Emerald Lake Capital Management Promotes Four and Welcomes New Associate in Growth Spurt
Emerald Lake Capital Management, a middle market private equity firm focused on growth, has officially announced a series of significant personnel changes that reflect its commitment to cultivating talent from within. On March 2, 2026, the firm revealed that it has promoted Stephen Burhenn and Joe DeJean to Partner, while Sourabh Bhat and Derrick Lee have been elevated to Principal. Additionally, Simrit Hundal has joined the firm as an Associate, further enhancing its investment team.
According to Managing Partner Dan Lukas, these promotions underscore the firm’s foundational belief in building a resilient investment platform through valued partnerships and exceptional talent. "Each of these individuals has played an important role in the continued growth of our firm and portfolio businesses," Lukas remarked. This move aligns with Emerald Lake's vision to develop a strong culture of internal advancement while strategically positioning itself for future opportunities.
Emerald Lake Capital Management was founded in 2018 and has already carved out a niche in the market by completing ten platform investments and achieving four realizations. The firm is actively involved in identifying capital-efficient businesses across various sectors with a keen emphasis on sustainable competitive advantages. Lukas emphasized that the firm's distinctive sourcing model and collaborative framework for value creation have been pivotal in their successful trajectory.
1. Stephen Burhenn, Partner: Stephen first joined Emerald Lake in 2024 and brought a wealth of experience from Ares Management's Private Equity Group, where he focused on thesis development, investment sourcing, and executing transactions across various industries. He currently serves on the Board of Directors of Compass Rail, contributing significantly to strategic decisions that shape value within portfolio investments. He holds an A.B. in Economics from Stanford University.
2. Joe DeJean, Partner: Joining the firm in 2019, Joe has an impressive background as a former Vice President at Audax Group and numerous board memberships including CORE Transformers. His diverse investment experience ranges across sectors including industrials and logistics, making him a vital asset to the team. Joe graduated with a B.S. with Honors from Indiana University and earned his MBA from Northwestern University's Kellogg School.
3. Sourabh Bhat, Principal: Sourabh came on board in 2021 and has been instrumental in various investments like Compass Rail and Five Star. His previous role at Metalmark Capital saw him navigate numerous investments in healthcare and natural resources. Sourabh has a B.S.B.A. in Finance from Georgetown University, emphasizing his strong grounding in financial services.
4. Derrick Lee, Principal: Derrick joined in 2024, bringing previous experience from Cinven and Bregal Investments. His expertise in technology and service sectors adds depth to the firm’s growth strategies. Derrick holds a dual degree in Journalism and Economics from Northwestern University, allowing him to blend analytical rigor with impactful communication.
5. Simrit Hundal, Associate: Simrit is a new addition to Emerald Lake, having previously worked in the Mergers & Acquisitions group at RBC Capital Markets. Her background in different sectors, including financial services and natural resources, equips her with the necessary skills to contribute effectively in her new role. Simrit holds a BCom degree with Honors from the University of British Columbia.
Emerald Lake Capital Management has established itself as a key player in private equity, managing over $2 billion in equity capital. The firm prioritizes investments in businesses that are not only capital-efficient but also poised for robust growth. Through its supportive and constructive approach to partnerships with management teams, Emerald Lake aims to unlock potential and drive significant value creation across its portfolio. For more details on their investment strategy, potential partners are encouraged to explore their official website at www.elcm.com.
According to Managing Partner Dan Lukas, these promotions underscore the firm’s foundational belief in building a resilient investment platform through valued partnerships and exceptional talent. "Each of these individuals has played an important role in the continued growth of our firm and portfolio businesses," Lukas remarked. This move aligns with Emerald Lake's vision to develop a strong culture of internal advancement while strategically positioning itself for future opportunities.
Emerald Lake Capital Management was founded in 2018 and has already carved out a niche in the market by completing ten platform investments and achieving four realizations. The firm is actively involved in identifying capital-efficient businesses across various sectors with a keen emphasis on sustainable competitive advantages. Lukas emphasized that the firm's distinctive sourcing model and collaborative framework for value creation have been pivotal in their successful trajectory.
Profiles of Newly Promoted Individuals
1. Stephen Burhenn, Partner: Stephen first joined Emerald Lake in 2024 and brought a wealth of experience from Ares Management's Private Equity Group, where he focused on thesis development, investment sourcing, and executing transactions across various industries. He currently serves on the Board of Directors of Compass Rail, contributing significantly to strategic decisions that shape value within portfolio investments. He holds an A.B. in Economics from Stanford University.
2. Joe DeJean, Partner: Joining the firm in 2019, Joe has an impressive background as a former Vice President at Audax Group and numerous board memberships including CORE Transformers. His diverse investment experience ranges across sectors including industrials and logistics, making him a vital asset to the team. Joe graduated with a B.S. with Honors from Indiana University and earned his MBA from Northwestern University's Kellogg School.
3. Sourabh Bhat, Principal: Sourabh came on board in 2021 and has been instrumental in various investments like Compass Rail and Five Star. His previous role at Metalmark Capital saw him navigate numerous investments in healthcare and natural resources. Sourabh has a B.S.B.A. in Finance from Georgetown University, emphasizing his strong grounding in financial services.
4. Derrick Lee, Principal: Derrick joined in 2024, bringing previous experience from Cinven and Bregal Investments. His expertise in technology and service sectors adds depth to the firm’s growth strategies. Derrick holds a dual degree in Journalism and Economics from Northwestern University, allowing him to blend analytical rigor with impactful communication.
5. Simrit Hundal, Associate: Simrit is a new addition to Emerald Lake, having previously worked in the Mergers & Acquisitions group at RBC Capital Markets. Her background in different sectors, including financial services and natural resources, equips her with the necessary skills to contribute effectively in her new role. Simrit holds a BCom degree with Honors from the University of British Columbia.
About Emerald Lake Capital Management
Emerald Lake Capital Management has established itself as a key player in private equity, managing over $2 billion in equity capital. The firm prioritizes investments in businesses that are not only capital-efficient but also poised for robust growth. Through its supportive and constructive approach to partnerships with management teams, Emerald Lake aims to unlock potential and drive significant value creation across its portfolio. For more details on their investment strategy, potential partners are encouraged to explore their official website at www.elcm.com.
Topics Financial Services & Investing）
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