Glass Lewis combines with Clarity AI
Portfolio company Glass Lewis merges with Clarity AI; the deal closed September 23, 2026.
Private Equity
Toronto mid-market PE firm founded by ex-Ontario Teachers' dealmakers, investing long-dated capital in multi-site services businesses.
Peloton Capital Management (PCM) is a Toronto-based private equity firm co-founded by Mike Murray and Steve Faraone, both former Ontario Teachers' managing directors, with First National co-founder Stephen Smith as Chairman and anchor investor. It invests longer-dated-than-usual capital in North American middle-market companies with $5–40M of EBITDA in financial services (insurance brokerage, MGAs, wealth), healthcare (dental, veterinary, fertility, medical aesthetics) and consumer/business services. Portfolio companies include 123Dentist, Glass Lewis and Unison Risk Advisors. It closed its second fund at $550 million in 2024 and manages more than $1.3 billion. The investment team of analysts, associates, VPs and partners works from one Toronto office.
3 interview reports0 open roles5 deals22 people33 sources
Insurance distribution and wealth platforms such as Unison Risk Advisors, Billyard Insurance Group, Starfish Specialty Insurance and Trilogy Financial Services, plus the governance firm Glass Lewis.
Multi-site healthcare and veterinary consolidators including 123Dentist, P3 Veterinary Partners, Lakefield Veterinary Group, The Fertility Partners, EHN Canada and Victoria Park Medispa.
Capital that is longer-dated than a typical PE fund, used for buy-and-build, growth capital and organic growth plans with founder-led teams. A Managing Director heads a dedicated Value Creation function.
| Toronto | ON | headquarters |
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From the inside
Reasons that work in interviews
3 reasons for Peloton Capital Management
Founded in 2019 by investors who came from large Canadian institutions, so the platform is young but the people are not.
Long-hold strategy in healthcare, financial services and consumer.
Small team means associates are on every deal.
Unlock the full insights for Peloton Capital Management: every round, the topics tested and what candidates experienced
Interview prep
How juniors get in
Mainly hires associates out of Canadian bank investment banking; it has taken at least one student intern, but there is no sign of analyst roles for new graduates, so apply after two to three years in banking.
Green: evidence it does. Struck through: evidence it doesn’t. Dashed: no public evidence either way.
Each row is a start season; the bars are when you apply. The track starts this month, so how far right a bar sits is how far off it is.
Independent managing general agent underwriting admitted and surplus lines specialty insurance programs.
Insurance ServicesNew York, United StatesSince 2025
Family-owned veterinary practice acquirer operating 70+ animal hospitals while preserving local practice identity; Peloton holds a minority stake.
Healthcare ServicesSince 2024
US full-service financial planning and wealth advisory firm with advisor teams across multiple offices.
Wealth ManagementIrvine, United StatesSince 2024
Independent Canadian insurance brokerage covering home, auto, commercial, life and travel insurance.
Insurance ServicesSince 2022
Employee-owned US independent insurance brokerage, risk management and employee benefits firm formed from Oswald Companies and RCM&D.
Financial ServicesSince 2022
Canadian physician-led medical aesthetics clinic network offering injectables and energy-device treatments.
Healthcare ServicesSince 2022
Canadian provider of inpatient, outpatient and virtual mental health and addiction treatment.
Healthcare ServicesSince 2021
Independent provider of proxy advisory and corporate governance services to institutional investors.
Financial ServicesSince 2021
Network of fertility and IVF clinics across North America with shared back-office and clinical support.
Healthcare ServicesSince 2020
Majority dentist-owned Canadian dental support organization providing back-office support to partner practices nationwide.
Healthcare ServicesSince 2019
Canadian group of veterinary hospitals focused on supporting veterinary teams and pet care.
Healthcare ServicesSince 2019
Co-Founder and Managing Partner
Investment Committee
Co-runs PCM with Steve Faraone and sits on boards including 123Dentist, Unison and Billyard. He was previously a Managing Director at Ontario Teachers', leading financial services PE over a 13-year tenure (BroadStreet, Canada Guaranty and others). He started at Bain & Company. Queen's BCom; Tuck MBA.
Co-Founder and Managing Partner
Investment Committee
Co-runs PCM and sits on boards including 123Dentist, P3 Veterinary Partners, Glass Lewis and Victoria Park Medispa. Over 16 years at Ontario Teachers' he led the Consumer & Healthcare team in Teachers' Private Capital (Heartland Dental, BroadStreet and others). He began at BMO Capital Markets and BMO Nesbitt Burns Equity Partners. UBC BCom.
Co-Founder and Chairman
Investment Committee (Chair)
Chairs PCM's Investment Committee and the board of Glass Lewis. He is Executive Chairman and co-founder of First National Financial and chairs Canada Guaranty and Duo Bank. He is also PCM's foundational investor; Queen's Smith School of Business carries his name.
