Houston private equity firm beats target on first investment fund

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The Sallyport Partners Fund focuses on investments in founder- and family-owned businesses, corporate carve-outs and startups in various industries. Photo via Getty Images

Houston-based private equity firm Sallyport has raised $160 million for its first investment fund, exceeding the target amount by $10 million.

The Sallyport Partners Fund focuses primarily on investments in founder- and family-owned businesses, corporate carve-outs and startups in various industries.

The firm’s chairman, Doug Foshee, seeded the fund. He and managing partners Kyle Bethancourt and Ryan Howard started the firm in 2023.

“Sallyport Partners Fund was created to utilize the proven processes our team has developed over time to generate value for like-minded investors on a larger and more impactful scale,” Foshee says in a news release.

Investors in the Sallyport fund include entrepreneurs, business executives and influential Texas families. Aside from Foshee, names of the fund’s investors weren’t disclosed.

“We are deeply committed to working hand-in-hand with management teams to drive transformative growth and generate long-term value,” says Bethancourt. “Our operational capabilities are forged from decades of firsthand experience leading, investing in, and building thriving businesses from the ground up. We have a unique appreciation for the management team’s perspective because we’ve been in their shoes.”

Those shoes have covered some pretty impressive ground:

  • Foshee is former chairman, president, and CEO of Houston-based El Paso Corp., which owned and operated a 44,000-mile natural gas pipeline network. In 2012, El Paso merged with Houston-based pipeline company Kinder Morgan in a multibillion-dollar deal.
  • Before Sallyport, Bethancourt was a vice president in the credit division of Blackstone, an investment powerhouse with more than $1 trillion in assets under management. Earlier, he worked at D.E. Shaw & Co., a New York City-based hedge fund with more than $65 billion in assets under management.
  • Before Sallyport, Howard worked at Platform Partners, a Houston-based private equity firm. Earlier, he worked for the natural resources arm of investment banking giant Goldman Sachs.
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Tim Kopra spent over 244 days in space, and now he's using his tech background to invest in emerging energy companies. Courtesy of Tim Kopra

Former NASA astronaut is investing in the future of the oil and gas industry

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When Tim Kopra returned from space in 2009 after he served as flight engineer on NASA's Expedition 20, he was ready to transition into civilian life. The Army vet went to business school, received his MBA in 2013, and started thinking about his next steps here on earth.

That is, until he was called back by NASA to serve as flight engineer then commander of the ISS in Expedition 46/47. He landed in June of 2016 after spending a career total of 244 days in space.

The timing was right this time around for Kopra. A former classmate of his, Ernst Theodor Sack, had worked at a Riverstone Holdings for a decade and had realized the potential for funding smaller, more niche startups. Sack was ready to branch out on his own, and Kopra was looking for his next career opportunity too.

That's how the two partnered up to create Blue Bear Capital, an investment fund that invests in data-driven technology companies in the energy supply chain.

"You can think of it as Silicon Valley tech, IoT, analytics, machine learning, SaaS business models applied to oil and gas, wind, solar, and energy storage," Kopra says.

The energy industry has been known to be slow to adopt new technology, like analytics, machine learning, and the Internet of Things, Kopra says, but Blue Bear's goal is to find the startups creating cutting edge technology and help them gain a footing in the industry.

"In order to adopt new technology, our view is that it has to be able to demonstrate clear value proposition upfront — not something that promises to improve operations down the line. It needs to happen relatively quickly."

Blue Bear capital closed its fund in the fourth quarter of 2018 with a total of eight investments. Kopra spoke with InnovationMap on how he's merged his space career into a tech investment guru.

InnovationMap: What sort of experience do you bring in to your investment responsibilities from your Army and NASA days?

Tim Kopra: On face value, it may sound like an odd match, taking someone with a tech and operational background and putting them in venture, but quite frankly it feels very familiar to me because my career has really been focused on working on complex technology and operations with very small teams. It's not just a theoretical understanding of the technology, but understanding how to use the technology and how it works.

It's something that over time, when you work with different kinds of aircraft or experiments on the Space Station or the space suits we use on space walks or the robotics system we used, you really develop a strong sense of how we as humans are able to work with technology and improve the functions we have in our jobs. That's a valuable aspect I bring to the table.

There's the operational component too. You can have great technology, but if it's not well matched to its job and implementation, it's not going to have the ability to solve the problems it was intended for. Third component is with small teams. I've worked with teams of two to 10 to 30 to several hundred — you recognize the need for people to work more effectively together.

I was on the last couple of astronaut selection committees. Our most recent one was going through 18,300 and select 12. Our job during the last portion of the selection is interviewing the last 50 or so. Those people competing for those spots are rock solid when it comes to their technical background and operational experience. The one thing we were asking ourselves as the interview committee was, "Who'd you want to go camping with?" It's the matter of the kind of people you can spend time with and be effective with. When we look at companies to invest in, we are looking for good small teams like that.

