Peak Rock closes two funds at $1.3bn

The Austin-based firm reaches hard cap on its parallel credit and equity vehicles.

Austin-based Peak Rock Capital held a final close on two parallel vehicles after reaching a combined $1.3 billion hard cap.

The two funds, which were collectively oversubscribed and exceeded the firm’s target of $900 million, are parallel equity and credit-focused vehicles. Peak Rock Capital Fund II will make control investments in middle-market companies, seeking to drive operational and strategic changes. The firm’s credit vehicle, Peak Rock Capital Credit Fund II, will make non-control distressed debt investments also in middle-market companies.

Peak Rock’s debut buyout fund closed at $700 million in 2013.