Covenant Capital Holdings is a merchant equity firm maximizing equity values through an array of capital, strategic and structural strategies. Covenant establishes long-term equity partnership positions with founders, management teams, and investors based on leadership and cultural values. Long-term equity value creation results from the building of teams under exceptional leadership. Our focus on founders, management teams, and employees results in reduced operational volatility and creates a unique environment for maximum equity appreciation.

Covenant has developed a proprietary approach for evaluating opportunities. We recognize long-term success is primarily dependent on core leadership values rather than stage, industry sector or geographic parameters. We focus on five primary attributes: Humility, Trust, Service, Discernment, and Perseverance.


Humility is the antonym of pride. It is our experience and belief more than any other human trait, human pride is the highest risk attribute. Pride reduces rational thinking and prevents optimal decision-making. Pride leads to destructive competition instead of productive cooperation. Pride destroys morale and ultimately destroys companies and equity returns. Leaders demonstrating the highest level of humility can best navigate the most difficult and unexpected circumstances and economic cycles. Genuine leaders exemplify humility while ensuring similar representation in their teams. Teams founded on humility are less susceptible to pride accumulation and emotional volatility and are more clearly able to evaluate unforeseen circumstances to optimize all decisions.


Trust is earned. Successful leaders consistently earn trust generating loyalty and optimal performance from their management teams and employees. Team unity, founded upon trust, results in sustainable value creation and maximum equity returns. While trust is founded on consistent reliance and searching for the truth, deception confuses those looking for it. There are multiple forms of deception: Lying, intentional and unintentional manipulation, and self-deception. The last is the most dangerous. An executive may believe he or she is representing the truth, when in reality he or she is not.


We believe that selfless service and commitment are critical leadership attributes that contribute to humility and trust development.

Greed cannot only limit the success of a company but it can also destroy it. When an organization develops and fosters a greed culture, it can lead to catastrophic destruction of humility, trust, morale, economic value and equity returns. Founders, managers, and employees demonstrating greed rarely see out-performance in the long-term. But most importantly it destroys reputations. Destroyed reputations can eliminate second and third generation opportunities, where many long-term equity returns exist.

Equally important, responsible investors should demonstrate trust for company leaders and not demand premium returns that can generate a culture of greed.


Although a single decision by itself may not influence long-term performance, the process for making multiple strategic and tactical decisions affect long-term operational performance and long -term equity returns.

Decision-making can be difficult especially when relying on limited information. Optimal decision-making requires the consistent search and synthesis of quality information from credible sources.

Understanding reality versus the perception of reality is crucial. The inability to determine what is real and what is not can be fatal for a leader and the company. Discernment is elevated during increased periods of strategic planning and volatility.


The achievement of objectives, regardless of external environments, requires unconditional commitment and courage. Perseverance guides less experienced team members and employees who may have been susceptible to externally generated insecurity and faulty decision-making to have the conviction to pursue what they know is true and to make optimal decisions in volatile circumstances.

Such self-discipline contributes to a more stable and flexible structure thus sustaining them through uncertain and volatile times. Further, demonstrated perseverance establishes positive, team building performance precedents that can sustain cultures during volatility and economic cycles. Organizations that persevere through such conditions are ideally positioned to achieve long-term performance and maximize equity returns.



At CCH our primary focus is on Rule #1: We can always be wrong. Our professionals have significant experience.




Our professionals have earned founder, management, employee, and investor trust.


Contact Information

San Francisco
1 Sansome Street,
35th Floor San Francisco, CA 94104
Phone 415-817-9049

Washington, D.C.
1025 Connecticut Avenue,
Suite 1000, Washington, D.C. 20036
Phone 202-827-1333

Copyright © 2016 Covenant Capital Holdings, All rights reserved.