Peak Rock Capital closes Fund III at $2bn hard-cap

The Austin-based fund manager closes its latest venture capital and growth equity vehicle.

  • Fund name: Peak Rock Capital Fund III
  • Amount raised: $2.0 billion
  • Target size: $1.3 billion
  • Hard-cap: $2 billion
  • Stage of fundraising: Final close
  • Fund close: April 2021
  • Time on the road: Five months
  • Predecessor fund: Peak Rock Capital Fund II ($1.3 billion)
  • Legal adviser: Kirkland & Ellis

Peak Rock Capital has announced the close of Peak Rock Capital Fund III at its $2 billion hard-cap after spending just five months on the road, according to a press release.

The fund was substantially oversubscribed and surpassed the $1.3 billion target size set in November 2020. Previously, the firm had raised $1.3 billion against a $900 million target size for the predecessor vehicle.

Peak Rock Capital’s mid-market investment strategy will target growth companies within the consumer, industrial, technology and healthcare sectors. The firm has announced Kirkland & Ellis as the legal counsel for the formation of the fund.

As illustrated below, the firm exceeded the target size for all three vehicles in the series.