What We Invest In
Long Duration Enterprises (LDEs).
A Long Duration Enterprise is a business built to compound value over decades - not optimized for a near-term exit. LDEs share a common profile: essential products or services, durable competitive advantages, and the operational resilience to grow through economic cycles.
Essential
Products or services customers depend on regardless of economic conditions - high retention, recurring revenue, mission-critical relationships.
Durable
Competitive moats that deepen over time: proprietary systems, regulatory positioning, brand trust, or network effects that are hard to replicate.
Accretive
Businesses that get better with age - where longevity of ownership accelerates value creation rather than constraining it.
Our Values
What guides every decision we make.
Focus
Focus
We are intentional in our decisions and disciplined in our execution. We aim to do fewer things better.
Ambition
Ambition
We pursue our goals with grit, urgency, and a willingness to outwork.
Agility
Agility
In the spirit of continual improvement, we stay on our toes - curious, adaptive, and ready to act quickly.
Integrity
Integrity
We operate with authenticity and clarity, follow through on our commitments, and carry a sense of trusteeship in everything we do.
Collaboration
Collaboration
We show up for each other and for every stakeholder with openness, respect, and an intent to build lasting relationships grounded in trust.
For Operators
Exceptional operators deserve a capital partner who thinks in decades, not deal cycles. That conviction shapes every decision we make.
If you're an entrepreneur thinking about recapitalization, growth equity, or eventual succession - and you want a partner who will still be there in year ten - we should talk.
Value creation for operators
Once we partner, we roll up our sleeves. We bring capital, strategic guidance, and a network of operators and advisors to help founders accelerate what they've already built.
No forced-exit pressure
We hold indefinitely. You'll never be asked to sell because a fund lifecycle demands it - our permanent capital structure means your timeline is our timeline.
Deep pattern recognition
We've backed 80+ entrepreneurs across 15 years, giving us hard-won perspective on what separates good businesses from enduring ones.
For Limited Partners
A new category of return.
Traditional PE funds have a structural flaw: they're forced to sell at arbitrary times. Fillmore was built to eliminate that flaw.
No Forced-Exit Erosion
Long-term compounding only works if the engine stays running. Forced exits interrupt that compounding - removing the permanent-hold constraint preserves the full economic value of what operators build.
The Liquidity Answer
LPs can access liquidity through dividends distributed as portfolio companies mature, or through structured secondary transactions - without requiring the underlying businesses to be sold.
Tax Efficiency
QSBS allows shareholders of a qualifying company to forego federal capital gains tax upon exit up to the greater of $10M or 10x adjusted tax basis
The HSC Ecosystem
15 years in the making.
Fillmore Partners is a permanent capital holding company formed out of Hunter Search Capital & builds on our founder's 15-year family office and search fund investing track record
Fillmore portfolio companies benefit from shared resources, peer networks, and the accumulated knowledge of dozens of HSC operators who've built businesses through the same challenges.
Learn about HSCReady to have a conversation?
Whether you're an operator exploring your options or an LP looking for a differentiated strategy, we'd love to connect.