Torch Key Asset Management Launches With Backing From GCM Grosvenor

Key Terms

carve-out financial

A carve-out is when a company separates a business unit, product line, or asset and turns it into its own standalone entity, often by selling it or listing it separately. For investors, it matters because the split can reveal the separated unit’s true value, change cash flow and risk profiles, and create new investment opportunities or one-time costs — like taking a slice of a cake off the whole to sell or show its individual worth.

capital formation financial

Capital formation is the process by which businesses and economies gather money needed to grow and operate, for example through reinvesting profits, selling shares, or taking on loans. Think of it as filling a fuel tank that powers expansion, product development, or new projects. For investors, how effectively and cheaply capital is raised affects a company’s growth prospects, profit potential and the risk or dilution of existing holdings.

New Middle-Market Private Equity Firm Focused on Complex, Transitional and Carve-Out Investments in Food and Beverage and Industrial Products and Services Sectors

LOS ANGELES & CHICAGO--(BUSINESS WIRE)-- Torch Key Asset Management (“TKAM” or the “Firm”), a middle-market private equity firm focused on control buyouts of complex, transitional and carve-out situations in the food and beverage and industrial products and services sectors, today announced its official launch with backing from GCM Grosvenor, a global alternative asset management solutions provider.

TKAM is founded and led by experienced private equity business builders, Kimberly Reed, Jack Rosenberg, and Jennifer Kwon Chou. Reed and Rosenberg are TKAM’s Co-Founders and Managing Partners and Chou is the Firm’s Co-Founder and President. The team has deployed $1.6 billion in equity at prior firms and brings a distinct combination of institutional investing discipline, operational experience, and an entrepreneurial and people-centered approach.

GCM Grosvenor is backing TKAM through its Sponsor Solutions platform. GCM Grosvenor’s Elevate Fund has provided TKAM with catalytic anchor capital and plans to offer ongoing strategic support as it builds and scales its business. TKAM represents the fourth investment from Elevate’s inaugural fund, which held its final close in December 2024 with nearly $800 million in committed capital.

TKAM seeks to invest in and partner with middle-market companies at key inflection points, including corporate divestitures, generational ownership changes, management successions, and other operationally complex situations. The TKAM team will work closely with management teams and deploy its deep network of experienced operating partners and industry specialists to develop tailored value-creation plans designed to drive sustainable growth.

Reed and Rosenberg will lead TKAM’s investment activities and value creation efforts. They previously worked together for more than 11 years at One Rock Capital Partners, where they focused on operationally driven, value-oriented investing across multiple sectors.

“Middle-market companies often face moments of transition that require both operational depth and true partnership,” said Reed. “Our TKAM team has both the institutional rigor and entrepreneurial agility we believe companies experiencing complexity and transition require. We work side-by-side with management teams in an effort to strengthen what already works, address what doesn’t, and position businesses for durable growth. We are thrilled to have GCM Grosvenor as our anchor investor and are confident they are the right partner for us as we launch and scale TKAM.”

Rosenberg added: “Our approach is grounded in collaboration, accountability, and practical execution. We focus on situations where complexity obscures value and therefore creates opportunity and where hands-on engagement and experienced counsel can make a measurable difference. We’re excited to launch TKAM with partners who share that mindset and working style.”

Chou will lead deal origination, capital formation, and operational initiatives. She previously served as Senior Managing Director at The Gores Group, where she led new product and partnership development and raised capital across Gores’ public and private investment vehicles over the past 15 years.

“We have known all three of the TKAM founders for many years and have been consistently impressed by their disciplined, partnership-driven approach,” said Elizabeth Browne, Managing Director and Co-Head of GCM Grosvenor’s Elevate strategy. “They are experienced investors and builders with a strong track record of success in complex middle-market situations. We are pleased to support their launch and growth.”

Kevin Nickelberry, Managing Director and Co-Head of GCM Grosvenor’s Elevate strategy, added: “TKAM brings together value-oriented investing, sector expertise, and a highly collaborative operating model. The team’s demonstrated ability to navigate complexity and reinvigorate businesses aligns well with what we look for in emerging managers. We are excited to work closely with this experienced and capable team.”

About Torch Key Asset Management

Founded in 2026, Torch Key Asset Management (TKAM) is a middle-market private equity firm focused on control buyouts of complex, transitional, and carve-out situations across fragmented sectors, including food and beverage and industrial products and services. Founded and led by an experienced team that has deployed $1.6 billion in equity at prior firms, TKAM combines institutional investing discipline, operational experience, and an entrepreneurial and people-centered approach in an effort to uncover and unlock overlooked value. With a trusted ecosystem of operating partners and tailored value-creation plans, TKAM seeks to be a thoughtful partner to management teams and provide a consistent set of operating priorities to enable companies to realize their full potential. For more information, visit TKAM’s website at tkam.com.

About GCM Grosvenor

GCM Grosvenor (Nasdaq: GCMG) is a global alternative asset management solutions provider with approximately $91 billion in assets under management across private equity, infrastructure, real estate, credit, and absolute return investment strategies. The firm has specialized in alternatives for more than 50 years and is dedicated to delivering value for clients by leveraging its cross-asset class and flexible investment platform.

GCM Grosvenor’s experienced team of approximately 550 professionals serve a global client base of institutional and individual investors. The firm is headquartered in Chicago, with offices in New York, Toronto, London, Frankfurt, Tokyo, Hong Kong, Seoul and Sydney. For more information, visit: gcmgrosvenor.com.

About the Elevate Fund

The inaugural Elevate Fund completed fundraising in December 2024 with nearly $800 million in committed capital. Launched in 2023, the Elevate Fund makes catalytic seed investments in emerging private equity firms, focused on lower middle market and middle market buyout strategies across industries. GCM Grosvenor’s Elevate strategy builds on the firm’s multi-decade track record of investing in emerging managers. Approximately $21 billion of GCM Grosvenor’s $91 billion in assets under management is with emerging managers. The firm’s deep expertise and expansive network enable it to provide critical resources, strategic guidance, and operational support to firm founders, encouraging innovation, growth, and a stronger path to long-term success. The Elevate Fund’s diversified investor base includes the California Public Employees’ Retirement System (CalPERS), alongside a cohort of corporate, endowment, foundation, insurance, and single- and multi-family office investors.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260303998995/en/

Media Contacts

TKAM:

Chuck Dohrenwend / Caroline Roseman

ICR

TKAM@icrinc.com

GCM Grosvenor:

Abigail Ruck

H/Advisors Abernathy (on behalf of GCM Grosvenor)

abigail.ruck@h-advisors.global

Source: Torch Key Asset Management