Rainier Reaches Hard Cap Peak on Inaugural Fund

Rainier Reaches Hard Cap Peak on Inaugural Fund

Rainer engaged M2O Private Fund Advisors as its placement agent

Rainier Partners has held a final and above-target closing of Rainier Partners Fund I LP at its hard cap of $300 million.

Fund I’s limited partners include foundations, asset managers, insurance companies, pension plans, family offices, and high-net-worth individuals.

Seattle-headquartered Rainer was co-founded in 2020 by managing partners Alex Rolfe and Jon Altman and with the closing of Fund I, the firm now has over $375 million in assets under management.

“We are proud to celebrate this important milestone in our firm’s history,” said Mr. Altman. “We are thankful for the strong reception we’ve received and are honored to partner with world-class investors who share our excitement for our proven strategy.”

Rainier Partners invests from $10 million to $50 million of equity in lower middle-market businesses, primarily in the Western US and Canada, that have from $5 million to $25 million EBITDA. Sectors of interest include business services, financial services, industrial services, and consumer services. Rainier primarily invests in control buyouts, with a focus on family-, founder-, and privately-owned businesses and corporate carve-outs.

To date, Rainier has made investments in three platforms including Calpine Containers, a California-based distributor of agricultural packaging – bags, boxes, pallets and strapping – from 11 locations in California and Arizona (March 2021); Wilmar (Performance Tool), a Washington-headquartered supplier, distributor, and category manager of specialty tools, hand tools, and equipment to the automotive aftermarket, hardware, farm and fleet, and industrial end markets (December 2021); and Pet Food Express, a California-headquartered omnichannel specialty retailer of pet foods and other goods (May 2022).

During 2022, in tandem with the raising of Fund I, Rainier doubled the size of its investment team. “This achievement is a testament to the team we’ve had the privilege to build since launching Rainier,” said Mr. Rolfe. “As we look ahead, we’re excited to continue executing on our proven strategy – investing in scalable services industries where we have deep experience and can provide operational resources and strategic insights.”

M2O Private Fund Advisors was Rainer’s placement agent for this fundraise and Kirkland & Ellis provided legal services.

© 2023 Private Equity Professional | February 21, 2023

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