TURNING ROCK PARTNERS, L.P.

Thesis

Turning Rock Partners, L.P. is a private equity firm founded in 2017 and headquartered in New York City. Operating as an opportunistic alternative asset manager, the firm focuses on underserved or capital-constrained businesses in North America, specifically targeting lower-middle-market companies with $5 million to $25 million in EBITDA. Their investment strategy is value-based, employing a long-term horizon with a focus on structured debt and preferred equity investments. They aim to deliver equity-style returns with downside protection by emphasizing principal return and cash flow generation. The firm identifies a structural financing gap in the lower middle market, serving profitable companies too small for syndicated debt and beyond the typical scope of regional banks. Turning Rock utilizes a combination of capital markets knowledge and fundamental analysis. The firm's target sectors include business services, industrials, healthcare, and consumer industries, with a dual emphasis on direct lending and acquiring non-controlling stakes in established operators. As of March 30, 2026, the firm managed approximately $1.375 billion in regulatory AUM.

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