What Turning Rock Partners does

Turning Rock Partners (TRP) is a New York-based, independently owned private investment firm founded in 2016 that pursues debt, equity, and hybrid investments in North American lower-middle market businesses, typically targeting companies with $5–$50M in EBITDA. The firm is led by founder and CEO Maggie Arvedlund (formerly a Managing Director at Fortress Investment Group) and President Saba Ahmad, and operates with approximately 20 full-time employees across offices in New York (headquarters at 350 Madison Avenue), Alexandria, Virginia, and Greenwich, Connecticut. TRP positions itself as a creative capital solutions provider for capital-constrained, often founder- or family-owned businesses that lack access to traditional bank financing, offering bespoke structures across corporate debt, corporate equity, and special situations with an emphasis on downside protection and return of principal.

TRP's investment activity since inception has produced 18 exited transactions and a steady cadence of new investments, with recent disclosed deployments including $60M to Main Street Auto (2025), an undisclosed amount to Kamran & Co. (2025), $30M to Silverleaf Wealth Management (2025), $30M to 160 Driving Academy (2024), and a $45M structured loan to MedShift (2023). Notable realizations include the majority exits from AmeriQual Group Holdings (February 2026), South Reach Networks (sold to Blue Owl Capital's Digital Infrastructure strategy in July 2025), Next Level Aviation (January 2025), and MedShift (October 2024).

The firm generates revenue through two primary streams: recurring management fees on assets under management from institutional and family office investors, and performance-based carried interest tied to portfolio company exits and realizations. Distribution is conducted directly via a dedicated Investor Relations team and an SEI investor portal, with marketing supplemented by quarterly/annual market commentaries, an annual Stewardship Report, and active conference participation (e.g., Private Equity International CFO Chicago, Markets Group Private Credit U.S. Forum). TRP is a majority woman-owned business and has received industry recognition including the 2025 Blueprint Capital Advisors Power100 Asset Managers List and ABF Journal's 2025 Trailblazer award for its founder.

Name

Turning Rock Partners

Legal name

Turning Rock Partners

Website

https://turningrockpartners.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

11–50 employees

Short description

Turning Rock Partners is a New York-based private investment firm providing debt, equity, and hybrid capital solutions to North American lower-middle market businesses with $5–$50M EBITDA, and serving institutional and family office investors seeking differentiated private market exposure.

Ownership category

akta.pro rank

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others, Infrastructure

Revenue model

1. Investment Management Fees: Management fees on assets under management from institutional and high net worth investors
2. Performance/Carried Interest: Performance-based fees from successful portfolio company exits and realizations

Go-to-market motion1 record

Distribution channels1 record

Marketing channels7 records

Core offering

Turning Rock Partners is a private investment firm that makes long-term investments in debt and equity securities of North American small and mid-capitalization businesses. The firm structures bespoke debt, equity, and hybrid capital solutions for lower-middle market companies (typically with $5-50M EBITDA) while managing capital sourced from institutional investors and family offices.

Product overview

Turning Rock Partners is a principal investment firm focused on alternative investments, specializing in value-oriented, opportunistic investments with downside protection. The firm pursues debt, equity, and hybrid investments in lower-middle market businesses in North America. Rather than offering technology products, the firm provides bespoke financing solutions and capital solutions to portfolio companies across corporate debt, corporate equity, and special situations investments.

Differentiator

Problem solved

Functional benefit

Products and services

• Lower-Middle Market Debt Investments Senior, structured and growth debt capital solutions extended to North American lower-middle market companies (typically $5-50M EBITDA) for growth, acquisitions and operational needs. Sourced via direct origination through industry relationships.
• Lower-Middle Market Equity & Hybrid Investments Equity, preferred equity, and hybrid securities investments in North American lower-middle market companies, structured creatively to address situations where traditional lenders and sponsors cannot or will not participate.
• Special Situations Investments Opportunistic, value-oriented investments in special situations involving cash-flowing North American lower- and mid-market companies, pursued under TRP's flexible mandate.
• Investment Management Services for Institutional & Family Office Investors Management of pooled investment vehicles (private funds) pursuing the firm's value-oriented debt, equity and special situations strategy on behalf of institutional investors and family offices, with corresponding management fees and performance/carried interest.

Quantifiable outcome

• 18 successful exits since inception
• +1 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Varagon Capital Partners: Direct lender focused on senior secured loans to U.S. lower-middle market companies, overlapping TRP on borrower size, geographic focus, and relationship-driven origination.
• Twin Brook Capital Partners: Lower-middle market direct lender sponsoring unitranche and senior secured loans to North American companies, comparable to TRP in EBITDA profile and structured-capital orientation.
• WhiteHorse Capital: Alternative credit manager providing senior secured loans to lower-middle market businesses, closely comparable to TRP's debt-led strategy and target borrower profile.
• NewSpring Capital: Lower-middle market private equity firm with both equity and debt strategies, directly comparable to TRP's flexible debt/equity/hybrid mandate in similar borrower profiles. NewSpring is also named in several TRP team alumni backgrounds.
• Crescent Capital Group: Alternative credit manager investing across direct lending, special situations, and opportunistic credit, with significant overlap to TRP's lower-middle market and special situations focus.
• Stellex Capital Management: Lower-middle market private equity firm focused on special situations and complex carve-outs, with a mandate closely aligned to TRP's opportunistic, value-oriented investment approach.
• Atalaya Capital Management: Alternative credit manager focused on special situations and opportunistic credit in the lower-middle market, comparable to TRP in mandate flexibility and complexity orientation.
• Saratoga Investment Corp: Business development company (BDC) focused on leveraged loans to lower-middle market companies, comparable to TRP in borrower size, structure, and North American orientation.
• PennantPark: Middle market credit firm offering first-lien, second-lien, and mezzanine financings, overlapping with TRP on structure flexibility and middle-market borrower focus.

Broad incumbents

• Ares Capital Corporation: Largest publicly traded BDC with a broad direct-lending platform across the middle market; significantly larger and broader than TRP but competes for overlapping borrowers and capital.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/turningrockpartners

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments9 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Turning Rock Partners