Creative Capital Solutions in Complex Markets

Driven by creativity, diversity, and unparalleled expertise

About Us

Turning Rock seeks to make long-term investments in debt and equity securities of North American small and mid-capitalization businesses. The Firm believes there is a growing supply of illiquid assets for sale in the market driven by a challenging macroeconomic environment, ongoing volatility, global bank deleveraging and increased complexity. The investment strategy seeks to fill the void that has been created by the current regulatory environment as banks have stepped away from acquiring and lending against more illiquid types of assets.

Value-Orientation

Differentiated Sourcing

Bespoke Capital Solutions

Creative Structuring

Flexible Mandate

Path to Liquidity

The Turning Rock Principles

Turning Rock adopts the following principles and objectives to guide its investment strategy:

Build

A diversified portfolio of attractive risk-adjusted investments

Preserve

Our partner’s capital

Maximize

Total return to investors within stated risk parameters

Diversity, Preservation, & Maximized Returns

Our approach is informed by a combination of top-down capital markets knowledge, paired with fundamental equity and credit analysis. Integral in this process is the constant intellectual challenge and review of current markets. Turning Rock constructs its portfolio to offer equity-style returns with downside protection over multiple market cycles. We emphasize return of principal and inherent cash flow throughout portfolio construction and employ time-tested credit and equity research, while performing deep dive analytics on each potential investment through a combination of financial, operational, and qualitative analysis.

Our Team

Diverse investment solutions from a diverse team of experts

Turning Rock’s team is composed of highly-skilled investment, operational, and administrative professionals from a wide range of backgrounds. We are proud of our team’s heritage and combined skill sets.

Maggie Arvedlund

Managing Partner

Prior to founding Turning Rock Partners, Ms. Arvedlund was a Managing Director at Fortress Investment Group where she spent eight years. Fortress Investment Group is a global investment firm. While at Fortress, Ms. Arvedlund was responsible for private equity and debt investments for the Fortress Partners Fund, a multi-strategy vehicle which invested across asset classes and capital structures. During her tenure at Fortress Partner Fund, Ms. Arvedlund served on the Investment Committee from 2010-2015 and allocated capital across the alternative landscape including hedged equity, private equity, real estate, distressed and other hard assets. Prior to joining Fortress, Ms. Arvedlund worked at Hall Capital Partners where she held roles in the portfolio management and research divisions. Hall Capital Partners is a privately held registered investment advisory firm. Prior to Hall Capital Partners, Ms. Arvedlund held a number of senior operating roles in several privately held businesses. Ms. Arvedlund received a BS with Honors from Vanderbilt University in Economics and an MBA in Finance from NYU's Stern School of Business. Ms. Arvedlund serves on several non-profit boards including Summer Search New York City and is a founding member of the NYU Stern Private Equity Advisory Board.

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David Markus, CFA

Partner

Prior to joining Turning Rock Partners, Mr. Markus was a Managing Director at Fortress Investment Group. While at Fortress, Mr. Markus was responsible for credit and event driven investments for the Fortress Partners Fund. During his tenure at Fortress Partners Fund, Mr. Markus served on the Investment Committee and helped oversee investments across the alternative landscape including hedged equity, private equity, real estate, distressed and other hard assets. Prior to joining Fortress, Mr. Markus was part of the team that launched and ran Voras Capital, a multi-strategy investment manager based in New York with offices in Hong Kong and London. Prior to Voras, Mr. Markus was the co-portfolio manager at Boone Capital Management and Delaware Street Capital, multi-strategy credit hedge funds with several hundred million dollars in assets under management. Mr. Markus has also worked as a senior high-yield and distressed debt research analyst at Amroc Investments and Salomon Brothers, and as an associate in the private placement group of TIAA-CREF. He received a BS in Economics from the University of Pennsylvania and an MBA from the Wharton School where he was on the Directors Honor List.

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Saba Ahmad

COO / CFO / Partner

Prior to joining Turning Rock Partners, Ms. Ahmad spent over seven years at Fortress Investment Group as a Managing Director and Chief Operating Officer of the Fortress Partners Fund. Ms. Ahmad was responsible for the finance and operations of the Fund’s multi-asset class portfolio as well as business management oversight. Ms. Ahmad was Chair of the Valuation Committee and also served on the Management Committee for Fortress Liquid Markets. Prior to joining Fortress, Ms. Ahmad spent three years in the operational due diligence group at UBP Asset Management. She began her career with PricewaterhouseCoopers in the Banking & Capital Markets audit group where her clients included investment banks, private equity funds, hedge funds and other global financial institutions. Ms. Ahmad graduated from Georgetown University’s McDonough School of Business with a dual degree in Accounting & Finance. Ms. Ahmad is a Certified Public Accountant.

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Louis Mayer

Vice President

Prior to joining Turning Rock Partners, Mr. Mayer was an Associate at Houlihan Lokey in their Financial Restructuring group. Prior to Houlihan Lokey, Mr. Mayer was an Associate at Bond Street Holdings, a private investment firm focused on the financial institutions industry. Mr. Mayer holds a BS in Engineering Science from Vanderbilt University. He has received Series 63, and 79 certifications.

