Why Does Relay Succeed?

Our Team.

Co-Founding Managing Directors

Sandro Mina



Martin Steber


“45+ combined years investing together in the search fund asset class.”


Managing Directors

Sandro Mina & Martin Steber

“45+ combined years investing together in the search fund asset class.”


Sandro Mina and Martin Steber lead a top-tier Team at Relay Investments. Relay ranks among the best in returns for their investors and entrepreneurs.


Co-founding Managing Directors of Relay Investments, Martin and Sandro have known each other since 1980. They both attended Imperial College at the University of London and graduated with Bachelor of Science degrees in Computer Engineering (consecutively). Following their undergraduate educations, Martin joined Bain & Co. as a consultant in Munich and Sandro joined the United Nations as an engineer in the Computing Centre and Storage Technology division. In 1991, Martin and Sandro earned MBAs from the Graduate School of Business at Stanford University. They both completed an investment banking internship with Goldman Sachs & Co. in London and New York, respectively, during the summer of 1990. To date, Martin and Sandro have a combined 45+ years investing together in the search fund asset class.

3 SFs

With Sandro having taken Prof. Irv Grousbeck’s course on search funds, upon graduation, Martin and Sandro joined up with two other individuals to form Sverica International, which was initially based on the search fund model. Through that entity, Martin sourced, acquired, and managed two companies in Birmingham, Alabama called Automatic Detection Systems Inc., an electronic security company, and AccuDocs LLC, a billing services company. Both of these entities were eventually sold to larger industry leaders during Martin’s tenure as CEO. Sandro sourced the acquisition of Cameraworld.com, which he managed as President and CEO, before selling it to a coterie of blue chip private equity firms.

16| 7| 5

While building Sverica as a family of buyout funds, in 2001 Martin and Sandro began investing in search funds, initially for their own benefit and, starting in 2013, institutionally through Relay Investments. To date they have invested in over 150 search funds in 16 countries. When Relay Investments was launched it was one of the first institutional firms to exclusively invest in search funds with a global mandate. Taken together, the investment team at Relay speaks 7 languages, holds 6 citizenships, and has worked in over a dozen countries on 5 continents.

10 Boards

Martin now serves on the board of several Search Fund-sourced companies: Chronus, MST, Alert Protective Services, Subatomic Digital, and UCIT Online Security. Sandro also serves as a board member of several Search Fund-sourced companies: Eclipse Cash Systems, Richmond Alarm Company, Omatic Software, Precision Payments International, and WholesalePet.com, along with a local non-profit, the Swedish School of Boston.


With decades of involvement in the Search Fund asset class, investing in and operating businesses on their own account with distinctive results, Sandro and Martin continue to deliver top-of-class results at Relay Investments. Investing in next-generation entrepreneurs via the Search Fund model on a global scale, Relay is delivering results for their investors and entrepreneurs they back that rank the firm among industry’s very best


(617) 695-0200


(617) 377-4254

Our Team

Our Team

Our Team Helps Search

Fund Entrepreneurs Every

Step Of The Way

Our Team Helps SF

Entrepreneurs Every

Step Of The Way

Find Out How We Can Help You!

Alfonso Blohm

Senior Vice President

Investments due diligence

Data Analytics

Strategic advisory


Fluent in Italian, Spanish


Alfonso supports searchers in business modelling, industry deep dive-analysis, and the overall due diligence process.

Prior to joining Relay Investments, Alfonso was a management consultant at Bain & Co., where he worked for 5 years. He participated in and led business due diligence efforts in c. 20 projects – including buy-side, sell-side and IPO. During his time at Bain, Alfonso also served as project manager for post-merger integration efforts as well as strategy implementation and roll-out.

Alfonso holds an MBA from MIT Sloan and a B.S. in Industrial Engineering from Lehigh University. He speaks fluent Italian and Spanish.


(857) 990-3700

Nicolás Lulli

Vice President

Investments due diligence

Strategic advisory

Portfolio risk management


Fluent in Spanish

AB Politics, Finance | Princeton

Nicolás leads the firm’s due diligence efforts on Latin American and Iberian operating company investments, while assisting various RI-backed searchers all over the world in their industry analysis and search strategy. Nicolás helps the firm select aspiring searchers and model macroeconomic risks across its diversified portfolio.

Prior to joining Relay, Nicolás spearheaded the sales and business development team at SumZero, a financial technology company headquartered in New York with operations throughout Europe and Asia. He began his career on a Latin American derivatives structuring desk at Goldman, Sachs & Co. in New York.

Nicolás holds a A.B. in Politics and a certificate in Finance from Princeton University, where he played Varsity Lightweight Football and Junior Varsity Basketball. He speaks fluent Spanish and is currently a Level III candidate in the CFA Program.


(857) 990-3554

Nichole Guerette

Chief Financial Officer


Reporting, financial, tax & audit

15+ years tax & accounting expertise

MBA Adjunct Professor

MBA | Endicott College

Nichole is a graduate of Salem State College, where she earned a B.S. in Business Administration with an Accounting concentration. She also holds her Master’s degree in Business Administration from Endicott College, where she is now an Adjunct Professor teaching accounting and finance in the MBA program.  As our CFO, Nichole is responsible for the preparation of financial statements, fulfilling our audit and tax requirements, and investor correspondence.

