Turning Rock Partners

Maggie Arvedlund, the founder and CEO, leads the investment committee. She previously invested in special situations at Fortress Investment Group and Drawbridge, a KKR affiliate. The firm operates a lean structure with Arvedlund as the central decision-maker.

Turning Rock focuses on North American lower-middle-market businesses generating $5 million to $25 million in EBITDA. Target sectors include business services, industrials, healthcare, and consumer, with a preference for profitable, established companies that sit between the reach of regional banks and the thresholds for broadly syndicated debt.

Turning Rock operates an open-ended private investment vehicle rather than a series of closed-end funds with fixed lifespans. This structure allows the firm to hold investments for 3 to 7 years without forced exit timelines, distinguishing it from most private credit and special-situations peers who face pressure to return capital to limited partners on a set schedule.

Turning Rock deploys across the capital structure, including senior secured loans, mezzanine debt, and structured equity. The firm typically takes non-controlling minority stakes when investing in equity, positioning itself as a partner to founder-owners who need growth capital but do not wish to sell control of their businesses.

The firm sources investments through a network of intermediaries, boutique investment banks, and founder relationships cultivated across Arvedlund's two-decade career in special situations investing. Given its lower-middle-market focus, deal origination is typically proprietary and relationship-driven rather than run through broad auction processes.