Ian Kirson, partner, Center Rock Capital Partners, LP

CHICAGO—Locally-based Center Rock Capital Partners, LP reports its inaugural fund—Center Rock Capital Partners Fund I, LP—has been oversubscribed by approximately $130 million.

The private equity firm, which also has offices in Bloomfield, MI, began marketing the fund in late 2017 with an initial target of $450 million. Center Rock Capital reports today the fund has closed with limited partner capital commitments totaling $580 million.

The company states that it due to the strong interest from a broad base of institutional investors Center Rock decided to increase its initial hard cap.

The fund will invest principally in the lower middle market, the company states. Center Rock concentrates on industrial manufacturing, distribution and services companies that are headquartered in North America and have revenues up to $500 million.

In connection with the fund, Moelis & Co. acted as advisor and placement agent for Center Rock, and Kirkland & Ellis LLP served as legal counsel to Center Rock.

Center Rock Capital is led by partners Ian Kirson and Terry Theodore who, collectively, have more than 50 years of private equity, transactional and finance experience, and are responsible for all major aspects of the firm's management and investment process.

Center Rock invests in complex transactions arising from operational or transactional challenges. The firm seeks industrial manufacturing, industrial services and industrial distribution companies headquartered in North America, often with multi-national operations and locations that serve both domestic and global markets.

Kirson formed Center Rock Capital Partners, LP in August 2017. Previously, Kirson was at Wynnchurch Capital from 2004 to 2017 and was a partner and member of the firm's investment committee. Prior to Wynnchurch he held positions with Kirkland & Ellis, Goldman Sachs, Willis Stein & Partners, and Crossroads Capital Partners.

Instant Insights /

Center Rock Capital Closes Inaugural Fund Above Target

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