RidgeLake Partners Closes $1.1B Debut GP Stakes Fund

RidgeLake Partners, a partnership between New York Life Investments affiliate Apogem Capital and Ottawa Avenue Private Capital, closed its 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 with approximately $1 billion to $10 billion in assets under management.

RidgeLake is looking for partners who specialize in buyouts, growth, distressed, secondary, real assets, or opportunistic credit strategies. The program comprises of a core fund and a related co-investment vehicle, and it has made six investments to date.

“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.

Apogem raised $265 million for its third real assets fund in 2022, which targets natural resource sectors, and $614 million for its sixth secondary fund by the end of the year.

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