Press Release
Mai 01, 2023

Morgan Stanley Capital Partners Acquires RowCal


Press Release

Morgan Stanley Capital Partners Acquires RowCal

Morgan Stanley Capital Partners Acquires RowCal

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Mai 01, 2023


NEW YORK –  May 1, 2023

Investment funds managed by Morgan Stanley Capital Partners (“MSCP”), the middle-market focused private equity team at Morgan Stanley Investment Management, have acquired RowCal. MSCP is partnering with the current management team led by CEO Jake Christenson, who founded the business in 2018.

Headquartered in Minneapolis, Minn., RowCal is a provider of outsourced homeowner association (HOA) property management services, offering a comprehensive solution to better manage and maintain HOA communities. RowCal currently serves the Minnesota, Colorado and Texas markets and has scaled rapidly through market-leading organic growth and strategic add-on acquisitions. The company’s differentiated approach, which leverages advanced technology and an integrated care team to enhance the customer experience, has enabled RowCal to quickly emerge as a leading and trusted provider in the space since inception.

Adam Shaw, Managing Director and Head of Business Services at MSCP, said: “We are delighted to partner with Jake and the RowCal team as they continue their mission of building a leading HOA property management provider. RowCal’s impressive growth trajectory coupled with a client-focused culture are a testament to what the management team has built since its founding. We look forward to working together to advance RowCal’s vision to serve its client base and pursue continued expansion of the company through robust organic growth and M&A.”

MSCP’s acquisition of RowCal is consistent with the team’s focus on target subsectors where MSCP has deep institutional knowledge and domain expertise. It is MSCP’s third acquisition in 2023 following those of Apex Companies and Allstar Services.

“Since founding RowCal in 2018, the company has experienced strong growth through our focus on delivering a high-quality experience to HOA managers. We believe our partnership with MSCP will enable us to continue our national buildout and growth trajectory by investing in the capability set to drive organic growth and expand our geographic footprint,” said Jake Christenson, CEO of RowCal.

Debevoise & Plimpton served as legal counsel to MSCP. TD Cowen and William Blair served as financial advisors to MSCP. Robert W. Baird & Co served as financial advisor to RowCal.

About Morgan Stanley Capital Partners

Morgan Stanley Capital Partners, part of Morgan Stanley Investment Management, is a leading middle-market private equity platform established in 1986 that focuses on privately negotiated equity and equity-related investments primarily in North America. Morgan Stanley Capital Partners seeks to create value in portfolio companies primarily in a series of subsectors in the business services, consumer, healthcare, education and industrials markets with an emphasis on driving significant organic and acquisition growth through an operationally focused approach. For further information about Morgan Stanley Capital Partners, please visit

About Morgan Stanley Investment Management

Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 1,300 investment professionals around the world and $1.4 trillion in assets under management or supervision as of March 31, 2023. Morgan Stanley Investment Management strives to provide outstanding long-term investment performance, service, and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide. For further information about Morgan Stanley Investment Management, please visit

About Morgan Stanley

Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit

About RowCal

Founded in 2018, RowCal is an HOA property management service provider, offering a comprehensive solution to better manage and maintain HOAs across the MN, CO and TX markets. For more information, please visit the Company’s website


Morgan Stanley Capital Partners manages a middle-market private equity platform. The team has invested capital in a broad spectrum of industries for over two decades.

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