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Private Equity Firms in Minnesota

11 private equity firms are on this list. Of those that report private fund gross assets from a main office in Minnesota, Norwest Capital Advisors is the largest: $3.0 billion through Norwest Capital Advisors, LLC (filed ).

Granite Partners follows with $1.9 billion. The 11 firms counted report $9.3 billion together; the ten largest hold 100% of it, and half report less than $575 million.

Updated . Rechecked quarterly; next check . Figures read , as filed to .

Where the $9.3BN sitsThe 11 firms counted, by size. The bar is each size band's share of the combined dollars.
  1. $1BN to $5BN79%4 firms
  2. $500MM to $1BN16%2 firms
  3. Under $500MM5%5 firms

Latest Form ADV of each, filed Mar 2026 to Sep 2026. Read ; sources at the end of the page.

Private equity firms listedList of October 2026; 11 are private equity firms
11
Combined fund assets11 counted; as filed to Sep 2026
$9.3BN
Largest: Norwest Capital AdvisorsAs filed
$3.0BN
Median firmHalf of the 11 report less
$575MM
Held by the ten largestOf the $9.3BN combined
100%

Norwest Capital Advisors, Granite Partners and Truehelm lead the Minnesota private equity firms by fund assets

The ten largest by private fund gross assets on their latest Form ADV. Together they report $9.2BN, 100% of the $9.3BN the 11 counted report.

  1. 1

    Norwest Capital Advisors

    Private equity firm, Minneapolis

    $3.0BNPrivate fund gross assets, Apr 2026

    Regulatory assets
    $3.8BN
    Private funds
    12
  2. 2

    Granite Partners

    Private equity firm, St. Cloud

    $1.9BNPrivate fund gross assets, Mar 2026

    Regulatory assets
    $1.9BN
    Private funds
    3
  3. 3

    Truehelm

    Private equity firm, Bloomington

    $1.3BNPrivate fund gross assets, Aug 2026

    Regulatory assets
    $1.3BN
    Private funds
    19
  4. 4

    Shoreview Industries V

    Private equity firm, Minneapolis

    $1.2BNPrivate fund gross assets, Mar 2026

    Regulatory assets
    $1.2BN
    Private funds
    11
  5. 5

    Goldner Hawn

    Private equity firm, Minneapolis

    $899MMPrivate fund gross assets, Apr 2026

    Regulatory assets
    $899MM
    Private funds
    3
  6. 6

    Northern Lakes Capital

    Private equity firm, Minneapolis

    $575MMPrivate fund gross assets, Sep 2026

    Regulatory assets
    $575MM
    Private funds
    7
  7. 7

    Spell Capital Partners

    Private equity firm, Minneapolis

    $158MMPrivate fund gross assets, Aug 2026

    Private funds
    4
  8. 8

    Brass Ring Capital

    Private equity firm, Minnetonka

    $133MMPrivate fund gross assets, Mar 2026

    Private funds
    2
  9. 9

    Mill City Capital

    Private equity firm, Minneapolis

    $67MMPrivate fund gross assets, Mar 2026

    Private funds
    3
  10. 10

    Stone Arch Capital

    Private equity firm, Minneapolis

    $64MMPrivate fund gross assets, Mar 2026

    Private funds
    3

Gross assets of the private funds each adviser reported in its latest Form ADV. Each pin opens the filing behind the figure; the ranking rule and sources are at the end of the page. Read .

One firm holds a third of the fund assets

How the 11 firms counted spread by size: most are small, the dollars sit at the top.

Every firm on one scaleEach dot is one firm's private fund gross assets in its latest filing. Filled: advisers whose private funds are mostly private equity; open: advisers with other funds too. Dollar scale is logarithmic.
Fund assets of each of the 11 firms counted, log scaleEach dot is one adviser and links to its row. Norwest Capital Advisors $3.0BN; Granite Partners $1.9BN; Truehelm $1.3BN; median $575MM.$10MM$100MM$1BN$10BNNorwest Capital Advisors: $3.0BNGranite Partners: $1.9BNTruehelm: $1.3BNShoreview Industries V: $1.2BNGoldner Hawn: $899MMNorthern Lakes Capital: $575MMSpell Capital Partners: $158MMBrass Ring Capital: $133MMMill City Capital: $67MMStone Arch Capital: $64MMNorthern Pacific Group: $42MMNorwest Capital Advisors $3.0BNGranite Partners $1.9BNTruehelm $1.3BNMedian $575MMFund assets of each of the 11 firms counted, log scaleEach dot is one adviser and links to its row. Norwest Capital Advisors $3.0BN; Granite Partners $1.9BN; Truehelm $1.3BN; median $575MM.$10MM$1BNNorwest Capital Advisors $3.0BNMedian $575MM

One dot per firm counted. Read .

