One Rock beats target for maiden fund

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new york 5_sqLower mid-market firm One Rock Capital Partners has smashed the $300m target for its debut fund.

One Rock has held a final close of $431.5m for its firs fund, which will buy controlling stakes in North American businesses.

The fund has made three investments, having backed Petroplex Acidizing, Kova International, and Summit Research Labs.

In December One Rock exited its prior investment in Dixie Electric in a sale to an affiliate of First Reserve.

One Rock managing partner Tony Lee said, “We are pleased that our in-house Operating Partners, our relationship with Mitsubishi, and our investment approach have resonated as distinguishing factors for investors. We believe we have unique resources to help companies achieve long-term value creation.”

In November 2012 AltAssets reported that One Rock had secured $147m for its first fund.

The firm was launched in 2010 by Lee and Scott Spielvogel, who spent five years working together on the deal team at New York-based Ripplewood.

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