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.
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