Rainier Partners Closes Debut Fund at $300M Focused on Lower Middle-Market Businesses

Seattle-based private equity firm Rainier Partners has closed its first fund – Rainier Partners Fund I – at its hard cap of $300 million, exceeding its $250 million target.

With over $375 million in assets, the firm invests in control buyouts, with a focus on family-, founder- and privately-owned businesses and corporate carve-outs.

The new fund’s limited partners include foundations, global asset managers, insurance companies, pension plans, family offices and high-net-worth individuals.

The firm was founded by Alex Rolfe and Jon Altman and focuses on lower middle-market businesses across North America, with a focus on business, financial, consumer and industrial services.

Rainier’s recent investments include Calpine Containers, an agricultural packaging distributor, Wilmar, a leading supplier and distributor of tools and equipment, and Pet Food Express.

M2O Private Fund Advisors acted as the exclusive placement agent. Kirkland & Ellis LLP acted as fund counsel to Rainier.