Raise Capital
The operation behind your raise, for companies and for funds.
Ends in Investors who commit.
One fund manager's program, drawn to count: 99 institutions, 867 people found, 768 checked. Ties are illustrative.
Through the noise, to the people who decide.
Praxis Rock Advisors is a New York firm that runs capital formation, deal origination, business development, diligence and market map programs for private-market firms.
We help private-market firms raise capital, source acquisitions and win customers, and we research the markets and deals behind them.
The market never sees us. It sees you.
Senior partners lead it, on systems we built ourselves.
Your firm
The people who decideFrom our own past
conversationsTwo careers that
overlap in the filingsThe same years, from
public profilesBoth named in one
round's filing
conversationsTwo careers that
overlap in the filingsThe same years, from
public profilesBoth named in one
round's filing
The owner, verifiedFrom our own past
conversationsThe same years, from
public profilesTwo careers that
overlap in the filingsBoth named in one
round's filing
conversationsThe same years, from
public profilesTwo careers that
overlap in the filingsBoth named in one
round's filing
Customers and partners who signFrom our own past
conversationsTwo careers that
overlap in the filingsBoth named in one
round's filingThe same years, from
public profiles
conversationsTwo careers that
overlap in the filingsBoth named in one
round's filingThe same years, from
public profiles
Top targetsFrom our own past
conversationsBoth named in one
round's filingTwo careers that
overlap in the filingsThe same years, from
public profiles
conversationsBoth named in one
round's filingTwo careers that
overlap in the filingsThe same years, from
public profiles
Your decisionFrom our own past
conversationsThe same years, from
public profilesBoth named in one
round's filingTwo careers that
overlap in the filings
conversationsThe same years, from
public profilesBoth named in one
round's filingTwo careers that
overlap in the filings
Your firm
The people who decideFrom our own past
conversationsTwo careers that
overlap in the filingsThe same years, from
public profilesBoth named in one
round's filing
conversationsTwo careers that
overlap in the filingsThe same years, from
public profilesBoth named in one
round's filing
The owner, verifiedFrom our own past
conversationsThe same years, from
public profilesTwo careers that
overlap in the filingsBoth named in one
round's filing
conversationsThe same years, from
public profilesTwo careers that
overlap in the filingsBoth named in one
round's filing
Customers and partners who signFrom our own past
conversationsTwo careers that
overlap in the filingsBoth named in one
round's filingThe same years, from
public profiles
conversationsTwo careers that
overlap in the filingsBoth named in one
round's filingThe same years, from
public profiles
Top targetsFrom our own past
conversationsBoth named in one
round's filingTwo careers that
overlap in the filingsThe same years, from
public profiles
conversationsBoth named in one
round's filingTwo careers that
overlap in the filingsThe same years, from
public profiles
Your decisionFrom our own past
conversationsThe same years, from
public profilesBoth named in one
round's filingTwo careers that
overlap in the filings
conversationsThe same years, from
public profilesBoth named in one
round's filingTwo careers that
overlap in the filings
- Same school
- Worked at
- Co-invested
- Shared history
- Spoken to
What we do
What are you working on?
Source Deals
The whole niche, not a list.
Ends in The company you buy.
One UK industrial niche. 1 mark is 25 companies: 12,410 fit, 12,066 with directors named, 10,136 never approached.
Grow Revenue
Everyone who could bring you revenue, not just buyers.
Ends in Customers and partners who sign.
One client's market. 1 mark is 250: 140,182 licensed businesses, 109,634 verified contacts.
Map the Market
Know the market before you commit to it.
Ends in A verdict on the thesis, the figures sourced, and a short list of potential targets.
One healthcare services market, drawn to count: 817 firms mapped, the 32 best targets solid.
Underwrite and Diligence
What the numbers do not show.
Ends in A decision made on the record, with the issues to act on before close.
One data room, drawn to count: 42 files read. Earnings were stated three ways.
Our own data
Anyone can buy a list. No one can buy the answers.
A tool finds a page. We find the person, know the market, remember every conversation and follow up.
Depth Breadth Read, matched, checked Named decision-maker Why they fit Warm path Source and date The people who decide
Illustrative drawing.
45K+ investor conversations, from raising for our own funds and running raises for our clients
- 1 mark is 100 conversations
Counted only where an investor wrote back, declines included.
Praxis Rock conversation record since 2016Counted October 2026
Each answer, yes or no, shows who decides and what they back now. No list sells that.
The public record, read in full.