Chief Financial Officer
Finance
Director, Head of Business Development
Client & Business Development
Partner
Investment Team
Sits on the boards of Trilogy Financial, Billyard Insurance Group, EHN Canada and Lakefield Veterinary Group. He spent 16 years at Ontario Teachers', rising from analyst in 2006 to Managing Director in Private Capital, focused on financial services and healthcare. Schulich BBA; CFA.
Partner
Investment Team
Joined in 2019 as a Vice President and was promoted to Partner in January 2026. He sits on the boards of P3 Veterinary, Unison and Starfish and leads business development in P&C insurance. He previously worked at Deloitte (CPA), KPMG, RBC Capital Markets and a Toronto mid-market PE firm. Ivey HBA.
Professional information only, drawn from official biographies and published reporting. BSO never lists private contact details.
Jan 29, 2026
Blake BracalentiPromotion
Partner
Peloton Capital Management → Peloton Capital Management
Promoted to Partner in a round of four promotions that also moved Ganden Doherty from Associate to Vice President.
Dec 11, 2025
Agata UrbanowiczHire
Managing Director, Head of Value Creation
— → Peloton Capital Management
PCM hired Urbanowicz, an operational-improvement specialist with nearly 20 years of experience, to lead value creation across portfolio companies.
Sep 24, 2026
Glass Lewis / Clarity AI combination
Shareholder of Glass Lewis (portfolio company); transaction role not disclosed · Governance, proxy and sustainability data
PCM portfolio company Glass Lewis combined with Clarity AI to form a 900+ person governance, stewardship and sustainability-data business. Financial terms and the resulting ownership were not disclosed.
Dec 17, 2025
Starfish Specialty Insurance
Acquirer (minority investor) · Insurance (MGA)
Buyer Peloton Capital Management
PCM took a significant minority stake alongside the founders of this New York-based managing general agent to fund organic growth and acquisitions.
Oct 15, 2025
MCA Dental Group Limited
Investor in acquirer (add-on) · Dental services
Buyer 123Dentist (PCM portfolio company)
123Dentist agreed to buy Ottawa-based MCA Dental Group, which has 27 clinics in Ontario and Québec.
Jul 15, 2024
Lakefield Veterinary Group
Acquirer (minority investor) · Veterinary services
Buyer Peloton Capital Management
Strategic minority investment in a Seattle-based veterinary hospital group, which stays majority-owned by the Desmarais family. Torys advised PCM.
Mar 7, 2024
Trilogy Financial Services
Acquirer (minority investor) · Wealth management / financial planning
Buyer Peloton Capital Management
Strategic investment in an Irvine, California wealth and financial-planning firm (about US$4.0B AUM after two concurrent advisor-firm acquisitions). The founder remains majority shareholder.
Portfolio company Glass Lewis merges with Clarity AI; the deal closed September 23, 2026.
Bracalenti to Partner, Doherty to Vice President, plus two finance promotions.
Minority investment in a New York MGA.
LPs include institutions, financial institutions and family offices alongside Chairman Stephen Smith. Capital under management passes $1.3 billion.
A Fund II minority investment in a Seattle veterinary platform.
A Fund II investment in a U.S. wealth-advisory platform.
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Peloton Capital Management (Glass Lewis release) · Sep 24, 2026 · pelotoncapitalmanagement.com
Peloton Capital Management · Jan 29, 2026 · pelotoncapitalmanagement.com
Peloton Capital Management · Dec 17, 2025 · pelotoncapitalmanagement.com
Peloton Capital Management · Dec 11, 2025 · pelotoncapitalmanagement.com
Peloton Capital Management (123Dentist release) · Oct 15, 2025 · pelotoncapitalmanagement.com
Peloton Capital Management · Sep 11, 2024 · pelotoncapitalmanagement.com
Peloton Capital Management · Jul 15, 2024 · pelotoncapitalmanagement.com
Peloton Capital Management · Mar 7, 2024 · pelotoncapitalmanagement.com
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Bay Street Oracle · Oct 8, 2026 · intelligence.baystreetoracle.ca
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Typical background
GuidanceOne prior internship: a boutique bank, a small fund, transaction services, or a pension co-op.
Large-cap platforms and global multi-strategy funds
Upper mid-market PE, infrastructure, the Maple 8 and large managers
Mid-market PE, mid-sized managers, domestic hedge funds and smaller pensions
Peloton Capital Management is hereSmall-cap private equity, boutique managers and early-stage VC
Where people go next
GuidanceOperating Partner
Leadership
Managing Director, Value Creation
Investment Team
Vice President
Leadership
Vice President
Leadership
Vice President
Leadership
Vice President
Leadership
Associate
Investment Team
Associate
Investment Team
Associate
Investment Team
Associate
Investment Team
Associate
Investment Team
Senior Manager, Value Creation
Investment Team
Senior Manager, Finance
Finance
Senior Manager, Finance
Finance
Senior Manager, Operations
Operations
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