IM: How has Houston's tech ecosystem changed throughout your career?

TK: When we started in January of 2017, we saw one conference every few months that was involved in innovation and new technology and its application in oil and gas. Whereas now, it's pretty much every month that there's a major event about applying new technology in the industry.

IM: So, how has the city been for you as an investor?

TK: Obviously, Houston is the center for traditional energy and oil and gas. One thing that has been notable over our journey is the increased involvement in corporate venture funds. And, then the number of startups — it's a growing number and there's plenty of room for growth when it comes to energy startups. We've definitely seen an improvement in the types of technology provided and the number of startups emerging.

IM: Do you feel like the relationship you have with corporate VCs is competitive or collaborative?

TK: I think that the environment for venture capital in Houston in particular is very collaborative. When it comes to the corporate VCs, we're aligned because often times they are looking for companies farther along and then secondly, we're happy to co-invest with corporate teams. There are plenty of deals to go around, and we think working together we can definitely succeed.

IM: What types of companies are you looking for?

TK: We consider companies that are early revenue companies. We focus on data-driven technology companies, but they need to have recurring commercial revenue, so not just pilots.

IM: What's next for Blue Bear?

TK: We recently closed the fund, and what that means is we need to deploy the capital. We've invested in eight companies and had one exit, which we are excited about.

What we try to do is find the absolute best in class within a sector in which we invest.

IM: What keeps you up at night, as it pertains to your business?

TK: It's a very dynamic world. We have to keep track of macro trends and understand where the market is going. That has everything to do from the price of oil to government incentives to what large companies are investing in. I wouldn't say that it keeps us awake at night, but there's so many facets of the business that can impact what we do — positively and negatively. But we are constantly keeping track of what's going on in the world and what's going on in our sector.

The one thing we are most focused on right now is maintaining deal flow that we've been able to achieve. Going through the thousand or so companies we have over the past couple of years has been an extremely arduous task, but it's necessary for us to be able to understand the market.

We need to be as diligent as we have been over the past couple years. It's a really exciting space to work in, and we just need to maintain that level of excitement.

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Portions of this interview have been edited.

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Houston researchers report promising first in-human trial for implantable cancer therapy

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When it comes to cancer remedies, the treatment can be as challenging for the body as its cause. But what if immunotherapy could be localized? That’s precisely what a Houston team may soon make a reality.

Rice University researchers, in partnership with MD Anderson Cancer Center, recently published their findings from the first in-human trial of an implantable cancer-fighting treatment in the journal Clinical Cancer Research. The paper details testing of AVB-001, encapsulated cells engineered to release interleukin-2 (IL-2)—a naturally occurring signaling protein that boosts immunity—in the peritoneal cavities of 14 patients. The goal is to avoid the toxicity usually experienced with less targeted treatments, as well as find a solution to IL-2s’ abbreviated half-lives.

“Traditional IL-2 therapy has shown potent antitumor activity, but its clinical use has been limited by severe side effects and delivery challenges,” Omid Veiseh, director of the Rice Biotech Launch Pad, professor of bioengineering at Rice and a senior author on the study, said in a press release. “This platform allows us to localize and sustain cytokine exposure directly where tumors reside while minimizing systemic toxicity.”

Serous ovarian carcinoma is especially well-suited to the use of AVB-001 because it tends to spread throughout the abdomen. After a minimally invasive laparoscopic procedure, patients implanted with the cells were noted to tolerate the treatment well. Half of the enrolled patients’ cancer was stabilized, with several among them reporting extended signs of benefit. No maximum tolerated dose was reached and there were no life-threatening events tied to the study.

If that sounds like less-than-earth-shaking results, this is only the beginning. The capsules were implanted for about one week because IL-2 activity drops off after that. The researchers now know that further testing should include either higher levels, repeated doses, or a combination thereof, in order to create stronger advances.

The team has already made early headway on this next step. Preclinical studies in nonhuman primates were not only tolerated well, but without added toxicity, the apes had consistent pharmacological effects.

“This is a foundational step,” Veiseh explained. “We now have evidence that the platform is safe, biologically active and potentially scalable. The next phase is optimizing dosing and exploring combination therapies to unlock its full clinical potential.”

The combination would also include a checkpoint inhibitor, which might improve AVB-001’s tumor-fighting power. “What is exciting is that we are not just delivering a drug, we are programming a microenvironment,” added Dr. Amir Jazaeri, professor of gynecologic oncology at MD Anderson, member of the Rice Biotech Launch Pad’s clinical advisory board and a senior author on the study. “This opens the door to combination strategies that could amplify immune responses in ways that have not been feasible before.”