- 14.6MMForm 5500 filings: the pension and retirement plans that invest, 2009 to 2025
- 3.4MMlegal entities on the global register, from nearly every country
- 1.9MMnonprofit returns: the foundations and endowments that invest
- 930K+SBA loans: the smaller companies borrowing to grow
- 24Kregistered investment advisers
- 719state record systems mapped, across all 50 states
- Business registers
- All 50 states
Praxis Rock state record searches, counted by state. November 2026
Plus Form D offerings, 13F holdings, EDGAR filings, federal contracts and grants, and campaign-finance filings, kept in our own warehouse on a schedule rather than licensed from a directory. We also read 80+ primary public record sources live, official company registers in 25+ countries and territories among them.
Every program makes the next one sharper.
The first program in a sector teaches us who in it answers, what they ask and why they pass. The next one starts from that knowledge of the market, so it reaches the right people sooner.
The problem
Someone already knows the person you want to reach. We start there.
Every channel is more crowded than it was. More outreach lands every week, conference rooms are fuller, every call competes with ten others. Reaching someone has never been easier; being heard has never been harder. Investing, buying and partnering still come down to trust, so before the first note goes out, we look for the person who already trusts you.
“Nobody wants to talk to an intermediary. They want to talk to the principals.”
Your firm Mutual contact you confirm The decision-maker
- Your warm path
- In conversation with you
- Co-invested, from filings
- Shared board
Illustrative drawing.
- From
- [Your firm]
- To
- [The decision-maker]
[First name],
Your fund and ours were both in [Company]'s 2021 round, and we have followed it closely since. [The specific reason to talk.]
[Your name]
Why this line
A shared investment: both firms named in [Company]'s 2021 round, from its filings and the round's announcement.
Goes out under your name. No Praxis mark.
The Relationship Graph
Co-investments and shared boards from the filings, the same employers and schools, your own network and the people already in conversation with you, joined into one map of who knows whom. 2.5MM+ people in the relationship graph.
The approach
Every channel, run as one program.
One note is easy to ignore. A name they have read in the press, met at a conference and heard about from someone they trust is not.
We run every channel as one program, in order: the data finds them, the research explains them, the story reaches them first, and the warm path or a note written for that one person opens the conversation. All of it runs under your name and brand: if your name opens doors, we use it; if it is not known yet, our reach and the press get it heard.
Find them Before the note The ask Follow-through
Know them
- Data Our own investor data first, checked against every filing and registry: every fund, firm, company or asset in scope, worldwide. The right person named, and what people like them tend to ask.
- Research Each person: what they have backed, filed and said, and why now. For a thesis, the sector itself.
Be known
- Materials Positioning, pitch and LP decks, teasers, one-pagers, review of your own CIM or OM, brand and web pages.
- Content Bylines, posts and research under your name, so the name is familiar.
- Press Press and commentary, so they know the name before the approach.
- Conferences Which conferences matter, who will be there, and meetings set before you arrive.
- Events and dinners Hosted evenings, and Echelon, our off-the-record dinners for principals.
Reach them
- Warm network Our relationship graph finds the paths you didn't know you had: the boards, schools, employers and deals your team shares with each investor.
- Notes written for one person Each one built from sourced facts about that person.
- Follow-through Paced follow-up, one contact per firm at a time, every conversation tracked to a meeting, and a brief before every call.
The commitment
Three groups, ten channels, one line through the meeting to the commitment.
Illustrative drawing.
Proof
Three engagements, and how the work was done.
Client names withheld. Every figure from the client file.
Raise Capital
768 investment staff verified, at 97 of 99 target institutions
Client program file, anonymized. June 2026.
A fund manager's institutional investor program.
Read the case
The brief
A list of mid-size institutions the fund wanted to reach.
Find
867 people found across all of them, from team pages, investor-relations pages and public filings.
Check the history
Every name checked against prior outreach, so no one was approached twice.
Verify
Three skeptical sample audits, then every name re-checked. 99 removed: wrong employer, or not an investment role.
Deliver
The investment staff at every institution that has an in-house investment team.
Source Deals
12,410 registered companies in one UK industrial niche, every one read from the national registry
- 1 mark is 100 companies
- 10,136 had never been approached
Client program file, UK origination program, anonymized; from the national company registry.June 2026 file
An acquirer's UK origination program.
Read the case
The brief
Every UK company that makes small, mission-critical parts: valves, pumps, bearings, seals.
Read the registry
The niche defined as 31 industry codes, and every active company in them read from the national registry: about 40,000.
Read each company
Each company's own website read to confirm what it makes. The companies that fit were kept.
Name the people
32,774 directors named from the registry, at 12,066 of the companies.
Clear the history
Every company the client had already approached set aside: 10,136 had never been approached.