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John Hamilton

Asset Manager

Mr. Hamilton is an Asset Manager at Turning Rock Partners, where he is responsible for portfolio management, valuation and transaction oversight. Prior to joining Turning Rock Partners, Mr. Hamilton spent thirteen years at Fortress Investment Group where he oversaw valuations and portfolio company reporting. Mr. Hamilton managed the valuation process for a $20 billion portfolio of performing, distressed, special situation credit, consumer loans, private equity, mortgage related products, derivatives, real estate investments and other instruments. Mr. Hamilton started his career at Alcatel Lucent Asset Management Corporation on their pension fund investment team. Mr. Hamilton received his Bachelor of Science in Business Administration from Northeastern University.

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Stephen Spataro, CPA

Controller

Prior to joining Turning Rock Partners, Mr. Spataro was a Vice President and Fund Controller at Fifth Street Asset Management. Prior to Fifth Street, Mr. Spataro spent over nine years with Wexford Capital as a Fund Controller. Prior to Wexford, Mr. Spataro was a Senior Associate at BDO Seidman. Mr. Spataro holds a BS in Accounting from Ithaca College. Mr. Spataro is a CPA.

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Tod Holberton

Senior Associate

Prior to joining Turning Rock Partners, Mr. Holberton was an Associate at WL Ross in the Private Equity and Credit groups where he analyzed stressed, distressed and special situation transactions. Prior to WL Ross, Mr. Holberton was an investment banking analyst in Jefferies LLC’s Restructuring division. He received his Bachelors of Arts degree in Economics from Brown University. He holds Series 63 and 79 certifications.

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Max Yergan

Associate

Mr. Yergan is an Associate at Turning Rock Partners. Prior to joining Turning Rock Partners, Mr. Yergan was an Associate at CIT focused on leveraged finance and structured credit within the Aerospace, Defense, and Government finance group. He has previous transaction experience within the aerospace and aviation sectors. Mr. Yergan received a dual degree in Finance and Economics from Villanova University.

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William Kreitler

Analytics Associate

William Kreitler, Analytics Associate. Mr. Kreitler is a Client Analytics Associate at Turning Rock Partners. Prior to joining Turning Rock Partners, Mr. Kreitler was an Institutional Sales Analyst at Invesco Advisers Ltd.. Mr. Kreitler received a BA in Political Science from Colgate University.

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Rima Roy

Administration / Client Service

Prior to joining Turning Rock Partners, Ms. Roy spent a decade in analytics roles at MasterCard Worldwide. Prior to her experience at MasterCard, Ms. Roy had extensive experience in consumer banking in various functions at J. P. Morgan Chase. Ms. Roy received a BA in Economics from Davidson College and an MBA from Wake Forest University.

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Our Impact Objective

Donation of percentage of firm profits to mission-driven organizations which promote diversity

Participation in programs which are government sponsored for women or minority owned participants

Productive & socially minded workforce

Social Responsibility

Maintain guidelines for our own internal framework include elements of social responsibility

Pledge to consider environmental, public health, safety, and social issues with potential investments

Evaluate level of transparency across its portfolio and reviews underlying ESG policies in place at its underlying investments

Diversity, Equity & Inclusion

Commitment to diversity within Senior Executive/Management level as well as full staff

General partnership structure reflect this culture of competitive wages & benefits to all employees

Diversity of thought welcomed & fostering of a unique skill set across the organization

Firm culture built on collaboration, integrity & creativity

We’re a minority and women-owned business enterprise based in New York

Social Impact

Turning Rock contributes a portion of its profits each year to a wide variety of philanthropies as it believes firmly that giving back is part of our role in society. As part of its initiative to contribute a portion of its firm profits to causes which promote positive impact-driven missions, Turning Rock has participated in several terrific initiatives and also volunteers on a frequent basis.

Where to Find Us

Turning Rock is a Founding Signatory for ILPA’s Diversity in Action Initiative.

December 2020 In the News

The Institutional Limited Partners Association (ILPA) today announced the founding signatories of its newly launched Diversity in Action Initiative.

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Turning Rock participates in NBIC Unity week

November 2020 In the News

Uniting the nation’s leading business diversity organizations, the 2020 NBIC Unity Week is a celebration of diversity, opportunity, equity, and collaboration among the leading business organizations that constitute the National Business Inclusion Consortium (NBIC).

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Turning Rock’s Rima Roy featured on the UMA Show where she discussed her career transition

July 2020 In the News

Rima Roy featured on the UMA Show to discuss her career transition with Rita Kakati Shah, CEO of UMA Global and a Senior Advisor for Turning Rock Partners

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Turning Rock Partner David Markus shared views at the ReedSmith Webinar on Structured Equity: Opportunities through flexible financing

July 2020 In the News

The interactive discussion centered on structured capital solutions and opportunities in the private and public markets.

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Turning Rock Partner Saba Ahmad shares insights at the PEWlive North America COO/CFO Summit

June 2020 In the News

Private Equity Wire’s PEWlive North America COO/CFO Summit 2020 moved online over three days during which leading practitioners debated a range of operational issues facing GPs in an increasingly competitive marketplace.

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