What is FNCP?

First Nations Capital Partners, LLC (FNCP) is the first inter-tribally controlled private equity firm in the United States. Further, it is the first and only fund of its kind to bring together two sovereign Indian nations and a prestigious financial institution. FNCP’s principal anchor investors include the Rincon Band of Luiseno Mission Indians, Colusa Indian Community Council, and Wells Fargo Bank, each of whom committed $5 million to the fund, together with a select group of experienced private equity investors. FNCP’s mission expressed through its motto of “Visionary Capital at Work” is to provide strategic resources, including patient capital, for growing, profitable companies in traditional industries in the eleven Western States. FNCP partners with experienced operating management to insure capital retention and enhancement by achieving the highest possible returns without assuming an inordinate amount of risk.

From inception of the Fund in September of 2008 until September, 2013, the end of its active investment period, FNCP and affiliates invested a total of $12 million in three “platform” investments in various industry sectors, two of which it still owns. Company sales generally range from a low of $6 million to a high of $10 million with a minimum EBITDA of $1 million and are located in California and the Northwest.


In 2014, Rincon and Colusa formed a “Pledge Fund” as a follow on to FNCP to which each tribe “committed” a minimum of $5mm and to be managed by Admiral Capital/John H. Upshur. What is a Pledge Fund? A “Pledge Fund” is one whereby the investors support the effort to identify opportunities thereby getting a “first-look” at deals presented to them by the Manager (JHU). They then decide whether or not to participate in the investment on a case by case or “one-off” basis. In effect, they get an “option” or “first right of refusal” to invest or not in return for a fairly nominal annual financial commitment . This contrasts with a “Dedicated” fund (like FNCP I) whereby funds are committed up-front for an extended (10 years or longer) period of time.


In January 2015, FNCP II completed its first investment of $5 million to acquire a majority interest in Plastics Research Corp (PRC) since renamed and re-branded as PRC Composites. PRC is a specialty manufacturer, located in Ontario, CA, that produces customized shipping containers and other commercial products. Major customers include General Atomics (the Predator drone), Boeing (the J-Dam smart bomb), the US Gov’t (PALCON) and United Technologies Corporation (maker of Pratt and Whitney jet engines).

In early 2017, FNCP II completed its second investment by acquiring a controlling interest in Advance Adapters, Inc, a then 45 year-old specialty manufacturer of automotive aftermarket parts located in Paso Robles, CA. That year, the company earned a little over $1 million on just under $10mm in revenue. In 2021, the company earned over $2 million from operations on just over $14mm in revenue. Among other products, the company manufactures and sells the Atlas Transfer Case widely known as the “Cadillac” of the industry.

In October, 2021, FNCP II completed its 3rd investment whereby it invested $6.5 million to acquire a controlling interest in a 30 year-old family-owned specialty manufacturer/contractor located in Lebanon, OR. The company designs, manufactures and installs material handling equipment primarily for the wood processing industry (i.e. lumber and saw mills). It specializes in offering turn-key solutions in a variety of applications for its customers.

We would be happy to discuss our fund, our investment criteria, and how we can work together.