One Rock Raises $147M For Debut Fund

Firm: One Rock Capital Partners

Fund: One Rock Capital Partners LP

Target: $250 million

Amount Raised: $147 million

Placement Agent: Unclear

The firm, based in New York, is seeking $250 million, Buyouts previously reported. The $147 million came from 12 investors, according to the filing.

One Rock targets equity investments of $10  million to $50 million in five industry groups: chemicals and process industries, industrials and consumer durables, business and environmental services, health care products and auto retail.

One Rock Capital is led by Tony Lee and Scott Spielvogel, former managing directors at Ripplewood Holdings. Lee was one of the earliest members of that firm, which was founded in 1995, but he and Spielvogel left in early 2010 to start One Rock Capital.

The firm is at least the third to be launched in recent years by Ripplewood alumni. Ian Snow, the son of former Treasury Secretary John Snow who had been at Ripplewood since 1995, co-founded Snow Phipps Group in 2005 and today is investing out of its $844 million second fund. And three former Ripplewood investment professionals, Frank Baker, Peter Berger and Jeffrey Hendren, were expected to close the debut fund for their new outfit, Siris Capital Group, at $600 million around Thanksgiving, Buyouts reported in August. Ripplewood, meanwhile, has struggled in recent years with staff defections and an inability to raise more funds.

One Rock might be able to differentiate itself is a strategic relationship Ripplewood had with Japan’s Mitsubishi Corp. that Lee was able to maintain, Buyouts previously reported. Mitsubishi had invested in Ripplewood funds and provided a gateway of sorts to deal opportunities in that country.

Lee did not immediately respond to efforts to reach One Rock for comment.