A privately held firm focused on disciplined underwriting and structured commercial financing
Vartanov Capital is a privately held firm focused on disciplined underwriting and structured commercial financing. We partner with businesses and finance professionals to deliver clear, efficient capital solutions built for long-term relationships.
We deploy proprietary capital and do not solicit or manage outside investor funds. This structure allows us to move efficiently, think long-term, and prioritize sustainable outcomes over short-term pressures.
How we approach every transaction
Focus on asset coverage and conservative structures that prioritize principal preservation
Clear documentation and straightforward terms that both parties understand
Efficient execution with a focus on building enduring partnerships
Disciplined underwriting maintained across market cycles
Vartanov Capital is a privately held firm focused on disciplined underwriting and structured commercial financing. We partner with businesses and finance professionals to deliver clear, efficient capital solutions built for long-term relationships.
Founder & Managing Partner
Leo Vartanov is the Founder and Managing Partner of Vartanov Capital, where he oversees the firm’s asset-based lending, real estate lending, and proprietary capital activities.
With more than 20 years of experience across commercial finance and financial services, Leo has built, operated, and overseen lending and operating platforms with a long-term, principal-oriented perspective. His background spans structured commercial financing, asset-backed lending, and real estate operations, with an emphasis on disciplined underwriting and downside protection.
Leo co-founded Merchant Industry LLC in 2007 and served as its Chief Executive Officer through 2025, guiding the firm’s operational growth, risk management, and platform development. Over time, the business evolved into a nationally recognized commercial finance platform. He later completed the sale of a majority ownership interest in Merchant Industry LLC to LMP Private Equity.
In addition to his operating experience, Leo serves on the board of Valor Paytech, contributing to governance, strategic oversight, and long-term platform development.
Across his career, Leo’s approach has been grounded in entrepreneurship, long-term relationships, and consistent risk management across market cycles.
Partner – Operations & Strategy
Jennifer Vartanov is a Partner at Vartanov Capital, where she oversees operations, strategic execution, and platform management across the firm’s lending and real estate activities.
Jennifer co-founded Merchant Industry LLC, where she played a central role in building and scaling the firm’s operational infrastructure. Throughout her tenure, she was responsible for driving execution across internal systems, process development, partner coordination, and day-to-day operational oversight.
She was closely involved in the evolution of Merchant Industry through its transition to institutional ownership, contributing to the firm’s readiness and execution surrounding the sale of a majority ownership interest to LMP Private Equity.
With extensive experience in financial services operations, Jennifer brings a disciplined, execution-focused approach to Vartanov Capital. Her work emphasizes organization, accountability, and long-term operational stability, ensuring that strategy is consistently translated into action across the firm’s activities.
Learn more about our approach and explore how we can support your business objectives.