Evolve Capital Partners Research
Advisory Approach
Evolve Capital Partners is a specialized boutique investment bank founded in 2012 and headquartered in New York City. The firm is built on a thesis of deep specialization in the intersection of technology and finance, with exclusive focus on the Insurance and Capital Markets verticals. Led by founders with 20+ years of combined M&A advisory experience from top-tier banks including Merrill Lynch, Houlihan Lokey, Citibank, and others, Evolve operates with a partnership-first model that emphasizes senior-level commitment, conflict-free advice, and creative deal structuring.
The firm's sweet spot is technology-enabled financial services businesses and service providers in the insurance ecosystem, particularly those serving the property and casualty (P&C) insurance market, third-party administrators (TPAs), claims management platforms, actuarial services, and insurance management firms. Evolve's founding thesis recognizes a market gap: boutique-caliber advisory specifically designed for mid-market financial services companies—those too large for local advisors but not large enough to command senior attention from bulge-bracket firms. The firm's value proposition centers on institutional process quality combined with the agility and focus of a specialist boutique.
Sector Focus
Evolve Capital Partners maintains deep expertise across the financial services and technology-enabled solutions that serve insurance. Primary industry verticals include:
Insurance & Claims Management: The firm has extensive transaction experience in third-party administration (TPA), claims adjusting, catastrophe claims management, and risk management services. This is evidenced by key transactions including Southwest Adjusters (2022), Aegis Corporation (2021), and Vanguard Claims Administration (2025)—all involving claims management or insurance services platforms. The firm understands the consolidation dynamics of the TPA market, the regulatory landscape surrounding claims handling, and the technology trends driving modernization in this sector.
Financial Services Technology: Evolve advises on SaaS platforms, financial data infrastructure, and technology-enabled services that serve capital markets and institutional clients. This includes software serving the insurance distribution channel, actuarial services platforms, and back-office processing solutions.
Insurance Distribution & Management: The firm has deep relationships and transaction experience with insurance brokers, managing general agents (MGAs), and insurance management firms. Recent activity in this space reflects ongoing consolidation opportunities as traditional brokers and MGAs seek capital partners or acquire complementary service businesses.
Capital Markets & Lending: The firm serves technology-enabled lending platforms, capital markets infrastructure, and FinTech solutions serving the broader financial services ecosystem.
Deal Track Record & Transaction Success
Evolve Capital Partners has built a substantial transaction history advising on complex M&A transactions across the finance and technology sectors. Notable closed transactions include:
Recent Transactions (2020-2025):
- Vanguard Claims Administration: Recapitalization with Jordan Partners LLC, a growth-focused private equity firm. The transaction involved a minority investment with strategic capital for expansion of the TPA and independent adjusting platform. Evolve served as exclusive financial advisor. Closed December 2025.
- Longshore Capital Partners acquisition of Southwest Adjusters: Exclusive financial advisor to buyer (Longshore) on acquisition of Southwest Adjusters, a multi-line independent insurance adjustment agency headquartered in Dickinson, Texas. The transaction included multiple add-on acquisition opportunities. Closed October 2022.
- Davies Group acquisition of Wakely Actuarial: Advisory role on strategic acquisition within the actuarial services space. Closed December 2020.
- Aegis Corporation acquisition by Charles Taylor: Sell-side advisory to Aegis shareholders on acquisition by Charles Taylor, a UK-based insurance services company. Aegis provides risk pools and self-insured entities with customized insurance products and claims management services. Closed January 2021.
Earlier Transactions (2015-2020):
- LeaseDimensions acquisition by Genpact: Sell-side advisory role on acquisition of LeaseDimensions, a financial services technology firm, by Genpact. The transaction reflected the broader consolidation of financial process outsourcing businesses. Closed February 2017.
- DocuPhase acquisition: Advisory role on acquisition of DocuPhase, a technology-enabled document and workflow platform serving the financial services industry. Closed June 2020.
These transactions demonstrate Evolve's capability across multiple deal structures including seller-side advisory, buyer-side advisory, and recapitalizations. The firm has proven success closing transactions in both competitive auction processes and negotiated engagements.
Process & Fee Structure
Evolve operates with institutional-quality M&A processes comparable to larger bulge-bracket banks but with the flexibility and partner-focused approach of a boutique. The firm's process typically includes comprehensive marketing (identifying 50-200+ qualified buyers depending on size), detailed marketing materials preparation, structured data room management, professional due diligence coordination, and sophisticated deal structuring. The firm handles both sell-side (seller representation) and buy-side (buyer advisory) engagements with equal competence.
The firm is registered with FINRA (through BA Securities, LLC) and operates with senior-level commitment on all engagements—multiple managing directors are involved in client work, not junior bankers. This reflects the firm's philosophy that complex transactions deserve senior expertise throughout the process.
Specific fee structures vary by engagement. Based on fee information available, the firm works with engagement-based models including success fees on transaction value. Fee discussions are customized to transaction size and complexity, with typical engagements in the lower middle market ($10M-$100M+ in transaction value).
