One Rock gets up to $150m LACERS backing for third flagship fundraise – report

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The $53bn-managing Los Angeles County Employees Retirement System has agreed to commit up to $150m to the latest fund being raised by One Rock Capital Partners.

AltAssets revealed in February that One Rock was eyeing a hefty fund size hike through a $1.5bn-targeting raise for its third flagship investment vehicle.

The firm last hit the fundraising trail in 2017, taking less than three months to wrap up $964m for One Rock Capital Partners II.

LACERS has agreed the commitment to Fund III according to P&I, which cited the California-based pension fund’s CIO Jonathan Grabel.

LPs already committed to the fund include the Texas Municipal Retirement System, which has agreed a $75m investment.

One Rock was launched in 2010 by former Ripplewood Holdings managing directors Tony Lee and Scott Spielvogel.

The firm smashed the $300m target for its debut fund in 2014, pulling in just over $430m for a final close.

Its latest fund will continue to focus on value-oriented, control stakes in complex, mid-market businesses within subsectors of the ‘old economy’.

One Rock plans to use the fund to make equity investments of $50m to $200m, primarily in the manufacturing, chemicals, industrial business services and auto retail sectors.

Recent deals from the firm include a $932m buyout of food ingredients business Innophos which saw the company delist from the Nasdaq stock exchange.

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