Rank Firm HQ Activity Level*
1 RAI Group NJ  93.4
2 Liquid Capital Partners TX  83.0
3 CapX Partners IL  82.9
4 Enhanced Capital Partners NY  79.2
5 Leeds Novamark Capital VA  76.4
6 White Oak Global Advisors CA  74.7
7 Green Brook Capital Management NJ 74.4
8 PineBridge Investments NY  74.3
9 Lighter Capital WA  73.7
10 Full Circle Capital NY  73.1

Activity Level: A combination of pursuit activity, number and frequency of unique firms interacted with, and how far the conversations progressed towards a closed deal. The number is then normalized to provide confidential measure of activity relative to the rest of the market.