Jonathan Chou

Jonathan Chou is a co-founder and Partner of Rivana Equity Partners, a lower middle market private equity firm founded in 2025 with offices in Philadelphia (Radnor, PA) and Chicago. Rivana partners with founder-operated, family-owned, and bootstrapped businesses in technology, specialty industrials/services, and healthcare, deploying a proprietary "ReV Operating System" value-creation framework backed by 40+ operating partners who invest alongside the fund. He brings, by his own firm's account, more than 26 years of experience spanning private equity, management consulting, and investment banking.

For most of his career Jonathan was a Partner at Eureka Equity Partners, a Philadelphia-based lower middle market private equity firm that makes majority and minority investments in companies with revenue up to roughly $100 million across business services, consumer, healthcare, and specialty industrial sectors. He joined Eureka in 2007 as a Senior Associate from L.E.K. Consulting and was promoted through Principal to Partner. At Eureka he was responsible for transaction sourcing, evaluation and negotiation, managing senior and subordinated debt lender relationships, and working with portfolio company management teams on strategic initiatives, and he served on the firm's Investment Committee and on multiple portfolio company boards in specialty manufacturing, business services, and consumer.

Before private equity, Jonathan was an Engagement Manager in L.E.K. Consulting's Boston office, where he managed more than 20 strategy consulting engagements and 15 private equity due diligence transactions as part of L.E.K.'s M&A and strategy practices, advising Fortune 500 companies and PE firms across manufacturing, business services, healthcare, and logistics. Earlier in his career he held roles at Value Asset Management (a holding company making majority investments in asset management firms) and in the investment banking group at BT Alex. Brown.

Jonathan earned a B.A. in Economics from Columbia University and an M.B.A. (with honors) from The Wharton School of the University of Pennsylvania. He is active in the Philadelphia deal community as a board member of the Association for Corporate Growth (ACG) Philadelphia and the founding Chair of its Diverse Dealmakers' Committee.

• Invests in the lower middle market, typically as the "first outside capital for lower middle market businesses seeking a long-term growth partner."
• Takes majority or significant minority stakes in founder-led, owner-operated, or family-owned companies.
• Targets businesses with "recurring or highly re-occurring revenue with strong margins," proven business models with differentiated offerings, and high growth potential through organic or acquisition (buy-and-build) initiatives.
• Sector focus at Rivana: Technology, Specialty Manufacturing & Services, and Healthcare (broadly consistent with his Eureka focus on business services, consumer, healthcare, and specialty industrial).
• Company size guide: roughly up to $7–10M EBITDA at Rivana; up to ~$100M revenue during his Eureka tenure.
• Emphasizes hands-on operational value creation — Rivana's "ReV Operating System" leverages 40+ operating partners and industry executives (who co-invest) to institutionalize processes and drive growth.