StoriesHow PeopleFirst Leadership Powers Growth at Ascend
Ascend brings Alpine’s PeopleFirst leadership to life, showing how people-first private equity can drive growth while preserving integrity.
SAN FRANCISCO, California – March 5, 2026 – Alpine Investors is proud to announce it has been ranked #1 in the 2025 HEC Paris-Dow Jones Upper Mid-Market Buyout Performance Ranking.
“It’s truly an honor to receive this recognition,” said Graham Weaver, Founder and CEO of Alpine Investors. “From the beginning, our goal has been clear: to build the best-performing private equity firm of our generation by being the best place to work for exceptional people and building enduring, purpose-driven businesses. This ranking reflects our belief in the power of setting ambitious goals, dedicating time for innovation, and empowering leaders to take ownership. We believe performance is created through grit, persistence and passion, and we’re proud to see that philosophy translate into results.”
Since 2009, HEC Paris and DowJones have partnered to publish regular private equity performance rankings under the direction of HEC Paris Professor Oliver Gottschalg, whose research focuses on the strategic logic and performance determinants of private equity investments. The inaugural Upper Mid-Market Buyout Performance Ranking evaluated more than 695 PE firms and the 1,439 funds they raised between 2012 and 2021, representing an aggregate equity volume of $2.5tn, ultimately naming Alpine Investors as the top-performing upper mid-market buyout firm.
“At Alpine, we believe the formula for building a top-performing private equity firm and making an impact on the world is the same: unleash exceptional people so they can reach their full potential,” said Mark Strauch, Founding Partner and President of Alpine Investors. “When talented individuals are united by a shared mission, empowered to think creatively, and driven by a will to win, they build businesses that create lasting value. This recognition tells us we’re on the right track.”
This ranking is the opinion of the party conferring the ranking and not of Alpine Investors. The 2025 HEC Paris-Dow Jones Private Equity Performance Ranking, published on March 3, 2026, was based on funds raised between 2012 and 2021. Alpine provided fund information to HEC Paris-Dow Jones upon request to inform the 2025 HEC Paris-Dow Jones Private Equity Performance Ranking. Alpine did not provide compensation, directly or indirectly, in connection with obtaining or using this ranking. There can be no assurance that other providers or surveys would reach the same conclusion as the foregoing. Past performance is not indicative of future results. To learn more about the HEC Paris-Dow Jones Private Equity Performance Ranking and its methodology, please visit: https://www.hec.edu/en/private-equity-ranking.
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About Alpine Investors
Alpine Investors is a people-driven private equity firm that is committed to building enduring companies by working with, learning from, and developing exceptional people. Alpine specializes in investments in companies in the software and services industries. Its PeopleFirst strategy includes a talent program which allows Alpine to bring leadership to situations where additional or new management is needed post-transaction. Between 2012 and 2021, Alpine Investors raised approximately $4.4B across four funds. The firm closed its most recent flagship fund in July 2023 at $4.5B, roughly double the commitments of its 2021 predecessor vehicle. In 2025, Alpine launched five new platform companies and closed 190 deals. Alpine has $18.8B in assets under management as of September 30, 2025, and three offices in San Francisco, New York, and Austin. For more information, visit www.alpineinvestors.com.
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