Toby Chang is a managing partner at CXP Capital, where he invests in lower-middle-market businesses and backs search funds, independent sponsors, and ETA entrepreneurs. CXP also runs an advisory practice focused on tech enablement, automation, and AI, working with its own portfolio companies and across the broader ETA ecosystem. Toby brings an operator’s view to the role. As a searcher, he acquired and ran an IT managed services business. He later invested in traditional search funds with a leading institutional investor in the space.