Our Team

J. Bryan King is a Managing Partner of LKCM Headwater Investments. As an investment manager, Mr. King has been responsible for micro and small-capitalization public and private investments since 1994. King has acted as the Founder and Managing Partner of LKCM Capital Group since 2000, managing the long/short, microcap, private equity and other alternative investment strategies offered by LKCM.

Mr. King established the LKCM Distribution Holdings oversight advisory board of operating partners and thought leaders to support investment activities in the distribution, packaging, shop, field and engineering services, and rental focused businesses. Lawson, TestEquity, Relevant Solutions, Leading Quality Assurance, Archer Systems, Independent Life, Industrial Distribution Group, Rawson, and Golden State Medical Supply are among some of the businesses where Mr. King has served as chairman of the board of directors and the managing partner. He also serves and has served in various capacities on many other boards of both public and private companies as well as numerous civic organizations.

Mr. King graduated with a Bachelor of Arts in History from Princeton University, received a Ranch Management degree from Texas Christian University, and received a Masters of Business Administration from Harvard Business School.

M. Brad Wallace is a Partner of LKCM Headwater Investments where he is responsible for all aspects of the investment process including sourcing and analyzing new investment opportunities, leading seller and lender negotiations, closing portfolio company investments, and overseeing the implementation of post-transaction operational initiatives. Mr. Wallace currently serves on the boards of Alliance Consumer Group, Gexpro Services, and Pavement Maintenance Group. As an investment professional for LKCM Capital Group, he served for two years as the Chief Financial Officer for a $200M retail chain, where he was responsible for restructuring the business and integration of several acquisitions subsequent to LKCM Capital Group’s initial purchase of the assets out of bankruptcy.

Prior to joining LKCM, Mr. Wallace served as Principal and Portfolio Manager for KBK Capital, where he served on the investment committee and was responsible for senior debt, mezzanine and private equity transactions. While at KBK, he served as a Director and interim Chief Executive Officer of a food manufacturing and distribution company, overseeing the restructuring of its management.

Mr. Wallace began his career in finance as an originator and manager of $100 million factoring and asset-based lending portfolio. Mr. Wallace graduated with a Bachelor of Business Administration and a Masters of Business Administration, with the honor of Top Scholar, from Texas Christian University.

Andrew D. Zacharias is a Partner of LKCM Headwater Investments. Mr. Zacharias currently serves on the boards of Relevant Solutions, TestEquity, Resource Minerals, Building Controls & Solutions, Relevant Rental and RPS along with several civic and charitable boards in Fort Worth.

Mr. Zacharias previously served as Vice President for Pacesetter Capital Group, executing and managing private equity and mezzanine debt investments in the media, manufacturing and service sectors. Prior to joining Pacesetter, he served as the CFO and COO of Street Advisor, an independent equity research provider. Prior to Street Advisor, he was in the Corporate Finance Group at Bear Stearns where he focused on equity and debt offerings, mergers and acquisitions and private placements across numerous industries in the Southwest US. While in undergraduate school, Mr. Zacharias started his career in finance as an intern analyst for two years for LKCM.

Mr. Zacharias graduated with a Bachelor of Business Administration in Finance and Accounting from Texas Christian University. He completed a joint Masters of Business Administration and Masters in Engineering Management fellowship at Northwestern University’s Kellogg School of Management, where he received the distinction of Austin Scholar. Mr. Zacharias is a candidate for the Turnaround Management Association’s Certified Turnaround Professional Designation (CTP).

Jacob D. Smith serves as Principal and General Counsel of LKCM and is a Partner of LKCM Headwater Investments.  Mr. Smith currently serves on the boards of Independent Insurance Group, ProbablyMonsters, Knack Systems and other portfolio companies.  He has responsibility for oversight of legal, structuring, operational, investment and other matters associated with the private equity and other alternative asset strategies offered by LKCM and LKCM Headwater Investments, including aspects of the investment process such as sourcing and analyzing new investment opportunities, leading seller and lender negotiations, closing portfolio company investments, and overseeing the implementation of post-transaction operational initiatives.

Prior to joining LKCM in 2006, Mr. Smith was an Enforcement Attorney with the United States Securities and Exchange Commission. He previously was a corporate/securities attorney with Haynes and Boone, LLP.

