# Mill Rock Capital

Mill Rock Capital is an Asset Manager based in New York, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** New York, United States
- **Region:** North America
- **Address:** New York, United States
- **Founded:** 2018
- **Assets under management:** Undisclosed
- **Website:** millrock-cap.com
- **LinkedIn:** https://www.linkedin.com/company/millrock

## Regulatory record

- **Reports private funds:** No

## About

Mill Rock Capital is a growth- and operations-oriented investment firm that elevates middle market industrial businesses. With a focus on family-owned, owner-operated and founder-led companies, Mill Rock brings unparalleled expertise to the industrial markets, catalyzing transformative growth and operational excellence.

## Sectors

- Industrial Tech
- Real Estate
- Infrastructure
- Specialty Manufacturing
- Chemicals & Materials
- Transportation & Logistics
- Industrial Distribution

## People

- Adi Pekmezovic — Managing Partner & Co-Founder
- Christopher D. Whalen — Managing Partner & Co-Founder

## Questions

### What is Activ Capital and how does it work?

Activ Capital is Mill Rock’s structured non-control investment instrument. It can take the form of debt, senior equity, or hybrid capital and is designed to deliver the firm’s operational and strategic support — including access to its Value Creation Roadmap and operating network — without requiring the business owner to sell a controlling stake. It targets owners who need growth capital and operational injection but are not ready for a full exit.

### Does Mill Rock Capital participate in fund commitments or only direct deals?

Mill Rock Capital invests directly into portfolio companies, deploying both majority equity buyouts and structured non-control capital through Activ Capital. The firm does not operate as a fund-of-funds or commit capital to third-party private equity funds; its model relies on direct operational involvement in each investment.

### Which sectors does Mill Rock Capital explicitly avoid?

Mill Rock concentrates exclusively on industrial verticals where the team holds direct operating experience. The firm lists six target verticals — chemicals, materials and packaging; industrial distribution; services; metals and engineered materials; transportation and logistics; and specialty manufacturing and industrial technology — and does not pursue technology, consumer, healthcare, or financial services investments.

### What investment stages does Mill Rock Capital typically target?

The firm targets healthy, late-stage businesses that already hold leading market positions in their respective segments. Mill Rock avoids early-stage venture and turnaround situations, focusing instead on established industrial companies with stable cash flows and the potential for organic and acquisition-driven growth.

### Who runs investment decisions at Mill Rock Capital?

Managing Partners and Co-Founders Adi Pekmezovic and Christopher D. Whalen lead investment decisions, supported by a senior team of eight operating executives. Each vertical — chemicals, distribution, metals, services, logistics, and manufacturing — is covered by team members with direct executive-level operating experience in that specific industry.

## Related profiles

- [Mill Road Capital](https://altss.com/profile/mill-road-capital)
- [Millstone Capital Advisors](https://altss.com/profile/millstone-capital-advisors)

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Last updated: 2026-06-03T20:00:00.000Z

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