Turning Rock Partners has held a final closing of its first institutional fund, Turning Rock Fund I LP, with more than $400 million in capital commitments.
New York-based Turning Rock makes investments in both the debt and equity of North American-based small and middle-market companies.
The firm is a majority woman-owned business and was founded in 2016 by Maggie Arvedlund, a former managing director at Fortress Investment Group where she was responsible for private equity and debt investments for the Fortress Partners Fund.
Eaton Partners, a wholly-owned subsidiary of Stifel Financial (NYSE: SF), was the placement agent for this fundraise. “Turning Rock’s all-weather investment strategy of providing capital solutions for lower middle-market growth companies was in high-demand from institutional investors,” said Eric Deyle, managing director and co-head of private equity at Eaton Partners.
Turning Rock received strong support from new and existing investors, including notable public and corporate pension plans, banks, insurance companies, global asset managers, foundations, and large family offices. “We are grateful for the participation and continued support of our clients and partners,” said Saba Ahmad, a partner and chief operating officer of Turning Rock. “Many thanks to the Eaton Partners team for its energy, commitment, and partnership.”
Eaton Partners was founded in 1983 and advises and raises institutional capital for investment managers across alternative strategies – private equity, private credit, real assets, real estate, and hedge funds – in both the primary and secondary markets. The firm is headquartered in Rowayton, CT and has offices throughout North America, Europe and Asia.
© 2019 Private Equity Professional | October 15, 2019