Mr. Smith received his Juris Doctor, Magna Cum Laude, from the Southern Methodist University School of Law. He also received a Bachelor of Business Administration in Finance, summa cum laude, from the University of Central Arkansas.

Michael D. Bornitz is a Partner of LKCM Headwater Investments. During his time with LKCM, Mr. Bornitz has served in numerous roles within the private equity efforts, including all aspects of investment sourcing and analyzing new investment opportunities, negotiating with seller and lender representatives to close portfolio investments and performance improvement initiatives post-transaction. Additionally, he has served as the CFO for two of LKCM Capital Group’s platform investment strategies. Mr. Bornitz currently serves on the boards of Quality Magnetite, Buckhorn Waste Services, Alliance Sports Group, Leading Quality Assurance, Wishbone Medical and Intuity Medical.

Prior to LKCM, Mr. Bornitz was a Senior Associate in the Transaction Advisory Services group of Ernst & Young, where he served as an advisor to middle market private equity funds and strategic buyers. In this role he completed numerous engagements primarily focused on a wide variety industries including industrial manufacturing/services/sourcing, materials and E&P industries.

Mr. Bornitz graduated Magna Cum Laude from Texas Christian University, where he received both his Bachelor of Business Administration in Finance and Accounting and Masters in Accounting.

Kim A. Carter is a Partner with LKCM Headwater Investments where she also serves as the CFO of the alternative investment strategies associated with LKCM, including LKCM Headwater, and LKCM Capital Group.  Ms. Carter is additionally responsible for managing investment performance and communications with limited partners and other outside parties. She is actively engaged in identifying and evaluating investments, as well as working closely with management teams and operating partners to implement operational and growth strategies that focus on accelerating value creation and the durability of the businesses. Ms. Carter started her career in 2004 at Lockheed Martin where she advanced through their multi-year Financial Leadership Development Program and was a Senior Associate in Business Ventures.

Ms. Carter graduated Phi Beta Kappa and Summa Cum Laude from Texas Christian University with a degree in Finance. She also has a Masters degree in Management.

Joel D. Stewart is a Principal with LKCM Headwater Investments. He is responsible for originating new investment opportunities, conducting due diligence, structuring transactions and working with our portfolio companies.

Prior to LKCM, Mr. Stewart was a Vice President at The Presidio Group in San Francisco, where he invested in lower-middle market companies and advised clients on M&A and private placement transactions. Previously, Mr. Stewart was a Principal of 6Pacific Partners, a boutique merchant bank focused on the food, beverage and nutrition industries, and he began his career as an Investment Banker at JPMorgan.

Mr. Stewart holds a Bachelor of Business Administration in Finance and Economics from Baylor University and a Masters of Business Administration from The McCombs School of Business at the University of Texas.

Rick J. Settle is a Principal with LKCM Headwater Investments and is responsible for originating new investment opportunities, conducting due diligence, structuring transactions and working with our portfolio companies.

Prior to joining LKCM, Mr. Settle was a Financial Analyst in the Global Energy Investment Banking Group at Citigroup in Houston, where he focused on M&A advisory work and public capital raises within the energy industry. Mr. Settle started his career in finance as an intern analyst for LKCM.

Mr. Settle graduated Summa Cum Laude with a Bachelor of Business Administration in Finance and Entrepreneurial Management from Texas Christian University.

C. Brett Scarbrough is a Portfolio Manager of the Private Discipline Partnership and related funds. He oversees public investments made in microcap and special situations where both the public and private perspective can best be utilized to generate attractive returns. He works closely with both dedicated private equity professionals of the Headwater team as the public company analyst of Luther King Capital Management. In addition to managing portfolios, he is responsible for sourcing take-private and other strategic opportunities with public companies.

Prior to joining the firm, Mr. Scarbrough was an investment banking analyst with Credit Suisse in the Global Energy Group based out of Houston. He started his career in finance as an LKCM intern, and spent 2 years working for Rawson LP, a valve and instrumentation distributor formerly owned by LKCM. In this role, he focused on M&A due diligence, budgeting, and strategic pricing.