Underwrite and Diligence
9 issues
25 data-room requests
9 issues to act on before close, each tied to a data-room request
Praxis Rock diligence brief, one investor-side review of a sponsor's offering memorandum under LOI, anonymized.September 2026
An investor-side review of a sponsor's offering memorandum, under LOI.
Read the case
The starting point
The sponsor's memorandum and model for its investors, and its own research on the category.
Read the record
Customers' own filings, federal contracts, state registries, court dockets, patents, export rules and earlier versions of the company's website.
Rebuild the model
The financial model rebuilt from the memorandum, then run on the downside cases.
Challenge every finding
Independent reviewers tried to break each finding before it reached the client.
Deliver
The issues, 25 data-room requests each tied to a finding, and 48 ranked add-on candidates.
The catch
What they claimed, and what the record showed.
Before we take on a client, and before a client commits to a deal, we test what we are told against the registers that would have to agree. Three things that turned up.
Claimed
“A government innovation award.”
The record
The awarding body's own register had no such award. The one award on file was a fraction of the size.
Read from the federal award register and the program's own records, one of 25 marketing claims checked.
Claimed
“A current executive role at a named institution.”
The record
The institution had closed two decades earlier, and the regulator's record of the person's career showed no such role.
Read from the regulator's career record and the institution's closure record.
Claimed
“A fully permitted plant.”
The record
The regulator's own decision had moved the approval to an unrelated company, and the project company had been dissolved while it was still being marketed.
Read from company registries in three jurisdictions, the regulator's decisions, county records and the federal court docket.
Your decision
How the permit case was found
Read the case
Company registries
Officers, formation and dissolution dates, pulled in three jurisdictions. The project company had been dissolved months earlier.
The regulator
Its register sits behind a login; its published decisions do not. The approval had moved to another company, and the company we were checking was not named.
County records
Meeting packets showed the permit in the United States had gone to a different operator.
The federal docket
Read in full, not from press coverage: the company and its CEO were defendants in a fraudulent-transfer case.
The patent office
The patented cooling system was two abandoned applications, held by the CEO personally.
The lien search
A UCC search run by hand turned up a second secured lender.
The absence, proved
Where a search returned nothing, we showed where the name would sit in the register's own listing, and that it was not there.
This file was on a company that asked us to raise capital for it. We run the same checks before we take on a client, and we turned this one down.
Who we are
Principals and capital markets veterans, with a research operation we built ourselves.
Partners' prior firms include JPMorgan, Bank of America, Royal Bank of Scotland, The Carlyle Group, Deutsche Bank and the World Bank.
100+clients55+sectors
The team
We have sat on your side of the table. Our partners came up on institutional capital markets teams and worked as principals: running a quantitative hedge fund and raising capital for its funds, and sourcing acquisitions as an independent sponsor. We know what an investor skips, what an owner answers and what an investment committee asks.
Jeff Baehr
Founder & CEOFounded and ran Empiric Asset Management, a quantitative hedge fund manager, and raised capital for its funds. Then ran an independent sponsor and merchant bank, invested as a principal in hedge funds and private equity, and built the research systems Praxis runs on. Earlier at The Carlyle Group, Deutsche Bank and the World Bank.
Stephen Frangione
Partner25+ years in institutional capital markets at JPMorgan, Bank of America and Royal Bank of Scotland.
Genine Fallon
Partner20+ years in investor relations, capital formation and strategic communications. Leads press, content and Echelon.
David Nanidzhanyan
PartnerFormer Director of Research at Empiric Asset Management.
How to work with us
Four ways to run a program.
You choose how much of the operation you run. The research behind it does not change.
You Run It
In your workspace
YouOur team
Your own private workspace on The Praxis Rock Platform, walled off for your engagement: your researched targets, every approach drafted for you to edit, and the whole history in one place. Your team takes it out under its own name.
Who runs it: your team
We Build, You Run
On your own tools
YouOur team
Verified, individually written approaches, built for the tools your team already uses.
Who runs it: your team
We Run It
Across every channel
YouOur team
Our team runs the program under your firm's name, and every conversation goes to you.
Who runs it: we do, under your firm's name
Both
Side by side
YouOur team
Your partners take the priority names, our team covers the rest, and you see one pipeline.
Who runs it: both
Illustrative drawing.
The systems behind every door
Built here. The research stack we wrote because the standard tools failed us.
We built the systems that read the filings, registries, dockets and servicer reports nobody reads in full, from the primary record, and a senior partner decides what they mean.
Know
- The Record Mirror
- Our own copy of the federal filings that matter to private markets, plus a map of every state's business, lien, court and licensing systems.
