Madison River Capital (MRC) has closed its inaugural institutional fund at over $370 million, targeting healthcare services, industrials, and business services sectors. Established in 2022, MRC spun out from Jefferson River Capital, the family office of Tony James, former COO of Blackstone. Led by David Wittels, MRC emphasizes operational excellence to help businesses achieve growth. The fund’s limited partners include family offices and institutional investors, and legal counsel was provided by Gibson Dunn & Crutcher LLP. Wittels highlighted their focus on enhancing underdeveloped functional areas in the businesses they invest in.