Entrepreneurial Equity Partners, L.P. (together with its fund general partners (unless otherwise
specified), “e2p” or the “Firm”), a Delaware limited partnership, is a private equity firm based in
Chicago. Founded in 2018, e2p makes investments in the consumer/food industry with a particular
focus on the private label/contract manufacturing, branded products and foodservice segments. In
addition to its internal team, e2p leverages its proprietary, formalized network of sector experts,
business owners/entrepreneurs and executives in the food industry (the “e2p Ecosystem”), as well as
e2p’s significant networks of relationships in the consumer/food industry to enhance the Firm’s
capabilities throughout the investment process.
e2p serves as the investment adviser for, and provides discretionary investment advisory services to,
private funds and co-investment special purpose vehicles established to invest alongside a fund in a
single portfolio company. e2p’s current funds include: the main funds, Entrepreneurial Equity
Partners Fund I, L.P. (“Fund I”) and Entrepreneurial Equity Partners Fund II, L.P. (“Fund II”);
Entrepreneurial Equity Partners F&F I, L.P. (the “Friends and Family Fund”); and several co-
investment special purpose vehicles (the “Co-Investment Funds” and collectively with Fund I, Fund
II and the Friends and Family Fund, the “Funds” and each a “Fund” unless the context otherwise
requires). In addition, in certain circumstances, as more fully described in Item 7 below, the Firm also
permits certain limited partners and third parties to co-invest alongside a Fund directly into a portfolio
company. Unlike the Co-Investment Funds mentioned above, such direct co-investments are not
considered Funds or clients of e2p.
Each Fund is affiliated with a general partner with authority to make investment decisions on behalf
of the Fund (collectively the “General Partners” and each a “General Partner”). The General Partners
are deemed registered under the Investment Advisers Act of 1940, as amended, and the rules and
regulations promulgated thereunder (“Advisers Act”), pursuant to e2p’s registration in accordance
with SEC guidance. The applicable General Partner of each Fund retains investment discretion and
limited partners in the Funds do not participate in the control or management of the Funds. While
the General Partners maintain ultimate authority over the respective Funds, e2p has been designated
the role of investment adviser. For more information about the Funds and General Partners, see e2p’s
Form ADV Part 1, Schedule D, Section 7.A. and Section 7.B.(1).
e2p provides investment advisory services as a private equity fund manager to its Funds. The Funds
invest through privately negotiated transactions in operating companies, generally referred to as
“portfolio companies”, in the food and consumer industries primarily in North America. Each
portfolio company has its own independent management team responsible for managing its day-to-
day operations, although the senior principals or other personnel and/or third parties appointed by
e2p will generally serve on the portfolio companies’ respective boards of directors or otherwise act to
influence control over management of portfolio companies held by the Funds. In addition, in some
cases, e2p will more directly influence the day-to-day management of the portfolio
company by
recruiting and installing certain individuals in various leadership roles, such as chief executive officer,
chief operating officer, chief financial officer or in other roles. e2p’s investment advisory services to
the Funds consist of identifying and evaluating investment opportunities, negotiating the terms of
investments, managing and monitoring investments and achieving dispositions of such investments.
Investments are made predominantly in nonpublic companies, although investments in public
companies are permitted in limited instances.
e2p’s investment advice and authority for each Fund is tailored to the investment objectives of that
Fund; e2p does not tailor its advisory services to the individual needs of limited partners in its Funds.
The Fund investment objectives are described, as applicable, in the private placement memorandum,
limited partnership agreement, investment advisory agreements, subscription agreements, side letter
agreements and other governing documents of the relevant Fund (collectively, “Governing
Documents”) and limited partners determine the suitability of an investment in a Fund based on,
among other things, the Governing Documents. The Firm does not seek or require limited partner
approval regarding each investment decision.
Fund limited partners cannot impose restrictions on investing in certain securities or types of
securities, other than through side letter agreements. Limited partners in the Funds participate in the
overall investment program for the applicable Fund and generally cannot be excused from a particular
investment except in certain circumstances pursuant to the terms of the applicable Governing
Documents. In accordance with industry common practice, e2p has entered into side letters with
certain limited partners, including those who make substantial commitments of capital or were early-
stage investors in the Funds, or for other reasons in the sole discretion of e2p, in each case that have
the effect of establishing rights under, or altering or supplementing, a Fund’s Governing Documents.
Examples of side letters entered into include limited partner advisory committee representation,
provisions whereby limited partners have expressed an interest in participating in co-investment
opportunities, certain limited expense arrangements, notification provisions, reporting requirements
and “most favored nations” provisions, among others. These rights, benefits or privileges are not
always made available to all limited partners nor in some cases are they required to be disclosed to all
limited partners, consistent with general market practice. Side letters are negotiated at the time of the
relevant limited partner’s capital commitment, and once invested in a Fund, limited partners generally
cannot impose additional investment guidelines or restrictions on such Fund. There can be no
assurance that the side letter rights granted to one or more limited partners will not in certain cases
disadvantage other limited partners.
e2p is owned by founding partners Mark Burgett and Christopher Fraleigh. For more information
about e2p’s owners and executive officers, see e2p’s Form ADV Part 1, Schedule A and Schedule B.
As of December 31, 2023, e2p managed $1,704,692,535 in regulatory assets, all managed on a
discretionary basis. e2p does not manage any investments on a non-discretionary basis.