Nichole has over 15 years of accounting/tax experience of which 10 years have been in the private equity/venture industry. She enjoys this industry and takes pride in providing investors with timely and accurate financial information about our firm and our portfolio companies. Outside of the office, Nichole appreciates time outdoors, hiking and skiing and most importantly, spending quality time with her family.


(508) 527-1822

Mark Procopio

Head of Business Development


Corporate governance

Portfolio management, deal structuring

15 years' PE experience

JD | U. of California, Berkeley

Mark James Procopio, Vice President, Business Development, joined Relay Investments, LLC in 2014 and is based in New York.

In 2004, Mark co-founded Charollais Capital Corporation, where he sourced, structured, and closed over 50 private equity transactions.  Charollais manages a portfolio of technology-driven businesses in North America, Europe, and the Middle East.  Mark serves on several company boards, and has written articles on effective portfolio management and corporate governance in the alternative asset industry. Previously, Mark served as Managing Director of Cibernet, plc, in London, UK and as an attorney with Heller, Ehrman, White & McAuliffe in Silicon Valley.

Mark earned a JD. from the University of California, Berkeley (Boalt Hall) School of Law, and a BA from Loyola Marymount University.


(917) 618-1730

John Frishkopf

Global Capital Markets

Special LP

30+ years' capital markets experience

Financial, investment execution on global scale


John Frishkopf’s due diligence and transactional support of Relay Investments covers a range of specialities, including business investments, capital markets, and risk management. John has over 30 years of experience in domestic and international capital markets.

He is managing director of Drumlin Field Ventures, which invests in businesses in a range of sectors, and a member of the board of directors of Trinitas Capital Management, a credit-focused investment management firm. Previously he was a founder of NewStar Financial, Inc. where he reviewed and evaluated loans to middle market companies; oversaw asset management, treasury, capital markets, asset & liability management, data analytics, and risk management; and raised approximately $10 billion of capital for the company and for its managed funds.  Prior to NewStar, he held key responsibilities at corporate advisory and investment banking entities on a global scale, including at Citicorp’s North American Investment Banking and International Corporate Finance Division.

He holds a B.S. from the Massachusetts Institute of Technology and an M.M.S. from the MIT Sloan School of Management.

Mark McKenzie

Information Technology

Special LP

30+ years in high-tech leadership


Fluent in French

MBA | U. of California, Berkeley

Mark McKenzie supports Relay Investments’ due diligence efforts on information technology company investments, and general information technology industry analysis and search strategy.  Mark advises the firm and our search investment partners on technology company organizational design and development, product strategy, and financial risk management.

Mark is a recognized leader in the technology industry, enjoying a career spanning almost three decades across Europe, the Americas and most recently Asia Pacific. He began his career in management consulting at Accenture (systems integration consulting) and AT Kearney (IT strategy), and went on to be part of five start-up ventures across a range of technology solution areas, resulting in one IPO and two acquisition exits.

Mark holds a BSc (Eng) in Computing and Economics from Imperial College London, and completed his Executive Business education at Haas Business School, Berkeley.  He speaks fluent French.

Alex Stavros

Global Investment Advisory

Special LP

Global investment advisory

Investments due diligence

MBA | Stanford

Alex Stavros brings to Relay Investments due diligence & tactical expertise in business acquisitions, investment advisory, and capital raising in markets for mission-driven, cause-focused entities.

Alex is CEO of Calo Programs, a nationally recognized family of programs specializing in treating and healing the effects of complex early trauma. Previously, he was the founder and managing partner of Lia Capital Partners, an acquisition vehicle for cause-related businesses; was Associate Director of Firm-Wide Operations of Cambridge Associates, the world’s largest global investment advisory firm to not-for-profit organizations; held responsibilities in public service while at Overseas Private Investment Corporation, a U.S. government agency that mobilizes private capital for critical world social and poverty challenges; and worked on the Capitol Hill.

Alex graduated with Honors from American University with both an Economic Theory and International Relations degree. He earned an MBA from Stanford’s Graduate School of Business.

Graham Weihmiller

Performance Leadership

Special LP

Applied research in operational excellence & performance improvement

Business strategy advisory

MBA | Harvard

Graham Weihmiller advises Relay Investments and our search investment partners in the science of operational excellence, managerial leadership, and business performance improvement.

Graham serves as Chairman & CEO of Charlotte, N.C.-based BNI, and is a Director of the BNI Foundation.  Prior to joining BNI, Graham was the CEO of a 35-year-old homecare services company with over 250 locations across the United States; and has held leadership positions at Bank of America, Booz Allen & Hamilton, and Pioneer Equity Partners.

Graham speaks frequently on entrepreneurship, franchising, and operational excellence.  He has participated  in seminars and panels at Harvard University, Stanford University and Georgetown University. He mentors several U.S. based growth-oriented companies on strategy and operations.

Graham has a BBA from the College of William & Mary, and an MBA from Harvard Business School.

Our Offices, Boston, MA USA


Relay Investments. 745 Boylston Street, Suite 407, Boston, MA 02116 USA