Insight

Turnspire collects $275m for sophomore fund

Fund II's limited partners include corporate and public pension funds, endowments and foundations, asset managers, funds of funds, and family offices as well as high-net-worth individuals.

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  • The fund will target North American lower middle-market industrial and consumer businesses with revenues between $50 million and $400 million
  • Chapman and Cutler LLP acted as legal counsel to Fund II and InRider Partners LLC provided investor relations services
  • Turnspire was founded in 2013

Turnspire Capital Partners has closed its second fund at a hard cap of $275 million.

Fund II’s limited partners include corporate and public pension funds, endowments and foundations, asset managers, funds of funds, and family offices as well as high-net-worth individuals.

The fund will target North American lower middle-market industrial and consumer businesses with revenues between $50 million and $400 million.

“We are grateful to our existing and new limited partners for their trust in Turnspire,” said founder and Managing Partner Ilya Koffman in a statement. “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. We look forward to further demonstrating Turnspire’s reputation as the buyer of choice for complex lower-middle-market transactions.”

Chapman and Cutler LLP acted as legal counsel to Fund II and InRider Partners LLC provided investor relations services.

Founded in 2013, Turnspire is based in New York City.

Correction: An earlier version of this report included a name misspelling. The report has been updated.