The 11 firms, by size
Under $500MM55%$463MM
$500MM to $1BN216%$1.5BN
$1BN to $5BN479%$7.3BN
$5BN to $10BN00%$0
$10BN to $25BN00%$0
$25BN and over00%$0

Fund assets each reported in its latest filing; shares are of the $9.3BN combined, one row per firm. Read .

32%

of the fund assets reported sits with one firm, Norwest Capital Advisors. The five largest hold 89%; 7 of 11 report under $1 billion.

32%Largest56%Next 411%Other 6
Who the 11 are
  1. Private equity firms11

Kind of each, from its own website and filings, checked October 2026.

Where the 11 areThe 4 places with the most firms
  1. Minneapolis8
  2. Bloomington1
  3. Minnetonka1
  4. St. Cloud1

Main office on each firm's Form ADV.

Leaders beyond the ranking

Figures the main ranking does not compare: most private funds.

Most private fundsPrivate funds each firm advises, on its latest Form ADV (Schedule D).
RankNameFigure
1Truehelm19Aug 2026
2Norwest Capital Advisors12Apr 2026
3Shoreview Industries V11Mar 2026
4Northern Lakes Capital7Sep 2026
5Northern Pacific Group4May 2026
6Spell Capital Partners4Aug 2026
7Goldner Hawn3Apr 2026
8Granite Partners3Mar 2026

The list is public. The warm path is not. Schedule a conversation

All 11 private equity firms

A to Z, with each firm's private fund gross assets, private funds, listed stocks and fund offerings, each with a pin to its filing; firms with no figure show the interests they state on their own sites.

Showing all 11 firms

Kind
Where
Size
Order
Private Equity Firms in Minnesota 11 firms, A to Z
FirmFund assetsBarPrivate fundsListed stocksFund offerings
Brass Ring Capital
Private equity firm, Minnetonka.
Detail and sources for Brass Ring Capital

Form ADV of Brass Ring Capital, Inc. (CRD 161781), exempt reporting adviser, filed , main office Minnetonka, MN: 2 private funds, $133MM gross.

Tied to this row by the CRD the list cites from the filing.

Of its 2 private funds, one is a private equity fund; the others: 1 of other kinds.

Files: SEC Form ADV.

$133MMMar 20262
Goldner Hawn
Private equity firm, Minneapolis.
Detail and sources for Goldner Hawn

Form ADV of Goldner Hawn LP (CRD 299154), SEC registered adviser, filed , main office Minneapolis, MN: regulatory assets $899MM; 3 private funds, $899MM gross; 13 employees.

Tied to this row by the CRD the list cites from the filing.

All 3 of its private funds are private equity funds. Regulatory assets on the same filing: $899MM (Item 5.F), not ranked.

Files: SEC Form ADV.

$899MMApr 20263
Granite Partners
Private equity firm, St. Cloud.
Detail and sources for Granite Partners

Form ADV of Granite Equity Partners LLC (CRD 158378), SEC registered adviser, filed , main office St. Cloud, MN: regulatory assets $1.9BN; 3 private funds, $1.9BN gross; 34 employees.

Tied to this row by the CRD the list cites from the filing.

Possible match by name only, not counted: Granite Partners, A Series of Western Frontier Master LLC (CRD 342813), exempt reporting adviser, filed , Reno, NV.

All 3 of its private funds are private equity funds. Regulatory assets on the same filing: $1.9BN (Item 5.F), not ranked.

Files: SEC Form ADV.

$1.9BNMar 20263
Mill City Capital
Private equity firm, Minneapolis.
Detail and sources for Mill City Capital

Form ADV of Mill City Capital, L.P. (CRD 162652), exempt reporting adviser, filed , main office Minneapolis, MN: 3 private funds, $67MM gross.

Tied to this row by the CRD the list cites from the filing.

All 3 of its private funds are private equity funds.

Files: SEC Form ADV.