Mr. Scarbrough earned a Bachelor’s degree in Mathematical Economic Analysis from Rice University, a Master of Professional Accounting from the University of Texas and his MBA from the University of Chicago. In addition, he attended the General Course in Economics at the London School of Economics.

Scott F. Oman is a Vice President with LKCM Headwater Investments and is responsible for originating new investment opportunities, conducting due diligence, structuring transactions and working with our portfolio companies.

Prior to joining LKCM, Mr. Oman was a Senior Associate with Hudson Advisors, an affiliate with Lone Star Funds, where he was responsible for executing and managing private equity and debt investments across North America. Before Hudson, Mr. Oman was an Investment Banking Analyst with Bank of America Merrill Lynch in Houston, where he focused on M&A advisory work and public capital raises within the energy industry.

Mr. Oman graduated Phi Beta Kappa and Cum Laude with a Bachelor of Business Administration in Finance and Bachelor of Arts in History from Southern Methodist University.

Sarah E. Topham, CPA is the Vice President of Finance for LKCM Headwater Investments. She is involved in the preparation and oversight of the financial statement reporting process of LKCM Headwater and LKCM Capital Group, managing financial, tax, and accounting matters as well as providing strategic recommendations.  She assists in conducting due diligence on investment opportunities and collaborating with portfolio companies on their processes and efficiencies.

Prior to joining LKCM, Ms. Topham served as the Chief Financial Officer for SmartLift Solutions, LLC, an oil and gas technology company, and the Controller for Terrace Energy, LLC, an upstream oil and gas operator and sister company of SmartLift. In these dual roles, she was responsible for the Company’s financial functions including accounting, audit, forecasting, treasury, and risk management. Previously, Ms. Topham was an Associate for J.P. Morgan Private Bank and she began her career as an Assurance Manager at Ernst & Young, LLP.

Ms. Topham graduated Summa Cum Laude from the University of Arkansas, with the honor of Top Student in Accounting, where she received her Bachelor of Science in Business Administration in Accounting and a Masters of Accountancy. She is a Certified Public Accountant in the state of Texas.

Davis K. Miller is a Vice President with LKCM Headwater Investments and is responsible for originating new investment opportunities, conducting due diligence, structuring transactions and working with our portfolio companies.

Prior to joining LKCM, Mr. Miller was a Senior Associate with Blue Sage Capital in Austin, where he was responsible for evaluating lower-middle market investment opportunities as well as working closely with management teams to help strengthen and grow their businesses. Before Blue Sage, Mr. Miller was an Investment Banking Analyst with Barclays in Houston, where he focused on M&A advisory work and public capital raises within the energy industry.

Mr. Miller received a Bachelor of Business Administration in Business Honors and Finance with Highest Honors from The University of Texas and a Master of Business Administration with the Faculty Award for Academic Excellence from the University of Virginia’s Darden School of Business.

Molly Slusher serves as a Vice President and Deputy General Counsel of LKCM and LKCM Headwater Investments. She has responsibility for oversight of legal, operational, and investment matters associated with the private equity strategies offered by LKCM Headwater Investments. Her business-focused, pragmatic approach stems from a deep understanding of her team’s priorities, allowing her to consistently deliver positive and efficient outcomes.

Prior to joining LKCM in 2024, Molly served as General Counsel at a Texas-based private equity firm, where she oversaw all legal aspects of business transactions, fund formation, compliance, litigation, and dispute resolution. Before her private equity career, she honed her skills at the Dallas-based law firm Jackson Walker LLP, where she specialized in mergers & acquisitions and corporate law.

Molly received her Juris Doctor from The University of Texas School of Law and a Bachelor of Arts from the University of Washington.

Perry H. Ginsburg is a Senior Associate with LKCM Headwater Investments and is responsible for originating new investment opportunities, conducting due diligence, structuring transactions and working with our portfolio companies.

Prior to joining LKCM, Mr. Ginsburg was a Venture Fellow at Treaty Oak Equity where he was responsible for evaluating lower-middle market investment opportunities as well as working closely with management teams to help strengthen and grow their businesses. Before Treaty Oak, Mr. Ginsburg was a Hedge Fund Analyst with Frontaura Capital in Chicago, where he took a value-oriented approach to investing in frontier and emerging market public equities.

