A new private equity firm recently opened in Carlsbad.

Elan Growth Partners LLC launched April 2, the firm said in a statement.

Its founder is long-time Southern California investor Craig Dupper, who previously spent 16 years with Newport Beach-based Solis Capital Partners LLC.

Max Young, who worked with Dupper at Solis, is slated to join Elan on May 1, the firm said.

Dupper said the firm aims to set itself apart from rivals through its “partnering philosophy, extensive experience and access to human capital and other resources” in addition to capital.

The firm said it will invest from $5 million to $25 million in Southern California-based lower middle market companies in the manufacturing, niche software, business services and food sectors.

In the launch announcement, Young said the firm believes Southern California businesses are underserved by “value-added capital partners.”

In addition to capital, Elan said it will provide companies in which it invests with mentorship and help with succession planning, family-owned business transitions, accelerated organic growth and strategic acquisitive growth.

Reach reporter Sarah de Crescenzo at sarahd@sdbj.com.