The firm's predecessor Bear Stearns Merchant Banking was founded in 1997 by John D. Howard, formerly a co-founder of Vestar Capital Partners.

Since inception, Irving Place Capital and its predecessor, Bear Stearns Merchant Banking has made a number of investments in notable companies in the retail, consumer products, healthcare, energy, financial and business services, packaging and industrial sectors.

[12][13] Through the intervention of the Federal Reserve and other US Government agencies, Bear Stearns agreed to a sale of the company to JPMorgan Chase on March 24, 2008, which was completed on May 30, 2008.

[15][16] As an independent firm, Irving Place Capital began focusing on its core strengths in industrial, packaging, consumer, and retail businesses, completing seven additional investments in those verticals for its third fund, and also making several exits.

Since the closing of the new fund, Irving Place Capital has purchased three additional portfolio companies - Ohio Transmission Corporation,[18] a technical distributor of industrial products and provider of related services, Dynojet Research,[19] a manufacturer of aftermarket performance-enhancing parts and accessories as well as diagnostic equipment for powersports vehicles, and Coker Tire, a manufacturer of vintage-style tires for collector automobiles.