Mr. Ginsburg received a Bachelor of Arts in Mathematics and Economics from Vanderbilt University and a Master of Business Administration with the Dean’s Award for Academic Excellence from The McCombs School of Business at the University of Texas.

Jared LeMoine is a Senior Associate with LKCM Headwater Investments and is responsible for originating new investment opportunities, conducting due diligence, structuring transactions and working with our portfolio companies.

Prior to joining LKCM, Mr. LeMoine was an Analyst in the Technology Investment Banking Group at J.P. Morgan in San Francisco, where he focused on M&A advisory work and public capital raises within the technology industry. Before J.P. Morgan, Mr. LeMoine was a Financial Analyst at Intel, where he worked in the Software and Services Group.

Mr. LeMoine graduated Magna Cum Laude with a Bachelor of Business Administration in Finance from the University of Washington.

William K. Jenner is an Associate with LKCM Headwater Investments and is responsible for originating new investment opportunities, conducting due diligence, structuring transactions and working with our portfolio companies.

Prior to joining LKCM, Mr. Jenner was an Analyst at Intrepid Investment Bankers, a subsidiary of MUFG Union Bank based in Los Angeles, where he provided M&A, capital raising and strategic advisory services to entrepreneurs and middle market companies in various industry sectors.

Mr. Jenner received a Bachelor of Arts in Economics and a certificate in Finance from Princeton University.

Ellen Payne Peden is an Associate with LKCM Headwater Investments and is responsible for originating new investment opportunities, conducting due diligence, structuring transactions and working with our portfolio companies.

Prior to joining LKCM, Mrs. Peden was an Associate in the Public Finance Group at Hilltop Securities in Dallas, where she focused on municipal underwriting and financial advisory services, primarily within the Healthcare and Higher Education Sectors.

Mrs. Peden graduated with a Bachelor of Economics and a Bachelor of Management and Society from the University of North Carolina Chapel Hill.

Dalton B. Banks is an Associate with LKCM Headwater Investments and is responsible for originating new investment opportunities, conducting due diligence, structuring transactions and working with our portfolio companies.  Prior to joining LKCM, Mr. Banks was an Associate with Vortus Investments, an energy focused lower-middle market private equity firm in Fort Worth, TX where he was responsible for sourcing, evaluating, executing, and monitoring investments across North America. Before Vortus, Mr. Banks was an Investment Banking Analyst with Petrie Partners, where he focused on M&A advisory work for clients in the upstream energy industry. Mr. Banks started his career in finance as an intern analyst for LKCM.  Mr. Banks graduated Cum Laude with a Bachelor of Science in Applied Economics and Management from Cornell University’s SC Johnson College of Business.

Mark C. Frakes is an Associate with LKCM Headwater Investments and is responsible for originating new investment opportunities, conducting due diligence, structuring transactions and working with our portfolio companies.

Prior to joining LKCM, Mr. Frakes was an Associate in Neuberger Berman’s Private Equity division, where he was responsible for evaluating investment opportunities across a range of industries in the buyout universe. 

Mr. Frakes graduated from Southern Methodist University with a Bachelor of Business Administration in Finance and a minor in Psychology.

William E. “Evan” Lee is an Associate with LKCM Headwater Investments and is responsible for originating new investment opportunities, conducting due diligence, structuring transactions and working with our portfolio companies.  Prior to joining LKCM, Mr. Lee was an Investment Banking Analyst at Stephens Inc., where he provided M&A, capital raising and strategic advisory services to privately held, middle market companies in various industry sectors.  Mr. Lee graduated Magna Cum Laude with a Bachelor of Business Administration in Finance from Southern Methodist University.

Molly B. Wall is the Director of Operations and Fund Management for LKCM Headwater and LKCM Capital Group. In this role, Ms. Wall assists with partnership financials, compliance reporting, operations, and limited partner communications. Key responsibilities include reconciling partnership schedules and working with the fund administrator to prepare financial statements. Ms. Wall provides administrative support to Bryan King and manages executive projects. She works with the investment team, legal and accounting to ensure effective and efficient operations.

