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Center Rock Capital draws $580M for debut fund

Center Rock Capital Partners LP closed its inaugural fund at $580 million.

The Midwest-based private equity firm said it increased its $450 million initial target for Center Rock Capital Partners Fund I LP in light of strong interest from a diversified base of institutional investors.

Center Rock backs industrial businesses in North America, particularly those focused on industrial manufacturing, distribution and services with revenues up to $500 million. The new fund will invest mainly in lower-middle-market companies.

Moelis & Co. was Center Rock's adviser and placement agent, and Kirkland & Ellis LLP served as its legal counsel.