Peak Rock rakes in $1.3 bln for sophomore fund

Austin, Texas-based Peak Rock Capital LLC has closed its oversubscribed second fund at a hard cap of $1.3 billion, beating its $900 million target.

Peak Rock Capital Fund II will invest in middle-market companies.

The fund’s limited partners include public pensions, private pensions, endowments, foundations, insurance companies and asset managers.

In 2013, Peak Rock closed its debut fund at $700 million, generating an IRR of 33.21 percent, according to data provided by California State Teachers’ Retirement System, as of March 31, 2017.

John Muno, Bruce Ettelson and Kevin Wessel from Kirkland & Ellis LLP provided legal counsel on the fund formation.

Excited happy young woman sitting at table with growing stack of coins under a money rain isolated on gray wall background. Photo courtesy of SIphotography/iStock/Getty Images