Timber Bay Partners Closes $281 Million Fund III

Private equity firm focused on GP-led secondary transactions raises capital from diverse institutional investors.

Feb. 4, 2026 at 10:39am

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Timber Bay Partners, a Cincinnati-based private equity firm specializing in GP-led secondary transactions, has announced the final closing of its Timber Bay Fund III with $281 million in total capital commitments. The fund received backing from a diversified group of new and existing institutional investors, including foundations, endowments, family offices, and health systems.

Why it matters

The successful fundraise reflects continued investor confidence in Timber Bay's strategy, track record, and long-term investment approach, particularly in the lower-middle market where the firm believes complexity, specialization, and proprietary sourcing create attractive opportunities for active governance, structured solutions, and meticulous underwriting.

The details

Timber Bay Partners focuses on GP-led secondary transactions in the lower-middle market, targeting North American companies in the industrial, consumer, healthcare, and technology sectors. The firm's founder and managing partner, Joe Woods, noted that the team has been investing in this space since 2008 and remains committed to a disciplined, highly selective approach as the opportunity set continues to broaden.

  • Timber Bay Partners was founded in 2016.
  • Timber Bay Fund III closed on February 4, 2026.

The players

Timber Bay Partners

A Cincinnati-based private equity firm dedicated to GP-led secondaries in the lower-middle market, with approximately $1.1 billion in assets under management.

Joe Woods

The founder and managing partner of Timber Bay Partners.

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What they’re saying

“Our team has been investing in this space since 2008, and as the opportunity set continues to broaden, we remain committed to a disciplined, highly selective investment approach.”

— Joe Woods, Founder and Managing Partner

The takeaway

Timber Bay Partners' successful fundraise for its third flagship fund underscores investor confidence in the firm's specialized expertise and disciplined approach to lower-middle market GP-led secondary transactions, a segment of the private equity market that continues to offer attractive opportunities for active management and value creation.