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Legacy Fund II
Fund
Raising
2025Last updated at 2026-10-24
Grid Insight
Investment thesis
Legacy Fund II is the second employee-led buyout fund from Apis & Heritage Capital Partners. It provides mezzanine private credit to help workers form S-Corp ESOPs and buy companies with roughly $3 million to $10 million of EBITDA. Calvert Impact anchors a sidecar facility of up to $50 million of senior debt for employee-led buyouts. Named limited partners include Social Finance (through its Impact First Fund, $3 million) and Gary Community Ventures. The firm targets 3,000 worker-owners over...
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Key facts
- Status note
- Exceeded $250M committed by March 2026 against a $350M hard cap; initial close up to $85M in June 2025 with a $50M Calvert Impact senior-debt sidecar.
- Structure
- Closed-end fund
- Target raise
- $350,000,000
- Capital raised
- $250,000,000
What they finance
- Offerings
- Senior loan, Subordinated debt
- Ownership models
- ESOP
- Employee-ownership focus
- Exclusive
For investors
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Companies financed
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- Sponsor or funder
- Sponsor or funder
Curators2
People who have contributed edits to this page.
Oct 2026
Zolid AI
+750/−0•Jul 2026Ashish Agrawal+3/−0