$67MMMar 20263
Northern Lakes Capital
Private equity firm, Minneapolis.
Detail and sources for Northern Lakes Capital

Form ADV of Northern Lakes Capital, L.P. (CRD 315975), SEC registered adviser, filed , main office Minneapolis, MN: regulatory assets $575MM; 7 private funds, $575MM gross; 11 employees.

Tied to this row by the CRD the list cites from the filing.

All 7 of its private funds are private equity funds. Regulatory assets on the same filing: $575MM (Item 5.F), not ranked.

Files: SEC Form ADV.

$575MMSep 20267
Northern Pacific Group
Private equity firm, Minneapolis.
Detail and sources for Northern Pacific Group

Form ADV of Northern Pacific Group, L.P. (CRD 299012), SEC registered adviser, filed , main office Minneapolis, MN: regulatory assets $59MM; 4 private funds, $42MM gross; 3 employees.

Tied to this row by the CRD the list cites from the filing.

A second adviser lists the same website on its Form ADV: Northern Pacific Growth Investment Advisors, LLC (CRD 173350), filed , main office Minneapolis, MN: regulatory assets $59MM. Shown here only, never ranked or summed.

All 4 of its private funds are private equity funds. Regulatory assets on the same filing: $59MM (Item 5.F), not ranked. A second adviser of the same business, Northern Pacific Growth Investment Advisors, LLC, files its own Form ADV: $17MM in private fund gross assets (May 2026), not added.

Files: SEC Form ADV.

$42MMMay 20264
Norwest Capital Advisors
Private equity firm, Minneapolis.
Detail and sources for Norwest Capital Advisors

Form ADV of Norwest Capital Advisors, LLC (CRD 323642), SEC registered adviser, filed , main office Minneapolis, MN: regulatory assets $3.8BN; 12 private funds, $3.0BN gross; 40 employees.

Tied to this row by the CRD the list cites from the filing.

All 12 of its private funds are private equity funds. Regulatory assets on the same filing: $3.8BN (Item 5.F), not ranked.

Files: SEC Form ADV.

$3.0BNApr 202612
Shoreview Industries V
Private equity firm, Minneapolis.
Detail and sources for Shoreview Industries V

Form ADV of Shoreview Industries V, LLC (CRD 156686), SEC registered adviser, filed , main office Minneapolis, MN: regulatory assets $1.2BN; 11 private funds, $1.2BN gross; 19 employees.

Tied to this row by the CRD the list cites from the filing.

All 11 of its private funds are private equity funds. Regulatory assets on the same filing: $1.2BN (Item 5.F), not ranked.

Files: SEC Form ADV.

$1.2BNMar 202611
Spell Capital Partners
Private equity firm, Minneapolis.
Detail and sources for Spell Capital Partners

Form ADV of Spell Capital Partners, LLC (CRD 162258), exempt reporting adviser, filed , main office Minneapolis, MN: 4 private funds, $158MM gross.

Tied to this row by the CRD the list cites from the filing.

All 4 of its private funds are private equity funds.

Files: SEC Form ADV.

$158MMAug 20264
Stone Arch Capital
Private equity firm, Minneapolis.
Detail and sources for Stone Arch Capital

Form ADV of Stone Arch Capital, LLC (CRD 156186), exempt reporting adviser, filed , main office Minneapolis, MN: 3 private funds, $64MM gross.

Tied to this row by the CRD the list cites from the filing.

All 3 of its private funds are private equity funds.

Files: SEC Form ADV.

$64MMMar 20263
Truehelm
Private equity firm, Bloomington.
Detail and sources for Truehelm

Form ADV of Truehelm, LLC (CRD 165448), SEC registered adviser, filed , main office Bloomington, MN: regulatory assets $1.3BN; 19 private funds, $1.3BN gross; 18 employees.

Tied to this row by the CRD the list cites from the filing.

All 19 of its private funds are private equity funds. Regulatory assets on the same filing: $1.3BN (Item 5.F), not ranked.

Files: SEC Form ADV.

$1.3BNAug 202619

Fund assets are the gross assets of the private funds in the adviser's latest Form ADV (solid bar; grey when the firm is not in the totals). Listed stocks are the US listed securities a firm reports each quarter; fund offerings count the private offering notices of funds named for the firm in two years. Each pin opens the filing behind the figure. The square beside a name opens every figure with its filing and notes.

One firm holds a third of the money

Five findings from the filings of the 11 firms counted.

