April 15, 2026

Gauge Capital Ranks No. 15 out of over 1,400 funds evaluated in the 2025 HEC Paris-Dow Jones Lower MidMarket Buyout Performance Ranking

April 2026

Gauge Capital has been recognized as a top performing lower middle market private equity firm globally, ranking No. 15 on the 2025 HEC Paris–Dow Jones Lower MidMarket Buyout Performance Ranking. The ranking evaluated 695 private equity firms and 1,439 funds raised between 2012 and 2021, placing Gauge among an elite group of firms that have demonstrated consistent value creation for investors.

“We are honored to be recognized by HEC Paris and Dow Jones as the #15 lower middle market firm globally, a direct reflection of our disciplined approach to investing in the lower middle market and the operational value we create alongside our management teams. This achievement reflects the hard work of our entire team and, most importantly, the strong outcomes we have delivered for our investors, our portfolio companies and their employees,” said Tom McKelvey and Drew Johnson, Co-Founders and Managing Partners at Gauge Capital.

The ranking, published annually by HEC Paris Professor Oliver Gottschalg in partnership with Dow Jones, identifies which lower middle market buyout firms generated the best aggregate performance for their investors. Prof. Gottschalg assessed performance using a proprietary methodology combining three complementary measures—IRR, DPI (cash-only return multiple), and TVPI—aggregated across vintage years and benchmarked against both absolute and relative performance standards. In total, the study analyzed data from 695 PE firms and the 1,439 funds they raised, representing $2.5 trillion in aggregate equity volume.

Since 2009, HEC Paris and Dow Jones have partnered to publish regular performance rankings of private equity firms based on their historic performance and expected future competitiveness.
About Gauge Capital 
Gauge Capital is a middle-market private equity firm based in Southlake, Texas. Gauge invests in five key sectors: business services, food & consumer, government & industrial services, healthcare, and technology. The firm manages more than $3.0 billion in capital. For more information, please contact Andrew Peix, Partner, Business Development at apeix@gaugecapital.com.

Disclaimer: The 2025 HEC Paris–Dow Jones Lower MidMarket Buyout Performance Ranking was awarded on April 9, 2026. The ranking evaluated the performance data of 695 private equity firms and the 1,439 funds they raised between 2012–2021. Gauge is not affiliated with HEC Paris–Dow Jones and did not provide any compensation to receive this recognition.  This ranking should not be construed as indicative of Gauge’s future performance. 

More information is available at https://www.hec.edu/en/news-room/europe-and-uk-pe-firms-dominate-2025-hec-paris-dow-jones-lower-midmarket-buyout-performance-ranking-first-ever-impact-fund-top-20.