Spencer Klein
Senior Associate
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- Full Name
- Spencer Klein
- Title
- Principal (Blue Sage Capital) — formerly Principal / Senior Vice President, Capital Southwest
- Firm
- Blue Sage Capital (as of 2025); previously Capital Southwest Corporation
- Firm Type
- Lower-middle-market private credit / private equity (SBIC-structured funds). *Note: the stub's "Angel Investors" classification is inaccurate — Klein invests institutional debt and equity, not seed-stage angel checks.*
- Investment Stage
- Lower-middle-market growth and buyout financing (not seed). Established, profitable, cash-flow-generating companies.
- Check Size
- At Blue Sage, the firm typically invests $5M–$60M of debt and equity per company; the Blue Sage Strategic Credit Fund ($287M, SBIC) provides both debt and equity structures.
- Target Company Profile
- Profitable, growing companies with roughly $10M–$200M of revenue.
- Sector Focus
- Environmental solutions, niche/specialty manufacturing, and specialty services (Blue Sage). At Capital Southwest, broad middle-market lending across industrials, consumer, and business services.
- Geographic Focus
- North America, with emphasis on Texas, the Southwest, and the Midwest.
- Location
- Austin, Texas (Blue Sage). Previously Dallas, Texas (Capital Southwest).
Background
Spencer Klein is a private-credit and private-equity investor focused on the U.S. lower-middle market. He earned a B.B.A. in Finance with a minor in Accounting from the University of Texas at Austin. He began his career as an Analyst in J.P. Morgan's Syndicated & Leveraged Finance group in Houston, where he focused on debt origination, structuring, and execution.
Klein joined Capital Southwest Corporation (Nasdaq: CSWC) — a Dallas-based business development company (BDC) and middle-market lender founded in 1961 — in 2015. There he was responsible for deal sourcing, supporting diligence, and structuring new investments, as well as post-closing portfolio-company management. Over roughly a decade at the firm he rose from Associate/Senior Associate to Senior Vice President and ultimately Principal, working across Capital Southwest's lower-middle-market private-credit platform (which grew to over $2 billion of assets under management).
In 2025, Klein moved to Blue Sage Capital, an Austin, Texas-based private-equity firm that has invested in profitable, growing lower-middle-market companies since 2002. He joined specifically to help invest the newly raised Blue Sage Strategic Credit Fund, which closed in October 2025 at $287 million. Klein holds FINRA Series 79 and Series 63 licenses.
Investment Thesis & Focus
- Invests in established, profitable lower-middle-market companies — not startups. Target revenue roughly $10M–$200M.
- Provides both debt and equity: at Capital Southwest, senior secured first-lien term loans plus minority common-equity co-investments; at Blue Sage, flexible debt-and-equity structures through an SBIC-structured credit fund.
- Check sizes in the millions to tens of millions (Blue Sage: ~$5M–$60M per company).
- Sector emphasis at Blue Sage: environmental solutions, niche manufacturing, and specialty services; at Capital Southwest, diversified middle-market lending (industrials, consumer, business services).
- Geographic tilt toward North America, especially Texas, the Southwest, and the Midwest.
- Klein's stated rationale in his deals emphasizes competitive positioning and growth: on The Producto Group he said the company was *"well positioned to gain wallet share with existing customers and acquire new customers with their advanced equipment and industry expertise."*
Notable Investments
- The Producto Group (2022) — Capital Southwest supported Culper Capital Partners' investment with a senior secured first-lien term loan and a minority common-equity investment, acting as lead and sole administrative agent. Producto was formed by combining Ring Precision Components, New Vision Industries, and Dieco (precision tooling/components). Klein was quoted as Senior Vice President.
- Hybrid Apparel / Air Waves acquisition (2021) — Capital Southwest financed apparel company Hybrid's acquisition of Air Waves, a print-on-demand business. Klein (then SVP) framed the deal as expanding Hybrid's service offering with high-value print-on-demand capabilities.
- Blue Sage Strategic Credit Fund (2025) — Klein joined Blue Sage to deploy this $287M SBIC-structured fund investing debt and equity in lower-middle-market companies.
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