Turning Rock Partners Closes Fund II

Rhea-AI Summary

Turning Rock Partners has successfully closed its second fund, raising approximately $475M, exceeding its target. Strong support came from a diverse group of investors, including public pension plans and insurance companies. With a total of over $900M raised to date, the firm focuses on structured debt, equity, and hybrid investments for small and mid-cap businesses in North America. As of August 1, 2022, TRP employs 15 full-time staff and is recognized as a majority woman-owned business.

Positive

• Raised approximately $475M, exceeding target.
• Total capital raised exceeds $900M.
• Diverse investor support enhances credibility.

Negative

• None.

NEW YORK, Aug. 3, 2022 /PRNewswire/ -- Turning Rock Partners ("TRP" or "Turning Rock"), a New York-based private investment firm, today announced it has closed its second fund with commitments of approximately $475M, exceeding its target raise. 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.

Turning Rock has been active in the marketplace with investments across a diversified portfolio of structured debt, equity, and hybrid investments targeting North American small and mid-capitalization businesses.

Turning Rock has raised over $900M of committed capital and is poised for continued growth. The firm is a majority woman-owned business, which continues to be owned and operated by its founders. TRP has grown to include 15 full-time employees as of August 1, 2022.

"Turning Rock Partners' growth can be attributed to a consistent strategy over its six-year operating history," said TRP Partner and Chief Operating Officer (COO) Saba Ahmad. "We will continue to follow an approach informed by a combination of top-down capital markets knowledge, paired with fundamental equity and credit analysis. We are grateful for the continued participation and support of our clients and partners, including Eaton Partners."

Eaton Partners, one of the largest capital placement agents and fund advisory firms and a wholly owned subsidiary of Stifel Financial Corp. (NYSE:SF), acted as a placement agent for TRP's Fund II LP.

"Turning Rock's all-weather investment strategy, focused on opportunistic private credit continues to be in high demand from institutions seeking outsized returns," said Michael Crawford, Managing Director at Eaton Partners. "Investors see Turning Rock as a platform with a rigorous and repeatable approach, which is evident by how quickly we were able to meet our fundraising goals. It was our pleasure to partner with the TRP team on this successful capital raise."

About Turning Rock Partners

Turning Rock Partners (TRP) targets debt, equity and hybrid investments in underserved or capital constrained lower-middle market businesses in North America. TRP structures bespoke financing solutions for companies across the private market landscape. For more information, please visit Turning Rock Partners' website: www.turningrockpartners.com. For Turning Rock investor relations, please contact investor@turningrockpartners.com.

About Eaton Partners

Eaton Partners, a Stifel Company, is one of the world's largest capital placement agents and fund advisory firms, having raised more than $130 billion for over 175 highly differentiated alternative investment funds and offerings. Founded in 1983, Eaton advises and raises institutional capital for investment managers across alternative strategies – private equity, private credit, real assets, real estate, and hedge funds/public market – in both the primary and secondary markets. Eaton Partners maintains offices and operates throughout North America, Europe, and Asia.

Eaton Partners is a division of Stifel, Nicolaus & Company, Incorporated, Member SIPC and NYSE. Eaton Partners subsidiary Eaton Partners (UK) LLP is authorized and regulated by the Financial Conduct Authority (FCA). Eaton Partners subsidiary Stifel Hong Kong Limited, doing business as Eaton Partners Hong Kong, is approved as a Type 1-licensed company under the Securities and Futures Commission (SFC) in Hong Kong. Eaton Partners and the Eaton Partners logo are trademarks of Eaton Partners, LLC, a limited liability company. ® Eaton Partners, 2022. For more information, please visit https://eaton-partners.com/.

Stifel Company Information

Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel's broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners business division; Keefe, Bruyette & Woods, Inc.; Miller Buckfire & Co., LLC; and Stifel Independent Advisors, LLC. The Company's broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, please visit the Company's website at www.stifel.com. For global disclosures, please visit https://www.stifel.com/investor-relations/press-releases.

Media Contact:

Kate Shepherd, Kate@KateShepherdCommunications.com, 317-442-1674

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SOURCE Turning Rock Partners

FAQ

What was the total amount raised by Turning Rock Partners' second fund?

Turning Rock Partners raised approximately $475M for its second fund.

When was Turning Rock Partners' second fund closed?

Turning Rock Partners closed its second fund on August 3, 2022.

Who acted as a placement agent for Turning Rock Partners' Fund II?

Eaton Partners acted as a placement agent for Turning Rock Partners' Fund II.

What is the investment focus of Turning Rock Partners?

Turning Rock Partners focuses on structured debt, equity, and hybrid investments for North American small and mid-cap businesses.

Is Turning Rock Partners a woman-owned business?

Yes, Turning Rock Partners is a majority woman-owned business.