Ms. Wall joined LKCM in 2015 as a special projects analyst. Prior to joining LKCM, Ms. Wall was an associate at Panther Real Estate Solutions a commercial development and brokerage services firm. Ms. Wall graduated from Texas A&M University with a Bachelor of Science in Agricultural Economics with an emphasis on Finance and Real Estate.

Jonathan A. “Jonny” Baldwin is an Associate with LKCM Headwater Investments and is responsible for originating new investment opportunities, conducting due diligence, structuring transactions and working with our portfolio companies.

Prior to joining LKCM, Mr. Baldwin was an Equity Research Associate on the Consumer Team at Wolfe Research in New York, where he covered the food retail, broadlines, and convenience store industries.

Mr. Baldwin graduated Summa Cum Laude with a Bachelor of Business Administration in Finance from Texas Christian University.

William H. Kleinheinz is an Associate with LKCM Headwater Investments and is responsible for originating new investment opportunities, conducting due diligence, structuring transactions and working with our portfolio companies.

Prior to joining LKCM, Mr. Kleinheinz was an Associate at Oliver Wyman, a management consulting firm, where he focused on operational improvement in the transportation sector. 

Mr. Kleinheinz graduated from Stanford University with a B.S. in Aerospace Engineering. He also holds an M.Sc. from the University of Virginia’s McIntire School of Commerce.  

Meredith K. Mercer, CPA is the Director of Accounting for LKCM Headwater Investments. She is involved in the accounting and financial reporting process of LKCM Headwater and LKCM Capital Group, which includes partnership accounting, quarterly and annual financial reporting, and the annual audit process, as well as internal operations and limited partner communications.

Prior to joining LKCM, Ms. Mercer worked in public accounting as a Senior Associate for the audit practice of KPMG LLP where she focused on serving clients in the financial services and private equity industries. Ms. Mercer graduated Magna Cum Laude from Texas Christian University, where she was a member of TCU Neeley Fellows within the Neeley School of Business. Ms. Mercer received both her Bachelor of Business Administration in Accounting and Masters in Accounting and is a Certified Public Accountant in the state of Texas.

Randy M. Cisneros, CPA is the Director of Tax for LKCM Headwater & LKCM Capital Group. Mr. Cisneros manages all aspects of tax compliance reporting as they relate to federal, state, franchise, and foreign tax filings. Additionally, he provides transactional support to quantify tax implications on various transactions and prepares ad hoc limited partner requests.

Mr. Cisneros joined Luther King Capital Management in 2021 as a tax accounting officer. Prior to joining LKCM, Mr. Cisneros was a tax manager for JTaylor and Associates. He graduated with a Bachelor of Science in Accounting from the University of Texas at Arlington and received his Executive Education at Texas Christian University Neely School of Business.

Elizabeth Johnson is a Coordinator with LKCM Headwater Investments and is responsible for coordinating team events, communicating with various operating partners. Ms. Johnson provides administrative assistance to Brad Wallace, Michael Bornitz, and Rick Settle.  Ms. Johnson joined LKCM in 2020 as an intern. She graduated cum laude from Texas Christian University – M.J. Neeley School of Business with a Bachelor of Business Administration with an emphasis in Finance and Accounting.

Angie Clayton is a Coordinator and Executive Assistant with LKCM Headwater Investments and is responsible for shared support of the LKCM Team.  She provides administrative assistance to Kim Carter, Andy Zacharias and Joel Stewart as well as various operating partners.  Mrs. Clayton joined the Headwater team in 2023 and has a degree in Marketing from The University of Nebraska at Lincoln.

David D. May, CFA, rejoined LKCM in 2013 and serves in Private Client Services of LKCM and as a Senior Advisor for LKCM Headwater Investments.

Prior to  rejoining LKCM in 2013, he was the co-founder and portfolio manager of Third Coast Capital Management in Austin, co-founder and managing partner of Ridgecrest Partners, a New York City-based hedge fund, and a Partner at Ardsley Partners where he served as an analyst and a portfolio manager. Mr. May was a Vice President at Luther King Capital Management. During his previous time with LKCM, and served as an analyst and a portfolio manager.

