Rockbridge Growth Equity Management in Detroit, a partnership-oriented middle market private equity firm with a differentiated approach to building and growing companies, has announced the close of RB Equity Fund III and RB Equity Fund III-A (collectively “Fund III”) at more than $360 million, bringing assets under management to over $1.7 billion.
Fund III, which exceeded its $350 million target, will seek to invest in companies across four sectors in which Rockbridge and its predecessor entities have nearly 20 years of investment experience: e-Commerce and Marketing Services, Financial Services and Fintech, Tech-Enabled Products and Services, and Digital Media.
Fund III attracted commitments from a diverse mix of existing and new investors, including fund-of-funds, public pensions, insurance companies, consultants, multi-family offices, CEOs, founders, and industry executives.
“Rockbridge is proud to have closed Fund III above our target and our previous Fund II, which is validation of our sector-focused strategy and investment track-record,” says Brian Hermelin, co-founder and managing partner at Rockbridge. “We are very grateful for the support from both our long-time and new investors and are eager to work with new companies that can benefit from our deep industry and operational experience.”
Fund III is invested in four platform companies to date:
- CheckedUp: an operator of one of the largest digital advertising networks for pharmaceutical and medical device companies at the Point of Care in the United States
- AcquireUp Marketing: a provider of technology-enabled marketing solutions for financial advisors
- Vici Media: a marketing technology company providing white label digital marketing and advertising solutions to small and medium-sized businesses through traditional local media companies and independent agencies nationwide
- FormativGroup: an enterprise application services and solutions platform helping mid-market businesses modernize their operations by integrating applications, streamlining data architecture, and enabling AI-driven workflows
Since its founding in 2007, Rockbridge has benefited from its strategic relationship with the Rock Family of Cos., which include companies such as Rocket Mortgage, Stock X, Redfin, the Cleveland Cavaliers, and more than 100 other companies.
Since its inception, Rockbridge has successfully deployed $1.3 billion of capital, including co-investor equity. It currently manages a portfolio of 13 companies.
Lazard acted as the exclusive placement advisor to Fund III, and Kirkland & Ellis served as legal counsel.
For more information, visit rbequity.com.
