# Turnout Capital Management

Turnout Capital Management is a Private Equity based in Chicago, United States.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Chicago, United States
- **Region:** North America
- **Address:** Chicago, IL, United States
- **Founded:** 2020
- **Assets under management:** Undisclosed
- **Website:** turnoutindustries.com
- **LinkedIn:** https://www.linkedin.com/company/turnout-industries

## Regulatory record

- **Reports private funds:** No

## About

Turnout Industries is a Chicago-based diversified holding company investing in companies with $5mm - $50mm of revenue and at least $1mm EBITDA. We are committed to approaching each investment opportunity with the appropriate mix of humility and relevant experience. We prefer candor and believe in straightforward communications. We are an excellent partner to management teams and good stewards of our businesses.

## Questions

### What is Turnout Capital Management's investment strategy?

Turnout Capital pursues control buyouts and growth-equity investments in lower-middle-market industrial companies. The firm's parallel domain, turnoutindustries.com, and its stated focus on buyout and growth strategies point to a concentrated thesis in manufacturing, industrial services, and related sectors. Turnout's model emphasizes operational engagement and strategic repositioning rather than passive financial ownership.

### Who founded Turnout Capital Management and who leads the investment team today?

The firm's principals have not been publicly identified. No named founders, managing partners, or investment committee members appear in public filings, the firm's website, or professional networks. This opacity is not uncommon for smaller private equity firms that raise capital through private networks rather than institutional fund marketing.

## Related profiles

- [Turning Rock Partners](https://altss.com/profile/turning-rock-partners)
- [Turn/River Capital](https://altss.com/profile/turn-river-capital)

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

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