- The Allocator Model
- Every investor read two ways: what the firm's mandate allows, and what this person can actually decide, on the GP side or the LP side. A partner confirms the close calls.
- The Relationship Graph
- A graph database of who knows whom, read from the record and your network.
Prove
- The Evidence Spine
- Sources captured and fingerprinted, numbers locked to the page they came from, quotes checked word for word. A report ships only when its claims pass.
- Cross-Examination
- Rival review systems, each blind to the others, check material work. Every finding is kept, and a named partner signs off.
Improve
- The Proving Ground
- A change to how we work ships only if it beats the old way on a test held back from the people who made it.
Source captured and fingerprinted Claim derived Quote re-checked at the source Conflicts logged, never averaged The page Fails re-check. Cut.
Praxis Rock method.October 2026
Data is a means to an end, not an end in itself.
Every door starts from the same research and ends in a commitment or a decision, not a report.
Research
Research we publish.
Investors
Is this an investor? Why a title is not a mandate.
MethodEvery number, traced: how a 200-page report stays auditable.
Public recordsWhat the 50 states publish: every record system, mapped.
Marks vs. Prices
The Insights letter. Nothing is gated behind it.
Entry price is the governing variable.Liquidity exists at a price.DPI is trust.
The message comes from you.The market work comes from us.The relationships stay yours.
Schedule a conversationOne written fixed fee, scoped before you commit.
Updated
Or skip the call and judge us on the work.
- One deckWe send back how an allocator reads it.
- One thesisWe send back a verdict and where to hunt.
- One CIM or assetWe send back the issues to act on before close.
- One target listWe send back what the registry says you are missing.
Sources and dates Every figure and graphic on this page
| Item | Source | As of |
|---|---|---|
| Hero graphic | Praxis Rock method. A diagram, not data; the noise field is drawn, not measured. | October 2026 |
| The five small drawings under the hero graphic | Client program files, anonymized; one case per lane, drawn to count. | April to September 2026, by case |
| 100+ clients, 55+ sectors | Praxis Rock firm records. | October 2026 |
| 45K+ investor conversations | Praxis Rock conversation record since 2016: threads in which an investor-side person wrote back, declines included; for programs since 2023 the investor side is inferred from the mandate. A floor after audit adjustments, counted October 2026. | October 2026 |
| 719 state record systems mapped | Praxis Rock state public-data map, 50 states. | October 2026 |
| 80+ primary public record sources read live; company registers in 25+ countries and territories | Praxis Rock connection inventory, counted source by source; primary sources only. | November 2026 |
| 14.6MM Form 5500 filings, 2009 to 2025; 24K registered investment advisers | Praxis Rock warehouse loads of DOL Form 5500 and SEC Form ADV. | October 2026 |
| 3.4MM legal entities | Praxis Rock warehouse load of the GLEIF global legal-entity register. | August 2026 |
| 1.9MM nonprofit returns | Praxis Rock warehouse load of IRS Form 990 returns. | September 2026 |
| 930K+ SBA loans | Praxis Rock load of SBA 7(a) and 504 loan data. | June 2026 |
| The line, the strongest path, the program score, the four ways and the draft note | Illustrative. No client data; the draft note is a sample and [Company] is a placeholder. The score shows order, not a schedule. | November 2026 |
| 2.5MM+ people in the relationship graph | Praxis Rock count of the people held in the relationship graph. | November 2026 |
| 768 investment staff, 97 of 99 institutions, 867 found, 99 removed | Client program file, one fund manager's institutional investor program, anonymized. | June 2026 |
| 12,410 companies, about 40,000 read, 32,774 directors at 12,066 companies, 10,136 never approached | Client program file, UK origination program, anonymized; from the national company registry. | June 2026 file |
| 140,182 licensed businesses, 109,634 verified contacts | Praxis Rock database built for one client's market: state license records matched to the businesses behind them, with verified contacts. Anonymized. | |
| 817 firms mapped, the 32 best targets | Praxis Rock map of the firms that help drug makers sell their medicines, with the 149 acquisitions made from 2018 to 2026 by the 12 groups buying the sector up, built for one healthcare investor. | April 2026 |
| 42 files read | Praxis engagement file. | September 2026 |
| 9 issues, 25 data-room requests, 48 add-on candidates | Praxis Rock diligence brief, one investor-side review of a sponsor's offering memorandum under LOI, anonymized. | September 2026 |
| The catch: three claims and the permit walk-through | Public registers, regulator decisions, county records and court dockets, checked during diligence and client intake. Anonymized. | 2026 |