RidgeLake Partners Holds Final Close on $1.1 Billion for its Inaugural GP Stakes Fund

NEW YORK, Jan. 17, 2024 /PRNewswire/ -- Apogem Capital and OA Private Capital today announced the final closing of their RidgeLake Partners ("RidgeLake") debut middle market focused GP stakes fund with over $1.1 billion in total commitments. RidgeLake launched its GP stakes program to provide investors access to minority equity investments in middle market GPs with approximately $1 to $10 billion of AUM. The RidgeLake program consists of both the main fund and a related co-investment vehicle.

"We are truly grateful for the support and confidence our investors have shown in us, particularly in today's challenging fundraising environment," said Todd Milligan, Managing Director at Apogem Capital and co-head of RidgeLake Partners. "We believe we are well positioned to take advantage of the attractive GP stakes investment opportunity given our long-tenured private markets history and more than 300 combined GP relationships within the middle market."

RidgeLake's investor base is composed of a diverse group of limited partners, including commitments from insurance company, wealth management, foundation, family office, and high net worth investors. The RidgeLake team has completed six investments to date in the fund and will seek to expand the portfolio by leveraging its existing GP relationships and deep connectivity within the middle market.

"We are excited about the opportunity to provide growth capital and strategic value to our GP partners while allowing their management teams to maintain their entrepreneurial spirit and incentive to deliver strong performance," said Michael Lunt, Managing Director at OA Private Capital and co-head of RidgeLake Partners. "It's a true partnership approach where we strive to add value long after the investment closes through our network and middle market experience."

Capstone Partners, a Mizuho Company, served as placement agent for the fund, and Paul, Weiss, Rifkind, Wharton & Garrison LLP provided legal counsel to RidgeLake.

About RidgeLake Partners

RidgeLake Partners, a strategic partnership between OA Private Capital and Apogem Capital, a New York Life Investments affiliate, focuses on acquiring minority equity stakes in middle market private equity firms. RidgeLake seeks to partner with firms focused on buyout, growth, distressed, secondaries, real assets, or opportunistic credit strategies across the private markets. RidgeLake aims to forge long-term relationships with its general partners, bringing strategic counsel from more than 40 years of combined middle market investment experience.

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SOURCE Apogem Capital