Phil Kain
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Hey Phil — similar IB → PE background. Been thinking a lot about proprietary origination in middle-market industrials lately. Would be good to connect.
Hey Phil, similar background — though I was doing European growth equity not building an industrial PE firm in Chicago. most funds at this point have stacked up a solid toolkit — PitchBook, CRM, maybe Grata or a sourcing consultant. but the proprietary pipeline rarely reflects the size of the stack. none of it connects systematically, so the firm's thesis and network intelligence don't feed into each other — origination stays inconsistent instead of compounding. wondering if that's still how it plays out at Rush Street? — Russ
Hey Phil, similar background — though I was doing European growth equity not building an industrial PE firm in Chicago. most funds at this point have stacked up a solid toolkit — PitchBook, CRM, maybe Grata or a sourcing consultant. but the proprietary pipeline rarely reflects the size of the stack. none of it connects systematically, so the firm's thesis and network intelligence don't feed into each other — origination stays inconsistent instead of compounding. do you disagree? — Russ
hey Phil — this kept rattling around. when I was doing growth equity we had every subscription going — PitchBook, CRM, enrichment tools, the lot — and I still spent half my time manually pulling origination together across all of it. always wondered if that was just us being disorganised or if it's genuinely universal. did you ever run into that at Rush Street, or was it just us? — Russ
hey Phil — appreciate the connect either way. I'm in and around industrial origination all day — if you ever want to swap notes on what's working, I'm easy to find. — Russ
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Prospect Research
## PROSPECT INFORMATION: Name: Phil Kain Title: Managing Partner (Rush Street Ventures / Rush Street Capital) Fund: Rush Street Ventures Background: Phil Kain is the Managing Partner at Rush Street Capital, a Chicago-based investment bank he founded in 2014 that specializes in debt capital markets, sell-side advisory, and M&A for middle-market companies and private equity sponsors. With over 30 years of finance experience, he recently earned his CFA Charterholder designation in August 2024. Phil is currently focused on navigating the "2026 debt labyrinth," specifically assisting service businesses that sell to utilities, land banking companies, and PE-backed firms needing to refinance maturing debt amidst volatile market conditions. He is a frequent speaker at industry events, a co-founder of the St. Vitus Foundation (supporting ALS families), and an active mentor. Current Focus and Industry Insights: - Market Outlook (January 7, 2026): Phil noted that "capital is available—but only for borrowers who understand today’s market realities," highlighting that lenders are underwriting with extreme discipline and leverage is being capped. - Middle Market Strategy: He advocates for outsourcing debt capital raising to specialized desks to allow PE firms to focus on operations and sourcing. He recently shared a case study (January 6, 2026) regarding a $14 million refinance for a building products company facing industry cyclicality. - AI Integration: He is actively promoting the use of AI in finance, specifically for P&L performance and building rolling 13-week cash flow forecasts. Recent Post Highlights: - March 12, 2026: "Debt vs. Equity: What Every Company Needs to Understand About How Different Raising Debt Is From Raising Equity. One of the hardest things for anyone to do in the Capital Markets arena is to pivot between raising debt and raising equity." - March 5, 2026: Regarding a speaking engagement at Grand Canyon University: "Whose idea was it to give me a microphone and a stage to speak to a group of talented young adults? ... These are talented future leaders in the business world!! Buy stock now in these folks!!" - March 5, 2026: On utility-sector growth: "Service businesses that sell to utilities are experiencing tremendous growth in 2026 with no end in sight. I need cash-flow lenders that understand this and are willing to partner with these companies." - March 1, 2026: "The Middle Market Debt Labyrinth: What Every CEO, CFO, and Sponsor Needs to Know in 2026." - February 4, 2026: Expressing frustration with late payments: "Isn't it crazy that it is 2026 and by far most small businesses still have to wait to get paid by a paper check sent in the mail... U.S. small businesses, for example, lose an average of $39,406 annually due to late payments." - November 28, 2025: On professional vulnerability: "One of the hardest things for me to do is admit that I need help... I was taught an intense work ethic by my Midwestern parents who were raised during the depression." Background and Personal: Phil holds a BA from the University of Michigan and an MBA from UNLV. His career includes senior leadership roles at Fifth Third Bank (Managing Director), LaSalle Bank, and Merrill Lynch. He is highly mission-driven, influenced by his family's battle with ALS (his late brother Mike) and his mother’s Alzheimer’s diagnosis. He hosts a monthly "Phoenix Finance Cigar Club" at Fox Cigar in Scottsdale. Key Skills: Debt Capital Markets, Leveraged Finance, Middle Market M&A, Private Credit, Financial Modeling, and Strategic Relationship Management. Fund details: - Description: Rush Street Ventures is a group of experienced professionals seeking to build a world-class private equity firm. We are focused on making investments in privately-held middle-market companies. We believe that our differentiators are that we hustle and we truly care about people. We have 2 primary areas of focus - manufacturing and industrial businesses and tech-enabled business services including logistics / supply-chain management. Our target size of companies is greater than $10.0 million of revenue and greater than $1.0 million of EBITDA. We are typically seeking to invest and partner with companies that have not yet received any institutional capital. - Website: https://www.rushstreetventures.com - Location: Phoenix, Arizona, United States - Lead qualification: Research: - Query: =Rush Street Ventures Phil Kain recent investments fund thesis - Answer: Phil Kain leads Rush Street Ventures, focusing on acquiring small industrial and manufacturing businesses in North America. They target firms with $1M to $10M EBITDA. Kain has over 20 years of experience in corporate banking.