Bow River Capital has agreed to acquire Spur Capital Partners in a transaction expected to close in the second quarter of 2026, marking a strategic expansion into venture capital through an evergreen fund structure.
Spur Capital manages approximately $1 billion in regulatory assets under management as of September 30, 2025, serving more than 125 institutional and family office clients across the United States and Europe. The firm has built a long-standing reputation as a fund-of-funds investor, focused on early-stage technology and life sciences, with deep relationships across top-tier venture capital firms.
The acquisition will broaden Bow River Capital’s private equity platform, which already spans traditional buyouts, defense technology, software growth equity, and evergreen private equity strategies. As part of the deal, Bow River plans to establish an evergreen venture capital strategy that integrates Spur’s investment network with its own portfolio management expertise.
Spur has also demonstrated consistent performance, delivering net distributions to investors for 11 consecutive years from 2014 through 2025 across all its funds. Following the acquisition, Spur’s team will continue to play a key role in the combined venture strategy.
Paul Gompers will remain on the investment committee, bringing more than three decades of experience in venture capital and private equity. He has authored over 200 publications and eight books on the subject. Matt Horten, who has worked closely with Gompers for nine years, will also continue in a leadership role.
Support: Deutsche Bank Securities served as exclusive financial advisor to Bow River Capital on the transaction.
KEY QUOTES:
“We’re pleased to offer investors an evergreen strategy that combines Spur’s best in class venture capital relationships and track record with Bow River’s evergreen portfolio management expertise. Our Evergreen Venture Capital strategy will provide investors with unique access to institutional-quality constrained managers in a fund structure that is increasingly popular with investors.”
Blair Richardson, Founder And Chief Executive Officer, Bow River Capital
“Through our strong venture capital relationships, we’re able to deliver unrivaled access to the innovation economy and start up ecosystem. The Bow River partnership will enable us to create a venture capital strategy that is well-suited for a wider array of investors, while providing us a platform for our continued growth and success.”
Matt Horten, Managing Director, Spur Capital
