Rimrock Capital Management

Founder Dave Weber serves as Chief Investment Officer and makes final investment decisions, supported by Partner and Senior Portfolio Manager Larry B. Smith. Smith joined from TCW Group and brought additional credit research depth to the investment committee. The firm operates with a flat partnership structure where senior investment professionals carry significant discretion within approved allocation bands.

Rimrock sources from multiple channels including restructing advisors, law firms, bank workout groups, and direct borrower relationships built over multiple credit cycles. The firm has also developed origination partnerships with regional banks and specialty finance platforms. Its founder's decades in distressed markets give the firm early visibility into impending restructurings before they reach broad auction processes.

Rimrock predominantly originates direct credit investments, purchasing corporate loans and bonds in the secondary market or structuring bilateral loans with borrowers. The firm does not operate as a fund-of-funds and is not known to make material commitments to third-party private credit funds. Its capital base combines committed discretionary separate accounts with deal-by-deal co-investment vehicles.

The firm focuses on stressed and distressed credits, spanning both performing loans trading below par and post-restructuring instruments. Target obligors range from middle-market companies facing operational turnarounds to large-cap entities undergoing complex Chapter 11 proceedings. Rimrock also pursues special situations where a catalyst — litigation outcome, regulatory change, or management change — can compress credit spreads.

Rimrock has not published a formal exclusion list, but public filings indicate limited exposure to early-stage venture lending, consumer microfinance, and sovereign debt outside North America. The firm's distressed focus naturally steers it toward sectors with tangible asset bases or contracted cash flows — energy, healthcare, industrials, and commercial real estate — and away from pre-revenue technology companies where recovery values are harder to underwrite.

Rimrock avoids the standard 10-year closed-end drawdown fund structure in favor of discretionary separate accounts and deal-by-deal special purpose vehicles. This means the firm can deploy rapidly during credit dislocations without the pressure to call capital on a fixed timeline, and investors can adjust commitments based on market conditions. The tradeoff is less permanent capital than a traditional fund, which the firm offsets by maintaining strong performance alignment with its limited partners.

Rimrock Capital Management is an institutional asset manager, not a family office, so there is no single wealth origin source. The firm raised its initial capital from institutional allocators and high-net-worth individuals attracted to its distressed credit strategy. Founder Dave Weber's track record and reputation in the credit markets were the primary drivers of early fundraising rather than any single family or industrial fortune.