  1. 32%

    of the $9.3 billion the 11 firms counted report is one firm's: Norwest Capital Advisors. Without it, the other 10 report $6.3 billion.

    Fund assets, latest Form ADV of each; sums of filed figures

  2. $575MM

    is the median: half of the 11 report less, and 7 report under $1 billion.

    Fund assets, latest Form ADV of each

  3. 10

    of the 11 firms on this list have their main office in Minneapolis-St. Paul; 10 of them report $7.4 billion together, the largest Norwest Capital Advisors $3.0 billion, Truehelm $1.3 billion, Shoreview Industries V $1.2 billion.

    Main office on each Form ADV; sums of filed figures

  4. 71

    private funds are advised by the firms counted; Truehelm advises the most, 19.

    Private funds on each Form ADV (Schedule D); sums of filed figures

  5. 10

    of the 11 have their main office in Minneapolis-St. Paul; the next place is Rest of Minnesota, with 1.

    Main office on each Form ADV

Questions

How many private equity firms are there in Minnesota?

This list holds 11 private equity firms in Minnesota; 11 of them report private fund gross assets on Form ADV, $9.3 billion together.

What are the largest private equity firms in Minnesota?

By the private fund gross assets they report: Norwest Capital Advisors $3.0 billion, Granite Partners $1.9 billion, Truehelm $1.3 billion, Shoreview Industries V $1.2 billion, Goldner Hawn $899 million.

How much do private equity firms in Minnesota typically manage?

Of the 11 that report, the median reports $575 million in private fund gross assets; 7 report under $1 billion.

Which private equity firms are in Minneapolis-St. Paul?

10 of the 11 on this list have their main office in Minneapolis-St. Paul. By the private fund gross assets they report, the largest are Norwest Capital Advisors $3.0 billion, Truehelm $1.3 billion, Shoreview Industries V $1.2 billion, Goldner Hawn $899 million, Northern Lakes Capital $575 million. Choose Minneapolis-St. Paul under Where in the list to see them all.

How do you start a relationship with private equity firms in Minnesota?

Each firm on this page links to its own website, and each figure carries a pin that opens the public filing it comes from. For fund managers and companies raising capital, Praxis Rock runs capital formation programs; see Raise Capital.

Sources and method

Who is listed
11 private equity firms, 11 are private equity firms, as researched for this list; no row leaves the list.
Ranking rule
The top 10, every total, share and median, the charts and the answers to the questions use one set: the 11 advisers that report private fund gross assets in their latest SEC Form ADV, with a main office in Minnesota, that the filing itself ties to the row (the CRD the list cites, or the row's own website in Item 1.I), one figure per adviser. A name match with no such tie is shown in the row's detail only, never ranked or counted.
Our arithmetic
The $9.3BN, the median, shares, charts and boards are sums and medians of filed numbers over that one set; 0 firms with a figure outside it stay listed with the figure and the reason.
Pins
Each figure's pin opens the filing it comes from: the adviser's Form ADV as filed, or the SEC filing index of its 13F report or of the latest private offering notice (Form D). The pin's label names the source and its date.
What we searched
On we searched every firm by its website against the websites advisers list on Form ADV, by the CRD the list cites, by name for Form ADV, and by every CIK found for 13F reports, and searched private offering notices for funds named for it. Of the 11, 11 report on a current Form ADV, 0 file 13F reports (0 for a 2026 quarter with a value), 0 have funds named for them in private offering notices, and 0 more show a possible match by name only in their detail, not counted.
Words
Kinds and interests are each firm's own, from its website. No person names are shown.
Sources and dates
FigureSourcePeriod, read
Assets, private funds, client types, main office, employeesSEC Form ADV adviser data, October 2026 report, and each adviser's Form ADV as filed, 11 advisersFilings to 2026-10-01; read 2026-10-31
Listed stocksSEC EDGAR Form 13F, 0 filersLatest quarter; read 2026-10-31
Private offering notices of funds named for a firmSEC EDGAR full text search, Form D and D/A2024-10-31 to 2026-10-31
Kind, interests and websiteEach firm's own website, as researched for this listChecked 2026-10-31
LogosEach firm's own website; a monogram where none checksRead 2026-10-31

Cite as: Praxis Rock Advisors, "Private Equity Firms in Minnesota," updated October 31, 2026, praxisrock.com/resources/investors/pe-firms-minnesota

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