Highland Rim Closes $208 Million Debut Fund Above Target

Highland Rim Capital has closed its debut private equity fund at $208 million, surpassing its initial target and marking a milestone for the lower middle market firm.

Limited partners in the new fund include asset managers, pensions, foundations, family offices, insurance companies, and endowments.

Highland Rim makes control investments in companies with revenue between $10 million and $100 million and EBITDA ranging from $2.5 million to $10 million. The firm invests on a nationwide basis, with a geographic emphasis on the South and Midwest. Sectors of interest include light manufacturing businesses with differentiated processes or niche end markets; value-add distribution companies that provide specialized products or services beyond basic logistics; and business services companies that deliver recurring services to commercial customers.

Since May 2024, the firm has invested in Associated Adjusters, a Tennessee-based property and casualty insurance claims adjusting firm acquired in May 2024; I-Deal Optics, a Michigan-based designer and distributor of prescription eyewear frames and sunglasses acquired in May 2024; and Corporate Living, an Ohio-based provider of furnished corporate housing acquired in February 2025.

Highland Rim was founded by Chris Godwin, Matt Lane, and Mark Isaacs. The founders have worked together for more than 16 years and are joined by Lamar Stanley, focused on business development, Kevin Hinkamper, focused on portfolio operations, and Jack Jeffrey, a vice president.

“We appreciate the support of our limited partners and the positive reception of our inaugural fund,” said the founders of Highland Rim in a released statement. “We are thrilled to launch Highland Rim Capital alongside talented individuals and partners with whom we’ve worked for many years.”

Eaton Partners, a Stifel company, served as the placement agent for the new fund, and Choate, Hall & Stewart provided legal services.

“Highland Rim’s differentiated approach to partnering with management teams resonated well with investors, who also appreciated the team’s consistency and experience over several economic cycles,” said Chris Maduri, co-head and managing director at Eaton Partners. “We greatly value our partnership with the Highland Rim team and are pleased to have contributed to this successful outcome.”

Highland Rim was founded in 2022 and is headquartered in Nashville, Tennessee.