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We invest in education, workforce, healthcare services, and other people-intensive businesses.
We focus on sectors where recruiting, education, training, retention, and workforce productivity are core drivers of value creation.
We partner with founders, owners, and investors in situations ranging from succession to recapitalization to complex transitions where active operator leadership can create clarity, stability, and growth.
Operator-led investing in sectors where talent and execution matter most.
Investment Criteria
We focus on opportunities where our operator background and workforce pattern recognition can create disproportionate value.
EBITDA: $2–7M EBITDA; for software EBITDA $1M or clear path to sustainable profitability
Industries: Education, workforce, healthcare services, staffing, and other people-intensive businesses
Geography: North America
Situations: Ownership transitions, recapitalizations, carve-outs, and other complex but solvable situations requiring active leadership
Ownership: Majority control; rollover equity welcome
Attributes: Durable demand, low customer concentration, recurring or highly visible revenue, strong service culture, and opportunities to improve systems, talent, or go-to-market execution
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How We Are Different
1. Operator-led stewardship
We ensure leadership coverage from Day 1. When the situation requires it, Raj serves as interim CEO; otherwise, we retain, elevate, or recruit the right leader while True Path provides active operator oversight.
Our edge is not passive ownership. It is practical execution shaped by real experience scaling businesses, improving margins, and leading through complexity.
Our founder has doubled revenue twice ($28M→$57M and $32M→$68M) while improving margins, led successful exits to strategic acquirers, and managed distributed teams of 100+ across 12 countries—including navigating a business through COVID and the Ukraine war with 83% of technical staff in conflict zones.
2. Deep pattern recognition in education and people-intensive sectors
Raj has spent more than 20 years investing in, leading, and advising businesses in education and other people-intensive sectors. That experience provides more than familiarity with the space. It creates practical pattern recognition around customer behavior, workforce dynamics, regulatory complexity, operating bottlenecks, and the levers that actually drive enterprise value.
3. Networks Built Over Decades
We leverage deep access through YPO and Harvard Business School networks to source talent, advisors, customers, and capital that accelerate growth and strengthen governance.
4. Comfort with complexity
We are comfortable in situations that require more than passive capital, including leadership gaps, under-managed operations, uneven growth, or ownership misalignment. We focus on businesses with fixable complexity, not broken fundamentals.
5. Aligned capital
We invest personal capital alongside our investors and focus on building stronger businesses over time.
We are not trying to financial-engineer our way to an exit. We create value through leadership, systems, and strategic growth.
Our Operating Approach
Preserve what works. Upgrade what matters. Build for durable growth.
We invest in businesses where operational excellence around people, systems, and execution can materially improve performance. Our first step is understanding what already works well: the team, the culture, the customer relationships, and the model that created value to date.
Then we systematically strengthen the foundation:
Months 1-3: Listen and Learn
Deep dive with leadership team and frontline employees
Identify what's working well and should be preserved
Understand pain points and bottlenecks from those doing the work
Align on long-term vision, near-term priorities, and clear accountability
Months 4-12: Strengthen Systems
Implement EOS and operating cadence where appropriate
Improve financial visibility and operating dashboards
Upgrade talent, systems, and processes in critical areas
Invest behind the highest-conviction growth and margin opportunities
Year 2+: Strategic Growth
Launch new products or services that fit the company's DNA
Expand into adjacent markets where we have natural advantages
Build repeatable sales and marketing processes
Develop next-generation leadership from within
We make changes deliberately, with input from the team - not by decree from above.
For employees reading this: We know transitions create uncertainty. Here's our track record: in our last company, we maintained top quintile employee engagement with best-in-class turnover (7.6% annually) while growing revenue from $32M to $68M. We keep good people, give them better tools, and create shared upside through equity participation.
For Founders & Owners
You get a battle-tested operator, not a financial engineer, who ensures strong leadership from Day 1 - often by partnering with and empowering your existing team, and stepping in directly only when the situation requires it. Key employees stay and participate in upside. Customer relationships remain stable. The business continues - stronger and more valuable.
For Investors
We target lower middle market businesses where leadership and operational execution can materially improve outcomes.
Our focus is on sectors where talent, service quality, systems, and accountability are core drivers of enterprise value. We bring operator-led execution, disciplined governance, and a clear value creation plan to every investment.
Sector Focused. EOS-Driven. Built to Last.
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Our Founder
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Raj Kaji
Raj Kaji is the founder of True Path Capital, an operator-led independent sponsor focused on education, workforce, healthcare services, and other people-intensive businesses where leadership, talent, and operating rigor drive value creation.
He brings two decades of experience across investment banking, private equity, and CEO leadership, with a track record of scaling businesses, improving margins, leading through complexity, and executing successful exits.
Raj’s background includes:
Leading businesses through growth, operational improvement, and strategic transition
Experience in M&A, capital formation, and value creation planning
Experience across B2B services, B2C, software, and services
Building performance through product expansion, stronger go-to-market execution, and disciplined operations
Raj is also a frequent writer and speaker on how AI is reshaping education, work, and organizational design, perspectives that inform True Path’s investment judgment and value creation approach.
Education: MBA, Harvard Business School; BS, NYU Stern
Member of YPO. Chair for the Education & Workforce Community within YPO. Co-Founder and administrator EOS Group within YPO
Raj lives in Westchester with his wife and two kids. Outside of work, he's usually cycling (century ride completer), behind a camera, or rewatching classic films (Kubrick to contemporary).
[ process ]A clear, transparent path from first conversation to close:
Initial Conversation + NDA
Understand the business, ownership goals, and fitPreliminary Review
Review financials, operations, customer profile, and leadership needsStructure + Capital Plan
Align on valuation approach, transaction structure, and funding pathDiligence
Financial, legal, commercial, and operational diligence with a focus on execution risk and leadership continuityClose + Value Creation Launch
Transition ownership smoothly, confirm leadership coverage, and begin the operating plan
[ submit an opportunity ]Submit An Opportunity
We welcome conversations with founders, advisors, bankers, brokers, and investors who know of businesses that fit our focus.
We are especially interested in opportunities across:
Education and workforce
Healthcare services
Staffing and labor-constrained service models
Other people-intensive businesses where operational leadership can create substantial value
We are interested in both straightforward ownership transitions and more complex situations involving leadership change, operational inefficiency, shareholder misalignment, or other solvable complications.