Mr. May graduated with a Bachelor of Business Administration and a Master of Business Administration from Texas Christian University.

Prashant Upadhyay is an operating partner at Headwater Operations. He is a seasoned technology executive and entrepreneur with a remarkable track record in the startup ecosystem. With a career spanning over two decades, Prashant has consistently demonstrated his prowess as a Chief Technology Officer (CTO) and has played a pivotal role in the success of multiple ventures.

As a visionary leader, Prashant possesses a deep understanding of technology trends and an innate ability to identify opportunities for innovation. Throughout his tenure as a CTO, he has exhibited exceptional strategic thinking, leveraging cutting-edge technologies to drive business growth and transformation. Prashant’s unwavering commitment to excellence and his relentless pursuit of technological advancements have set him apart in the industry.

Prashant’s journey began in the early days of his career when he co-founded his first startup, Homefacts, a disruptive technology platform that revolutionized the way people connect and share information in the real estate industry. Under his technical leadership, the company experienced rapid growth and garnered significant recognition for its groundbreaking solutions.

After a successful acquisition of Homefacts by Realtytrac, Prashant went on to lead the technology for Realtytrac and Attom Data as their CTO. After Realtytrac, Prashant co-founded Keyolo (as their CTO), and went on to be the CTO for Leading Quality Assurance, before joining the Headwater team.

As a collaborative and hands-on leader, Prashant has fostered a culture of innovation, teamwork, and continuous learning within his teams. He has a proven track record of attracting top technical talent (onshore and offshore) and nurturing their professional growth, empowering them to push boundaries and deliver exceptional results. Prashant’s leadership style is characterized by a strong emphasis on open communication, transparency, and a relentless pursuit of excellence.

Prashant has a Bachelor of Science degree in Computer Science from Brigham Young University.

Niraj has made a career out of identifying operational gaps and fixing them at some of the largest, high tech firms in the world. He’s worked to help reduce quality test times while decreasing error rates, integrate disparate data sources to conduct more robust analysis, and build complex business intelligence models to help business units make smart decisions. Now at Headwater Operations, Niraj can take these same skills and apply them to the LKCM portfolio of companies.

In addition, he is also the co-founder of two startup companies – GolfWeGo and Haast Board Company. GolfWeGo is a web based application that makes scoring a wide variety of golf games a breeze. Haast Board Company is a woodworking shop focused on creating wooden surfboards and skateboards using a CNC machine that Niraj built and programmed himself. Through these two ventures, Niraj has picked up on many skills that can help small and medium sized business grow – web and application development, CAD design, marketing, and more.

Niraj holds a BS and MS in Electrical Engineering and an MBA, all from the University of Texas at Austin. He has been married for 13 years and has two daughters, aged 10 and 6. In his spare time, Niraj is either playing golf or creating something – whether that’s woodworking, building some new electronics gadget, or a combination of the two.

Tim Hough is an operating partner at Headwater Operations.  A seasoned executive with four decades of growing and optimizing companies, Tim is a champion of business leaders. He has dedicated his life to helping businesses and their leaders succeed. From local companies to global corporations, Tim has been an advocate for those struggling at the top of their field.

Today, almost every business requires technology to survive and succeed. Tim’s extensive experience leading technology and information systems and their teams for companies of all sizes – while understanding IT’s role and impact on the entire company’s ecosystem – makes him an ideal resource for any leader grappling with any aspect of business operations.

Prior to joining Headwater Operations, Tim establishing his own consultancy. Tim’s past positions include working with Sodexo Benefits and Rewards Services, where he held roles such as beta business global technology and operations lead; CIO and SVP of technology; and partner and SVP of solutions. Before Sodexo, he was director, vice president, and CIO of Centex, Inc. in Dallas, as well as several other executive-level roles in Dallas, Chicago, and St. Louis, MO.

Tim has a Bachelor of Science degree in Business Administration/Management Information Systems and a Master of Science degree in Organizational Informatics, both from St. Louis University, and he is in progress with his Doctor of Philosophy in Business Psychology from The Chicago School of Professional Psychology.

Between his education and his business background working in a variety of industries supporting companies throughout every business lifecycle, Tim’s goal is to help leaders thrive and companies excel.