5 must-read innovation headlines: Pharma giant considers Houston hub + more

Trending news

Editor's note: With May coming to a close, it's time to look back at the biggest innovation headlines for the second half of the month. Major moves were made in May, with NuScale Power entering the market, Persona AI inking a deal with Under Armour, and a pharma giant considering Houston for its next manufacturing hub. Here are the most-read InnovationMap stories published May 15-29, 2026:

1. Pharma giant considers Houston for $1 billion manufacturing campus

Another pharmaceutical giant is considering Houston’s Generation Park for a manufacturing hub. According to a recent filing with the Texas Jobs, Energy, Technology and Innovation (JETI) program, Bristol Myers Squibb Co. is considering the northeast Houston management district for a new $1 billion multi-modal pharmaceutical manufacturing campus.

2. Modular nuclear reactor co. NuScale Power moves into Houston market

The nuclear energy renaissance continues in Texas with an announcement by NuScale Power. The Oregon-based provider of proprietary and innovative advanced small modular reactor (SMR) nuclear technology announced in April it would be opening office space in Houston’s CityCentre.

3. Persona AI teams with Under Armour to protect next-gen robots

Houston-based Persona AI has cemented a partnership with sportswear manufacturer Under Armour to provide materials to protect future robots operating in dangerous conditions. Through the partnership, Persona AI and Under Armour will launch a research initiative to explore whether advanced performance textiles can improve the durability and resilience of humanoid robots operating in harsh industrial environments.

4. Houston quantum energy chip startup emerges from stealth with $12M round

Houston-based Casimir has emerged from stealth with a $12 million seed round to commercialize its quantum energy chip. The round was led by Austin-based Scout Ventures. Lavrock Ventures, Cottonwood Technology, Capital Factory, American Deep Tech, and Tim Draper of Draper Associates also participated in the round. The oversubscribed round exceeded the company’s original $8 million target.

5. Global summit spotlights Houston's growing role in brain health, innovation

The Center for Houston’s Future and UTMB are bringing the Texas Brain Economy Summit back to Houston this summer to continue to position the region as a global leader in brain health. The summit, held June 9-10 at the Texas Medical Center's Helix Park, will bring together more than 500 executives, researchers, policymakers and innovators from around the world to discuss the global brain economy.

Houston startup raises $6M to scale home-based healthcare platform

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As healthcare systems race to expand care beyond hospitals and into the home, investors are placing bigger bets on the infrastructure needed to make that shift possible.

This month, Rosarium Health announced it has raised $6 million in seed funding led by Kalos Ventures, with participation from ResilienceVC, Rock Health Capital, Symphonic Capital, Black Tech Nations Ventures and others.

The investment will help the Houston-based startup continue to build its platform, which features a national network of 800-plus clinicians and 3,000-plus contractors to coordinate home accessibility upgrades and modifications for seniors and people living with disabilities.

For founder and CEO Cameron Carter, the company’s mission grew out of firsthand caregiving experiences.

“From my own personal caregiving experiences, I realized that the benefits exist on paper, but not in reality,” Carter said in a news release. “Families are being left to figure out the paperwork and installations all on their own, which shouldn’t be how this works.”

While Medicare Advantage and Medicaid plans have expanded coverage for home-based services and accessibility modifications, the logistics behind delivering those services often remain fragmented.

Rosarium’s platform coordinates the entire process, from clinical assessments and referrals to contractor management, documentation, reimbursement and installation.

“A clinician can document that a home isn’t safe and a plan can approve a benefit, but there’s no one that’s responsible for making sure the work actually gets done,” Carter says. “We built the missing piece.”

The company was founded in 2021 as Rose Health and was a 2023 participant in the Texas Medical Center’s Accelerator for HealthTech program. It has scaled quickly, building a network of more than 800 clinicians and 3,000 contractors across 34 states.

Rosarium is currently in-network for 1.2 million Medicare and Medicaid lives, with projected coverage expected to reach nearly 4 million by the end of the year, according to the release.

“We’re excited to back Cameron because he and the team at Rosarium are building the infrastructure healthcare needs right now to make the home a safe and comfortable place of care,” Kate Ballinger, investor at Kalos Ventures, added in the release.

As part of the recent investment, Ballinger will join Rosarium’s board of directors.

With eyes on the future, Rosarium plans to grow its partnerships with Medicaid and Medicare Advantage plans, including CalViva and Community Health Plan of Imperial Valley, strengthening its presence in California while expanding access to underserved communities.

Additionally, Carter predicts that home-based healthcare will be part of a broader transformation happening across the industry.

“There’s a growing recognition that health outcomes are shaped by what happens in the home,” he said in the release. “The future of healthcare isn’t just treating people after something goes wrong. It’s creating environments that help prevent those problems in the first place.”

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