Our experience and Midwestern values influence the way we operate.
Broadwater Capital was established in 2021 in Fargo, North Dakota by managing partner, Erik Barner after a 15-year investment career in Minneapolis, Chicago, and Fargo.
The growing opportunity set of lower middle market companies in the greater Midwest became evident, particularly due to the lack of alternative investment firms outside major cities in the region. Broadwater Capital was established with a focus on putting people first and building for long-term shared success.
We believe people and place play significant roles in a company’s performance. That’s why we invest in mature companies with strong teams, who align with our mission, vision, and values. We are looking for strong leadership teams that align on the goals for sustainable growth and attractive returns.
Our team's years of professional experience in collaborating with lower middle market companies allows us to work alongside leadership teams to align and act upon our shared goals.
Build honest relationships that lead to intelligent investments and long-term shared success.
Become the preeminent alternative investment firm in the greater Midwest that inspires the next generation of investors while producing attractive returns.
Our values reflect our Midwestern roots:
Founder & Managing Partner
A North Dakota native, Erik Barner has more than 15 years of experience in finance and investing, with past positions at Piper Jaffray, Norwest Mezzanine Partners, Institutional Capital, and Gen7 Investments. His experience includes investment strategy and underwriting, sourcing, structuring, capital deployment, and portfolio management. Erik holds a BA in Finance from the University of St. Thomas and an MBA from Columbia Business School, where he was also a member of the Value Investing Program. Outside of work Erik loves spending time at the lake with his family.
Associate
Joe Janey joined Broadwater Capital in 2021 and will become a full-time Associate in Summer 2025 after completing a dual MBA and Master of Public Policy at Duke University. He began his career at Hennepin Partners, supporting sell-side mandates, and recently founded Sync60, a workforce development platform. A Minnesota native, Joe holds a B.A. in Economics and English Studies from the University of St. Thomas and enjoys golf, lake time, and cheering on the Vikings.
Firm Operations Manager
Josie Perhus joined the Broadwater Capital team as Firm Operations Manager in 2024. Josie brings almost a decade of accounting and finance experience to Broadwater from her time with a real estate fund manager and developer in Fargo, ND. Josie holds a degree in Accounting from Concordia College in Moorhead, MN, and is currently pursuing an MBA from the University of Nebraska. Outside of work, Josie loves to spend time at the lake, work on house projects, and play music with her band.