Joseph Miller

Last night, we closed Soundcore Capital Partners Fund III at $450 million — oversubscribed at the hard cap. 🚀 117 LPs. 12 countries. I am deeply grateful to every Fund III LP for the trust you placed in our team and our strategy. 11 years ago, I started Soundcore with a simple conviction: that small business owners in non‑discretionary service sectors deserved a respectful, operationally intensive partner — and that PE could be built the right way, from the ground up. There was no platform to leverage. No built‑in capital base to hire the talent this strategy demands. From the start, what existed was an unwavering conviction in the mission, a relentless work ethic, and a commitment to building this firm—step by step—into the very best in PE. Using the formula I created, we have built market‑leading platforms in highly fragmented, essential service sectors — long before it was fashionable to do so. Like any long journey, Soundcore was tested in ways I could not have anticipated. There were moments when staying the course was difficult and uncomfortable. What mattered most during those periods was resilience and integrity. Over the past several years, I spent countless hours on the road meeting with existing and prospective LPs — engaging in deep DD and thoughtful partnership discussions. The scrutiny made Soundcore better. More disciplined. More durable. At the same time, our team remained intensely focused on the portfolio and employees driving daily performance. Operationally, Fund III already reflects one of the most focused and active periods in our firm’s history: 👉 Five platforms built with over $540 million in revenue 👉 28 acquisitions completed 👉 17 acquisitions in 2025 alone — our most active year to date 👉 Meaningful expansion of our team, with deeper operational and investment expertise The LPs in Fund III were discerning and did the work. They conducted extensive DD and evaluated us based on data and firsthand reference work. We are grateful for their rigor and for their partnership mindset. We also diversified and strengthened our global LP base across public and corporate pensions, endowments, foundations, consultants, insurance companies, single family offices, fund of funds, multi-family offices, wealth managers, asset managers, and ultra-high net worth investors. We do not take that responsibility lightly. The close of Fund III is not a finish line — it is a mandate. Our focus remains singular: disciplined execution, operational value creation, and delivering performance consistent with the trust placed in us. To our LPs — thank you for your rigor, candor, and partnership. To the Soundcore team — your professionalism, resilience, and unwavering confidence in what we are building made this possible and I share this achievement with you. To my wife — thank you for the strength, patience, and support that made this journey possible. We move forward focused, proud, aligned, and accountable. Onward.

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Construction and demolition (C&D) waste in the U.S. is an over $300 billion industry entailing millions of jobs. CurbWaste has been taking the industry out of the pen-and-paper age, and that’s why we are proud to invest in its $28M Series B. The round, led by Socium Ventures, builds on the $10M Series A we led at the end of 2023. Since then, CurbWaste has grown its customer base to about 150 haulers over 40 states and continue to scale three digit y/y revenue growth. Customers include leaders such as TKI, Capitol Waste and Super Waste. The comprehensive CurbWaste platform provides order and route management, live tracking, automated invoicing, and real time data reporting. The New York-based company will be using the new round to fund additional enterprise offerings and deepening its AI-powered automation. Curbwaste's founder & CEO, Michael Marmo, hails from four generations in the waste management industry which provides him with a degree of familiarity and expertise required to drive the industry into a new era. As Mike told @WasteDive: "We’re not a grow-at-all-costs business, we’re very much a customer-focused business. We’re asking companies to trust us with their business, and I take that very seriously." Congratulations to Mike and the CurbWaste team. Honored to be an ongoing part of the CurbWaste journey! Socium Ventures, TTV Capital, B Capital, Mucker Capital, John Onwualu, Lizzie (Guynn) Hartley, Patrick Harmon Lopez, and David Yang.

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Starboard Built Big Stake in BILL Holdings, Plans to Nominate Directors "Activist investor Starboard Value owns an 8.5% stake in BILL Holdings and intends to run a boardroom challenge to push for changes at the financial automation software company that serves small and midsize businesses around the world, it said in a filing on Thursday. "BILL Holdings, which has a market value of nearly $5 billion and sees more than 1% of U.S. gross domestic product flow through its platform, saw its stock price lose nearly half of its value since January." #corporategovernance #boardsofdirectors #activistinvesting #shareholderactivism #governancearbitrage https://lnkd.in/gQhi_A5b

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I spoke with Christien Louviere of BDE Capital about his journey from a $330mm exit to becoming an independent sponsor. Christien shared excellent insights for folks looking to partner with business owners, rather than buy sellers out completely. Below are a few of the topics we covered: - Why he moved from “zero-to-one” startups to a buy-then-build strategy - How Christien's background shaped a focus on growth vs. cost-cutting - Why 20–40% rolled equity is central to his deal structures—and how it builds trust with sellers - Using scenario analysis with AI tools to evaluate management teams and uncover hidden key-person risks - How to identify when a $3–5M EBITDA company truly has a middle management layer—or is still founder-reliant For anyone investing in or buying small businesses, Christien’s approach provides a fresh lens on growth, alignment, and deal structuring. 🎥 Watch the full interview here → https://lnkd.in/ekfkaiej 🎧 Listen on Spotify: https://lnkd.in/e86Agx6V

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"There is a huge responsibility in owning and operating infrastructure assets." Hear infrastructure investing pioneer and Stonepeak Chairman, CEO, Co-Founder Michael Dorrell discuss both the responsibility and complexities of investing in and managing infrastructure assets. Watch the entire conversation with Mike on Alt Goes Mainstream here: https://lnkd.in/eqj-ZNdK

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The announcement of Lila Sciences’ $235M Series A and $1B+ valuation marks a significant milestone, and it’s only the beginning. Lila is building a new model for discovery by combining AI and automated labs to accelerate breakthroughs in life sciences, chemistry, and materials. They are tackling some of the most significant opportunities in science and technology, and I couldn’t be more confident in Geoff and his team as they scale what’s ahead. I have had the privilege of knowing Geoffrey von Maltzahn for many years, and backing him once again through March Capital is both a professional and personal highlight. His leadership, vision, and ability to execute on transformational science give us great conviction in Lila’s future. Congratulations to Geoff and the entire Lila team on reaching this next chapter. I am honored to continue this partnership and look forward to what’s to come. Read more about Lila here: https://lnkd.in/gQfk6msT

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New Clipperton deal: the sale of Stereolabs to Ouster [NASDAQ: OUST]. The transaction creates a world-leading provider of AI sensing and perception technologies, bringing together high-performance digital lidar, cameras, AI compute, sensor fusion and perception software, and advanced AI models on a single, integrated platform. This deal further strengthens Clipperton’s position as a leading advisor to founders of technology champions and demonstrates the firm’s expertise in executing high-impact M&A transactions. It also represents another important milestone in Clipperton’s strong track record of advising companies, enabling the Physical AI revolution. Well done to the Clipperton deal team: Martin Vielle Arthur de Lembeye, and Camille Servant! Cecile Schmollgruber Edwin Azzam Olivier Braun

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