One Rock Capital Amasses $964 Million for Second Mid-Market Fund

One Rock Capital Partners, a middle-market private equity firm founded by former Ripplewood Holdings dealmakers, gathered $964 million for its second fund.

The firm, which started collecting money for the pool in January, surpassed its $700 million target and closed at its hard cap -- or a maximum amount agreed to with investors -- at the end of March, New York-based One Rock said Monday. The fund is more than double the size of the firm’s debut pool, which closed on $431.5 million in 2014.

While U.S. middle-market private equity firms raised about $15 billion less in 2016 than in 2015, the segment has collected more than $100 billion each year since 2012, according to PitchBook Data Inc. Such firms typically manage funds of $100 million to $5 billion.

One Rock focuses on manufacturing, chemical, industrial and auto-retail companies. It has a strategic partnership with Mitsubishi Corp. for market intelligence and access, low-cost sourcing, hedging and borrowing, according to its website.

Tony Lee and Scott Spielvogel, former managing directors at the private equity firm Ripplewood, started One Rock in 2010. It oversees about $1.4 billion.

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