Private equity isn’t all billion dollar deals done by the likes of Blackstone and General Atlantic. 

I was reminded of that this week at a cocktail event hosted by Anagram Capital co-founders Howard Han and Mike Cherney.

Anagram, founded in 2023, focuses on smaller deals in business and consumer services, as well as real estate (multifamily and commercial.)

The play here is that there are an abundant number of transactions, but most are too small for the big shops.  

I chatted with Mike about the strategy and his background both in traditional PE at DE Shaw and as an operator who founded Grand Mere Restaurant Group which acquired 140 Pizza Huts.

He has fantastic stories about the opportunities that technology and management bring to operating small businesses and also the human  challenges he experienced acquiring and operating scores of Pizza Huts. 

It was those lessons that convinced him to start Anagram two years ago.  

Last year, the group extended its reach by bringing in Max Meyers as head of real estate. 

If you want a perspective on this part of the PE market they are worth reaching out to.