastest path to explosive growth. I encourage our food startups to use honest labeling and not to make BS health claims, because if you trick a customer today, you lose them tomorrow. I push our companies to professionalize their operations early: hire that seasoned CFO, bring on an independent board member, put proper financial controls in place. These aren’t the things that get headlines, but they prevent the kind of disasters that do. Good governance is like flossing, not fun, but boy does it save you pain down the road.
I also think being a bit of an outsider has allowed us to stay connected with the why of what we’re doing, rather than the what. The focus can easily turn inward, who’s got the biggest fund, who’s on the hottest cap table, who was seen at the right conference. I could care less about that stuff. My focus is outward, on the families, the parents and kids and communities that our brands ultimately serve. We continuously highlight the stories of those end consumers. I love hearing, for example, about a family in the Midwest that made Cotopaxi backpacks a staple for their camping trips because they believe in the mission, or a mom in California who swears by Coterie diapers because they finally solved her baby’s chronic rash. Those stories remind me and my team that our work isn’t an abstract game of spreadsheets and IRRs, its human lives being made a tiny bit better by these businesses. In a sense, we practice human-centered capitalism – capitalism that cares about people and measures success in more than just dollars. And interestingly, the more we focus on the people, the better our financial returns seem to get.
The broader world of finance is changing too, and perhaps Beliade’s rise is part of a larger generational shift. Younger investors and consumers demand more authenticity, more diversity, more values in business. The old guard is being challenged, and even big institutional investors have realized they need to back the next generation of talent, not just the same old names. We’re out to prove them right. It’s gratifying to be part of this democratization of finance. So, when I push for doing things differently, it’s not just to be contrarian. It’s to show that better is possible. Better for founders, better for consumers, better for investors, better for society.
The Road Ahead
Ten years down, hopefully many more to go. As I reflect on Beliade’s first decade, I’m proud of what we’ve accomplished, but I’m even more excited about what’s next. The world isn’t standing still. The coming years will bring new challenges and opportunities: economic cycles will shift, consumer tastes will evolve, technology will throw us curveballs. But I believe if we stay true to our North Star, we can navigate whatever comes and continue to thrive.
Our North Star, as I often say, is ownership. Our business is taking ownership stakes in companies we believe in for the long haul. Philosophically, we stand for taking ownership of our responsibilities, as investors, as leaders, as citizens. I often tell my team: we have to own the outcomes we want to see in the world. If we want healthier kids, we have to invest in the foods and activities that make them healthy. If we want stronger local economies, we have to back the entrepreneurs in those communities and even encourage our companies to manufacture here when possible. If we want a more equitable startup ecosystem, we have to be willing to fund founders from all backgrounds and then support them. It’s about accountability. It’s about saying the future isn’t something that just happens to us, it’s something we help create, actively.
So what does the road ahead look like? You can expect Beliade to keep doing what we've always done: backing brands that take on the real, knotty challenges families face every day. I see us investing more in next-gen food and nutrition, community-based wellness, and smart, simple products that make life healthier and less stressful. We’ll keep hunting for those overlooked, unglamorous problems, the ones that actually matter and solving them with founders who give a damn. And we’ll keep going against the grain. If the herd is chasing the next buzzy, speculative thing, don’t be surprised if we’re quietly backing a breakthrough in children’s personal care, a company reinventing cleaning products to be toxin-free, or a manufacturing comeback in a forgotten town. That’s who we are. That’s how we win.
I also intend for Beliade to remain a firm that founders feel has their back. The testimonials we’ve gotten from our founders often mention that we roll up our sleeves and act like true partners. We will stand by the companies we believe in. Loyalty is a two-way street in this business. Financially, our goal is to keep delivering strong returns by staying disciplined. A portfolio full of real economy brands, food, apparel, personal care, and wellness. When times get tough, people still buy food, they still care about their health, they still need the basics. We saw that during economic slowdowns: our brands often held their own or even grew. There’s a resilience to companies rooted in everyday needs.
As for Beliade itself, we’ll continue to raise new funds—but always with focus and discipline. We don’t want to be the biggest. We want to be the best at what we do. With each step forward, we’re gaining more resources to support our companies. That means commissioning specialized research, bringing in real operators to train our founders, and investing in the kind of expertise that gives our portfolio an edge. As we scale financially, we’re scaling intellectually—getting sharper, smarter, and more prepared to help our brands win over the long haul.
I believe our impact can and should extend beyond just the companies we invest in. If our success nudges other investors to pay more attention to children’s health, or to consider the long-term consequences of offshoring everything, then we’re influencing the ecosystem in a positive way. I’ve been very public about the MAHA vision and about the importance of local supply chains not just because it aligns with our strategy, but because I want these ideas to spread. Capital follows trends; if we can help make health and homegrown business the trends, then capital will flow there across the industry. We just do the work and let the results speak for themselves. And if that inspires a few others in our industry to take note, fantastic.
When I set out to build this firm, I couldn’t have imagined how much meaning, friendship, and personal growth would come with it. Over the past ten years, I’ve built relationships with founders, with their teams, with fellow investors, and with the people I work alongside every day. And while the milestones; hitting $100 million in revenue, landing a major institutional LP, are deeply gratifying, they’re not what fuels me.
What fuels me are the quieter moments. A founder telling us that our early belief gave them the courage to keep going. A parent sharing that a product we helped bring to life made their child healthier. A visit to a small-town factory where jobs are coming back and people are proud of what they’re making. Those are the moments that remind me why I do this. Because behind every stat—whether it’s 40% of kids with chronic illness or 75% of young adults unfit for service, are real people. Real families. Real communities. They are our neighbors, our friends, our kids’ classmates. Every time we invest in a company that helps a child eat better, or a parent stress less, or a town keep its factory open, we’re investing in something bigger than a business. We’re investing in the idea that the economy isn’t just a scoreboard, it’s a shared project to improve lives. That belief is at the heart of Beliade.
In the end, it’s not about the deals we do or the money we make, it’s about the values we live by. Beliade was built by real people, for real people. And that’s how we’ll keep building. We’ll stay true to our independent spirit, championing everyday families and backing bold founders with conviction. There will be new challenges, new risks, and new bets to make, but if the past is any guide, we’ll keep showing up with the same ethos that got us here: work hard, stay humble, put values first, and always stand in the corner of people trying to build better lives. Here’s to the next ten years of building together!