How we delivered a 71.4% IRR on a single investment (Case Study)

Castle Rock Innovations

Investment Summary

Investment Date: December 2013
Exit Date: August 2015 (Earn-out completed August 2018)
IRR: 71.4%

At the time of our investment in 2013, Castle Rock Innovations, Inc. (“Castle Rock”) was an enterprise technology company. The Company had been serving the financial industry for over two decades with clienteles in the capital markets, banking, insurance and healthcare, retail and manufacturing industries.

In 2012, the U.S. Department of Labour introduced new 401(k) fee disclosure regulations. Castle Rock developed the Axis Retirement Plan Analytics Platform (“AXIS”), a proprietary web-based data aggregation platform enabling broker-dealers, record-keepers, banks and retirement plan fiduciaries to meet the mandated disclosure reporting requirements.

1. The Challenge

quote-icon “The company was doing well but hit a fork in the road. It needed to jumpstart its growth.”

Rick Ness, Tactico Managing Partner & Co-Founder

Castle Rock needed a solution to fuel customer expansion within the U.S.
market and guidance on business strategy. While AXIS was at the time the best
solution for the challenges facing the industry, the Company needed the
funding and support to accelerate client acquisition.


By providing a combination of debt, equity and strategic consulting, we helped Castle Rock launch a major growth initiative for its revolutionary platform for use by the U.S. pension fund industry.
We worked closely with Castle Rock’s management in all facets of the business, including strategy and finances.
We leveraged our industry connections and helped Castle Rock negotiate a strategic exit, managing its acquisition and providing valuable guidance, expertise and strategic advice for its M&A transaction.


We delivered a record-high IRR of 71.4% to our investors in a very short payback period following Castle Rock’s acquisition by Envestnet, Inc., a leading provider of intelligent systems for wealth management and financial wellness.

Today, the Company’s product is an industry staple used by 10 of the top 20 broker-dealers in the U.S. and more than 100 clients.


If you have any questions or simply would like to learn more about our investment in Castle Rock, feel free to email us at

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