Established in 1984 as part of Dillon, Read & Co. Inc., Saratoga has since formed four partnerships, investing around $750 million in 35 portfolio companies. The firm specializes in middle-market buyout investments and focuses on the industrial supplies, media, and machinery sectors. Saratoga has been operating as an independent firm since its spin-off from UBS in 1998, and is based in New York City.