3 Nov 2025
Investcorp, a leading global alternative investment firm, today announced that its Strategic Capital Group (ISCG) has published “The Ownership Advantage: Bringing Shared Ownership to the Middle Market”, in partnership with Ownership Works (O.W.), a nonprofit organization that works with companies and investors to provide all employees with the opportunity to build wealth at work.
The white paper leverages the shared ownership models popularized by large cap private equity firms into a practical roadmap for smaller general partners (GPs) to broaden the adoption of equity ownership programs to the middle market. Drawing on data and case studies from more than 160 programs launched by Ownership Works across more than 15 industries and 20 countries, the paper shows how these programs contribute to adding value to both the portfolio company and investor, while creating meaningful wealth-building opportunities for employees and their families. Preliminary data indicates that investments involving shared ownership programs achieve an average multiple of invested capital that are higher than the market median, while often improving margins and decreasing employee turnover.
“Despite growing evidence of its benefits, shared ownership remains significantly underutilized by portfolio companies of middle market GPs,” said Tim Osnabrug, Investment Partner, and Ravi Thakur, COO & GP Development Partner, at Investcorp Strategic Capital Group, the co-authors of the paper. “This paper dispels common misconceptions about these programs’ complexity and cost, while demonstrating how they can be a real win for all involved: employees, management, private equity firms, and fund investors.”
Beyond portfolio performance, the paper highlights shared ownership as a powerful differentiation tool for middle market managers competing for capital and deal flow. By embedding shared ownership programs into their investment approach, GPs can strengthen alignment with management teams, demonstrate sustainable value creation to LPs, and stand out in an increasingly competitive fundraising environment.
“This paper not only provides a framework for how middle market GPs can create value building programs within their portfolios, but also addresses a major societal issue of our time – wealth inequality,” said Ed Felenbok, Senior Director, Client Advisory Services at Ownership Works. “With many Americans unable to cover a single emergency expense, shared ownership programs offer a practical pathway to improve financial wellness for employees while driving operational excellence for companies.”
As the first GP staking business to partner with Ownership Works, ISCG brings institutional-grade capabilities typically reserved for large cap firms to middle market GPs. ISCG and Ownership Works announced their partnership in November 2024 to accelerate OW’s shared ownership movement in private equity’s middle market.