Today we’d like to introduce you to Stephen Gurgovits.
Hi Stephen, so excited to have you on the platform. So before we get into questions about your work-life, maybe you can bring our readers up to speed on your story and how you got to where you are today?
After graduating Penn State, I started my career in public accounting at KPMG in Pittsburgh, PA. While a great training ground for any young professional, I knew I wasn’t going to be in accounting long term. I eventually joined the Sports and Exhibition Authority in Pittsburgh and helped finance and track the construction of Acrisure Stadium, PNC Park and a new Convention Center. Simultaneous to this role, I obtained my MBA from the University of Pittsburgh. As the construction projects drew to a completion, I pivoted to a role in the wealth management arm of F.N.B. Corporation. In this role, I was responsible for managing the portfolios of high net worth individuals and institutional clients with traditional public stocks, ETF’s, and bonds. As a senior portfolio manager, I began to explore private market opportunities and coupled with my passion for investing, partnered with a board member of F.N.B. Corporation to draft a merchant banking plan. My original plan was to raise capital from our qualified wealth clients to do private equity deals. However, with no prior track record, the Board of Directors of F.N.B. would not permit the solicitation of client assets, but instead, agreed to allow us to invest off the Bank’s balance sheet. And so, in late 2005, F.N.B. Capital Corporation was formed.
From 2006 through the end of 2012, our team at F.N.B. invested about $60 million in 17 companies. However, after the Great Recession of 2008-2009, the Bank was going to exit the business. Shortly thereafter in 2011, our team discovered the SBIC program, which is a licensing program under the Small Business Administration. SBIC funds were carved out of the Dodd-Frank legislation, and permitted banks to continue to invest in SBIC funds. We convinced F.N.B. to let us pursue an SBIC license, which we obtained our first one in 2013 and spun out of the bank to form Tecum Capital. Over twelve years later I continue to grow and oversee our team, along with my two partners. In 2025, we raised our 4th SBIC fund, and have now collectively invested over $1 billion in over 100 transactions in both private credit and private equity.
Alright, so let’s dig a little deeper into the story – has it been an easy path overall and if not, what were the challenges you’ve had to overcome?
My career path has been quite a journey and not linear in nature, until we spun out of F.N.B. I have overcome challenges, like obtaining an MBA, while working full time, and earning both a CPA license and CFA Charter through self study. My career path has included a career change from accounting to investing all while navigating the Tech Bubble of the early 2000’s, the Great Recession of 2008-2009, and the regulatory changes that caused us to exit the bank, and then the Covid Pandemic. All the while, we remained committed to investing and there is nothing more exciting than investing in small businesses throughout Pennsylvania. Our team has managed both the challenges noted above, but also the challenges of investments that occasionally don’t go as planned. We continue to generate great returns for our investors and enjoy the ancillary benefits of creating new jobs. I know private equity often gets a bad reputation and sometimes deservedly so, but our team continues to invest in win-win transactions which can benefit our investors and our region.
Great, so let’s talk business. Can you tell our readers more about what you do and what you think sets you apart from others?
Tecum Capital Management, LLC (“Tecum”) is a Pittsburgh, Pennsylvania based private investment firm deploying capital in lower middle market companies. Tecum provides mezzanine debt and equity investments in growth-oriented middle market companies across many industries, including manufacturing, value-added distribution, and business services. Our team partners with independent sponsors, family offices, committed funds, business owners seeking succession plans, and management teams to create shared success. Tecum focuses on businesses with EBITDA greater than $3 million and will invest $5 million to $20 million in potential portfolio companies. Tecum manages three Small Business Investment Company (“SBIC Funds”) licensed funds and is currently investing out of both SBIC Fund III and Tecum Capital Partners IV, L.P, a new $340+ million SBIC fund launched in February 2025. Tecum also manages a separate micro-cap equity control strategy via a multi-family office strategy with investment criteria encompassing EBITDA of $2 million to $6 million called Tecum Equity Alpha Management (“TEAM”). Since 2006, the team has collectively invested more than $1.0 billion in over 100 platform and add-on acquisitions. We are relationship-based investors and are often the first institutional capital into a family or founder owned business. Our culture and business friendly approach, allows us to capture some great opportunistic investments, where we can add value for all involved. We now have a demonstrable track record of successfully investing for over 20 years together as a team.
Is there any advice you’d like to share with our readers who might just be starting out?
My best advice to younger professionals is to find your passion. If you love what you do, you will not view it as work, but rather as a lifetime endeavor. I would advise those just starting out to be curious, ask questions, work hard and learn as much as you can about every work experience. It took me several years to find my passion, which is investing, but it was certainly worth the wait.
Contact Info:
- Website: https://www.tecum.com
- LinkedIn: https://www.linkedin.com/in/gurgovits/
