Keystone Capital

General contacts

Investor type

PE / VC

Founded

1994

AUM

$1 000 M

Location

Chicago, Illinois, United States

Investment Ticket

$10-50 m

Investment Stage

Pre-seed Seed Series A Series B Late Stage (Series C+)

Region of investment

North America

Investor profile last updated: 16 August, 2026

Profile

Keystone Capital is a private equity firm based in Chicago, founded in 1994. The firm was established by its founders who initially acquired and grew a niche business services company. The team is characterized by a collaborative approach, emphasizing operational partnership with management teams. Keystone Capital prides itself on its loyalty and commitment to its portfolio companies, focusing on long-term relationships rather than short-term gains.

Keystone Capital invests in a broad range of industries, including Business Services (B2B), Financial Services, and Consumer Products. The firm operates with a patient capital approach, with a primary focus on partnering with existing management to scale businesses organically and through acquisitions. Keystone Capital had previously raised two funds exceeding $1 billion in commitments, with its employees being the largest investors.

Some of the notable companies in their portfolio include Rimkus - engineering consulting, CareerSpring - nonprofit career advising, and Tribute Bakery - wholesale bakery solutions. Keystone is known for its hands-on approach and fostering a strong partnership with the management teams of its portfolio companies.

Industry

Industrial HealthTech Business Services (B2B) Consumer Products Financial Services Fintech Healthcare Services Real Estate Energy Telecommunications SaaS Software

Keystone Capital Funds

Name	Type	Industry	Stage	Region	Size	AUM	Launch date
Keystone Venture V	Venture Capital (VC)	Financial Services Fintech Healthcare Services Real Estate Energy HealthTech	Pre-seed Seed	North America	$5-10 m	$102 M	February 2000
Keystone Capital Fund II	Private Equity (PE)	Financial Services Fintech Healthcare Services Real Estate Telecommunications Energy HealthTech	Pre-seed Seed	North America	$5-10 m	$420 M	June 2021
Keystone Fund III	Private Equity (PE)	Healthcare Services Real Estate SaaS Software Telecommunications Energy HealthTech	Series B Late Stage (Series C+)	North America	$5-10 m	$630 M	February 2024

Contacts

Name

Title

Social Networks

Scott Gwilliam Managing Partner

Managing Partner

s•••@•••

Matt Blanks Vice President

Vice President

m•••@•••

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Investment-team contacts for Keystone Capital — including verified work emails and LinkedIn profiles — are available to Private Equity List subscribers.
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Contacts sourced from the firm's website and LinkedIn, re-verified on a rolling cycle. Spot a stale contact, or none at all? Report it — we re-run that firm within 48h and get back to you.

FAQs about Keystone Capital

Is Keystone Capital a venture capital or private equity firm?

Keystone Capital is a venture capital and private equity firm. It backs companies at Pre-seed, Seed, Series A, Series B and Late Stage (Series C+), writing tickets of $10-50 m.

Where is Keystone Capital located?

Keystone Capital is located in Chicago, Illinois, United States.

When was Keystone Capital founded?

Keystone Capital was founded in 1994.

What sectors and industries does Keystone Capital invest in?

Keystone Capital invests in companies and startups in Industrial, HealthTech, Business Services (B2B), Consumer Products, Financial Services, Fintech, Healthcare Services, Real Estate, Energy, Telecommunications, SaaS, Software.

What is Keystone Capital geographical focus of investments?

Keystone Capital invests in companies and startups in North America.

At what stages of companies and startups does Keystone Capital typically invest in?

Keystone Capital invests in companies and startups at Pre-seed, Seed, Series A, Series B, Late Stage (Series C+).

What is the usual amount of Keystone Capital investment?

Keystone Capital usually invests $10-50 m on average.

What is the amount of assets of under management (AUM) for Keystone Capital?

Keystone Capital has around $1 000m assets under management.

When was Keystone Capital last fund created?

Keystone Capital last fund was created/launched in 2024-02-20

What are the contacts of Keystone Capital?

Keystone Capital can be reached through its website keystonecapital.com and its LinkedIn page. Its general enquiries address is [email protected]. Cold-mailing a general inbox rarely reaches a partner, so Private Equity List also lists the investment-team contacts for Keystone Capital — names, roles, verified work emails and LinkedIn profiles — available on a Pro plan from $129/month (see pricing). Contacts are sourced from the firm's website and LinkedIn and re-verified on a rolling cycle. Spot a stale contact, or none at all? Report it — we re-run that firm within 48h and get back to you.

Can I access Keystone Capital data via API or MCP?

Yes. Every field on this page — profile, funds, investment criteria, portfolio and investment-team contacts — is available programmatically through the Private Equity List REST API and MCP server, so AI assistants such as Claude and ChatGPT can query Keystone Capital directly instead of scraping this page. One subscription covers both the web app and machine access — see API & MCP.

When was the Keystone Capital profile last updated?

Private Equity List re-verifies investor profiles on a rolling cycle, pulling from the firm's own website and LinkedIn rather than a one-off import. This profile was last updated on 16 August, 2026. Something out of date here? Report it — we re-run that firm within 48h and get back to you.