Keystone was founded in 1994 with the goal of acquiring high quality, market-leading niche businesses; building them alongside management through organic growth and strategic acquisition. From 1994 to 2021, Keystone exclusively invested the personal capital of its partners employing a patient capital model emphasizing investment period flexibility. In 2021, Keystone closed on its debut institutional fund, Keystone Capital Fund II, LP (“Fund II”), with $420 million of capital commitments. To maintain consistency with its historical investment strategy, and align interests across all stakeholders, the principals of Keystone collectively represent the largest single investor in Fund II and the fund has been structured with an extended fund life to support investment period flexibility. Over the course of its history, Keystone has completed over 110 acquisitions across a wide range of sectors including engineering & technical services, tech-enabled services, commercial services & engineered products, and food & beverage manufacturing.