An October Bloomberg article estimated that there are 19,000 private equity funds in the U.S. (compared with 14,000 McDonald’s restaurants, so yes, it’s a lot). How does a newcomer like Minneapolis-based Marrin distinguish itself? Investment vet Leah Berend—who launched her firm in 2024—seeks to boost employee culture and operational efficiency in the small and midsize Midwestern companies she holds, which in turn can make those businesses more successful and valuable. Berend is drawn to companies with strong histories that emphasize personal interactions with customers and employees rather than relying on digital tools like AI. “I’m betting on humans,” she says.