Turnspire Capital Partners closed its second fund targeting industrial carve-outs, restructuring and complex buyouts.
The New York firm closed its Turnspire Value Fund II at its $275 million hard cap with the aim of investing in complex transactions involving North American lower middle-market industrial and consumer businesses with revenues between $50 million and $400 million.
“In Fund II, we plan to continue employing the proven investment strategy that Turnspire has executed for over a decade — by exclusively targeting high-quality businesses, buying right, and creating significant value through operational transformations,” said Ilya Koffman, founder and managing partner of Turnspire. “We look forward to further demonstrating Turnspire’s reputation as the buyer of choice for complex lower-middle-market transactions.”
Koffman co-founded Turnspire in 2013 after spending over seven years at KPS Capital Partners, where he identified, evaluated and executed control investments in metals, paper and packaging, building materials, automotive, specialty vehicles, chemicals, consumer products, distribution and other sectors. Since inception, Turnspire has invested over $180 million in control investments across nine platform companies.
Back in May, the firm added four to its team. Fang Fang Fu, who previously worked at ICONIQ Capital, Madison International Realty, Anchorage Capital and PwC, joined as chief financial officer. On the investment team, Riley McCabe and Ahdiv Natha joined as vice presidents, while Peter Derby joined as an associate. McCabe previously worked at Argand Partners and Credit Suisse, while Nathan held roles at DestinHaus Capital, SVPGlobal and Goldman Sachs. Derby served previously at Argand Partners, AlpInvest, The Carlyle Group and Guggenheim Partners.
Earlier this year, the team acquired USG Water Solutions from Veolia North America for an undisclosed sum.
Turnspire Partner Abel S. Osorio added, “We believe that the significant investment community demand for Fund II reflects Turnspire’s differentiated investment strategy, the quality of our team, the high-caliber executives we partner with to drive operational improvements, and the strength of our investment track record. We take immense pride in the lasting franchise we have built and look forward to continuing to earn our investors’ trust.”
Chapman and Cutler acted as legal counsel to Fund II and InRider Partners provided investor relations services.