Expedition EquitySmall Business Fund
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Open for investment · Closes October 29, 2026

Invest in the essential businesses AI can't replace.

Expedition Equity is offering access to a portfolio of profitable, cash-flowing service companies bought at 3 to 5 times cash flow. Sign installers, electrical contractors and well drillers doing physical work that has only become more valuable.

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Expedition Small Business Fund Metrics

Targeted Returns

20.7% targeted base case IRR 26.8% upside scenario IRR 3.16x targeted equity multiple

Preferred Return

8% preferred return to all limited partners, paid before any profit share to the sponsor.

Cash on Cash

8–10% year one 10–15% year two 25%+ years four through ten Paid quarterly

Hold Period

10-year projected hold, with all invested capital expected back by the end of year five to seven.

Asset Class

Essential-service businesses with 20%+ EBITDA margins and more than ten years of operating history.

Fund Size & Minimum

$25M target raise $50K minimum investment

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Why essential-service businesses are a smart investment

Roughly 11,000 Americans turn 65 every day and 7.7 million businesses will change hands over the next decade, while the physical trades that keep those businesses running are losing workers faster than they can replace them. Here is why Expedition Equity has chosen to bring this opportunity to investors.

Bought Below Market

These companies trade at 3 to 5 times cash flow while the S&P trades near 20 times. A 3.5x purchase multiple is the equivalent of a 28% cap rate.

Work That Can't Be Automated

About 57% of US work hours are technically automatable today, but almost none of that touches a crew installing a canopy or drilling a well.

A Shrinking Labor Pool

Around 41% of the construction workforce retires by 2031, and 349,000 net new workers are needed in 2026 alone. Scarcity raises what these businesses are worth.

Owners With No Exit Plan

70% of owners will exit within ten years and 80% never successfully transition or sell. That gap is where the buying happens.

Discipline at the top of the funnel

In the most recent quarter, 593 opportunities produced five executed letters of intent. That is 0.84% of everything that crossed the desk.

Every deal goes through a third-party quality of earnings review, industry advisors and a full due diligence checklist before capital moves.

What your investment could return

Every figure below comes from the fund's own underwriting, scaled from the $100,000 model in the offering deck. Distributions are quarterly, 45 days after each quarter closes.

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Below the $50,000 minimum. Figures shown for reference.

Scenario

$315,999Total returned over 10 years
3.16×Equity multiple
20.7%10-year IRR
$216,607Cash distributions during the hold
$99,392Proceeds at sale in year 10
$8,721Year 1 cash distribution
10.0%Annual yield on capital still invested

Cash to you, year by year

Base case, per $100,000 invested.

Income on capital Return of your capital Proceeds at sale

Illustrative projections drawn from the sponsor's underwriting, shown net of fees. Not guarantees, and actual results will differ. All invested capital is expected back by the end of year five to seven, after which distributions represent profit on capital you no longer have at risk.

What happens after the purchase

A partner is assigned to every company and is accountable for daily operations until a permanent operator is hired. The first year is spent on the unglamorous work.

A portfolio already built and already paying

Seven companies across gas station signage, specialized electrical contracting, water well drilling and medical imaging service. Five acquired, two under letter of intent.

Distributions Since Inception

20.74% distributed to date, against 6.19% for the US 3-month Treasury over the same period.

Conservative Leverage

50% loan to value or less across the fund, fully amortized. A bad year does not become a forced sale.

Sponsor Capital At Risk

$1,092,914 of the sponsor's own money is in the fund, roughly 7% of capital raised.

A Real Downside Case

Even with a third of the portfolio bankrupt in year three, the modeled outcome returns 12.8% IRR and 2.23x.

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Four industries, one thesis

Every company in the portfolio does work that has to happen in a physical place, for customers who cannot easily switch.

Meet the sponsor

Why Expedition Equity is offering this fund

Small business acquisition sits outside what most investors can reach on their own. Here is what made this one worth bringing to you.

Operators, Not Allocators

A partner runs each company day to day until a permanent operator is hired. Nobody is managing this from a spreadsheet.

Proof Before The Raise

Five companies already acquired and distributions already paid, rather than a blind pool and a promise.

Priced For The Downside

Purchase multiples of 3 to 5 times cash flow leave room for things to go wrong and still work.

Aligned Incentives

An 8% preferred return to limited partners comes first, and the sponsor has over a million dollars of its own capital at risk.

Frequently asked questions

What is the Expedition Small Business Fund?

A fund that acquires profitable, established service businesses with more than ten years of operating history and EBITDA margins above 20%. Rather than buying real estate or lending against it, you own a share of operating companies that generate cash from day one.

What are the projected returns?

The base case models a 20.7% IRR and a 3.16x equity multiple over a ten-year hold, with projected cash-on-cash of 8 to 10% in year one rising to 25%+ by year four. The upside case models 26.8% and 5.04x.

When do I start receiving distributions?

Distributions are paid quarterly, 45 days after each quarter closes. All invested capital is expected to be returned by the end of year five to seven, and distributions after that point represent profit on money no longer at risk.

Why hold for ten years?

The value comes from operating improvement rather than financial engineering. Raising prices, building a sales function where none existed and installing real systems takes years to compound into EBITDA, and the exit multiple follows the EBITDA. A shorter hold would force a sale before that work has paid off.

What happens if some of these companies fail?

The downside case assumes a third of the portfolio goes bankrupt in year three, revenue shrinks 3% annually, and the remainder sells at 3.5 times in year ten. That case still models a 12.8% IRR and returns 2.23 times capital. Leverage is held at 50% loan-to-value or less and fully amortized.

How are companies selected?

The filter is EBITDA between $750,000 and $3 million, margins above 20%, a purchase multiple of 3 to 5 times, and at least ten years of operating history. In the most recent quarter, 593 opportunities produced five executed letters of intent.

Who can invest?

This offering is open to accredited investors. Accreditation verification is completed as part of the subscription process, before funds are wired. The minimum investment is $50,000.

The fund is open until October 29.

Five companies already in the portfolio, two more under letter of intent, an 8% preferred return to all limited partners, and a $50,000 minimum.

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