Buyer Network & Strategic Relationships
Evolve Capital Partners maintains deep relationships across the financial services and private equity ecosystem. Key relationships include:
Private Equity Firms: The firm has demonstrated relationships with leading lower middle market and growth equity sponsors including:
- Jordan Partners (growth-focused PE, raleigh, NC)
- Longshore Capital Partners (Chicago-based, business services focus)
- PE investors in insurance and financial services consolidation
Strategic Acquirers: Transaction history shows relationships with large strategic buyers including:
- Charles Taylor (UK-based insurance and professional services platform)
- Genpact (global business process management and financial services BPO firm)
- Strategic buyers within the insurance and capital markets verticals
Financial Buyers: The firm serves as advisor to family offices, growth equity sponsors, and leveraged buyout firms seeking acquisitions in the financial services and insurance technology sectors.
The firm's buyer network reflects deep domain expertise—advisors understand which buyers are active in insurance claims consolidation, which PE firms focus on financial services technology, and how to position seller narratives to maximize buyer interest.
Competitive Positioning & Differentiation
Evolve Capital Partners differentiates through several dimensions:
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Vertical Specialization: Unlike generalist investment banks, Evolve is exclusively focused on insurance and capital markets technology. This means deep sector expertise, understanding of regulatory drivers, and knowledge of industry consolidation trends that generalists cannot match.
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Senior-Level Commitment: The firm commits its most senior professionals (founders and managing directors with 20-30+ years experience each) to every engagement. There are no "coverage" roles or junior bankers managing client relationships—founders and MDs lead all work.
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Conflict-Free Advisory: As an independent boutique, Evolve does not have trading businesses, principal investments, or other revenue streams that might create conflicts of interest. Advisors can give truly objective recommendations.
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Process Excellence Combined with Flexibility: The firm delivers institutional-quality transaction processes (comprehensive buyer outreach, professional data rooms, structured negotiations) while maintaining the flexibility to adapt to specific client needs and situations.
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Deep Buyer Relationships: Advisors have established relationships with decision-makers at leading PE firms, strategic acquirers, and financial buyers in the financial services and insurance sectors. This relationship capital translates into superior outcomes for sellers and better transaction certainty for buyers.
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Research & Market Intelligence: The firm publishes quarterly and monthly research on capital markets trends, insurance industry consolidation, and FinTech developments. This institutional knowledge informs advisory and demonstrates thought leadership.
Team Expertise
The leadership team brings exceptional depth and senior-level experience:
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Alexander Koles (Founder, Managing Director): 20+ years of M&A advisory experience. Former investment banker at Merrill Lynch Corporate Finance, and advisor at leading advisory/investment banking firms. Deep expertise in strategic M&A for financial services companies and recognition as a speaker on industry disruption and consolidation themes.
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Max Prilutsky (Managing Director, M&A): Prior partner at Changemaker Capital (growth equity), private equity investor at Gryphon Investors, and investment banker at Merrill Lynch M&A practice. MBA from Wharton, undergraduate from UCLA. Extensive experience working with family offices and PE sponsors on acquisition strategy.
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Rafael Carrillo (Managing Director, M&A): 30+ years in investment banking with senior roles at bulge-bracket institutions including Citibank, Salomon Smith Barney, Salomon Brothers, and Barclays. Deep expertise in global financial services and particularly the insurance sector spanning carriers, reinsurers, brokers, and technology providers. Speaker at international forums and university programs.
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Kevin W. McMurchy (Managing Director, Insurance and Financial Institutions Investment Banking): Specialist in insurance and financial institutions with particular expertise in capital raising, restructuring transactions, and M&A in banking and insurance services.
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Jon Litinger (Director of M&A and Strategic Client): Recently promoted (November 2025), supporting the firm's growing transaction volume and client base.
The team's combined experience spans institutional investment banking at top-tier firms, operational roles at growth equity and private equity sponsors, and direct business building experience as entrepreneurs. This combination of experiences enables advisors to understand both investment banking processes and operational realities of business ownership.
Geographic Coverage & Market Access
Evolve Capital Partners is based in New York City (336 West 37th Street, Suite 735) but operates a globally-focused practice. The firm maintains relationships across North America and internationally with strategic buyers and financial investors. The team has relationships in major financial centers and can facilitate transactions with both domestic and international acquirers (as evidenced by the Charles Taylor transaction with a UK-based buyer).
The firm is particularly active in the core U.S. insurance and financial services markets, with the ability to serve clients nationwide in the property and casualty insurance, claims management, actuarial services, and financial services technology sectors.
Not a Fit If
Evolve Capital Partners is selective about engagements and does not pursue business outside its core competency areas. The firm is likely not a fit if:
- Company operates outside insurance, capital markets, or financial services technology
- Engagement requires transaction execution in unrelated sectors
- Client is seeking a relationship with a large bulge-bracket bank (for prestige or other reasons)
- Seller or buyer is unwilling to engage with an independent boutique
- Transaction involves primarily financial/tax engineering rather than strategic advisory
The firm's decision to specialize deeply rather than chase all opportunities reflects a sophisticated understanding of competitive positioning—it aims to be the best-in-class advisor in its specific verticals rather than a generalist serving all clients.
Summary
Evolve Capital Partners has established itself as the leading independent investment bank serving technology-enabled financial services companies and the insurance ecosystem. The firm's combination of senior expertise, conflict-free advisory, institutional process quality, and deep sector relationships makes it uniquely positioned to serve founders, CEOs, and boards seeking M&A advice in insurance and financial services. The transaction track record demonstrates repeated success closing complex deals with leading PE firms and strategic buyers. For companies operating at the intersection of technology and finance in the insurance or capital markets verticals, Evolve offers advisory expertise that matches or exceeds what larger banks can provide while maintaining the relationship-focused partnership approach that characterizes successful boutique advisory firms.