Turnspire Capital Partners has closed Turnspire Value Fund II LP at its hard cap with $275 million of capital commitments.
New York City-based Turnspire invests in North America-based companies with revenues between $50 million and $400 million, and positive or negative EBITDA. The firm specializes in corporate carve-outs, family ownership transitions, companies in financial or operational distress, complex and multi-constituent transactions, and out-of-favor or misunderstood industries.
Turnspire was co-founded by Managing Partner Ilya Koffman in 2013 and over the past ten years has invested over $180 million in control investments across 9 platform companies.
Limited partners in Fund II include institutional investors across North America and Europe, including corporate and public pension funds, endowments and foundations, asset managers, funds of funds, and family offices as well as high-net-worth individuals. In addition, Fund II’s capital includes a significant commitment from its general partner and members of Turnspire’s executive operator network.
“We are grateful to our existing and new limited partners for their trust in Turnspire,” said Mr. Koffman. “In Fund II, we plan to continue employing the proven investment strategy that Turnspire has executed for over a decade – by exclusively targeting high-quality businesses, buying right, and creating significant value through operational transformations. We look forward to further demonstrating Turnspire’s reputation as the buyer of choice for complex lower-middle-market transactions.”
“We believe that the significant investment community demand for Fund II reflects Turnspire’s differentiated investment strategy, the quality of our team, the high-caliber executives we partner with to drive operational improvements, and the strength of our investment track record,” said Abel Osorio, a partner at Turnspire. “We take immense pride in the lasting franchise we have built and look forward to continuing to earn our investors’ trust.”
Chapman and Cutler provided legal services to Turnspire on this fundraise and InRider Partners provided investor relations services.
© 2023 Private Equity Professional | December 19, 2023