Executives at a Detroit private equity firm backed by mortgage mogul and Cleveland Cavaliers owner Dan Gilbert have closed a second fund of nearly $ 350 million to continue to benefit from a strong market for acquisitions.

Rockbridge Growth Equity Management LP recently closed the final $ 200 million for its RB Equity Fund II LP and affiliate RB Equity Fund II-A. The fund was launched in 2019 and was used to invest in four companies.

Regulatory filings with the Securities and Exchange Commission show the fund reached $ 152.5 million for its total funding goal in October. The fund has now closed a total of approximately $ 345 million and managing partners Brian Hermelin and Kevin Prokop say more deals are in the pipeline.

Read more/Source: Asbestos Mitigation News