New York and LA-based middle-market private equity firm Odyssey Investment Partners said Monday that it has raised $2 billion in the final close of its fifth fund. The pool’s initial target was $1.75 billion.
NEW YORK – February 24, 2014 – Odyssey Investment Partners, LLC (“Odyssey”), a leading middle-market private equity firm with offices in New York City and Los Angeles, today announced the final closing of Odyssey Investment Partners Fund V, LP (“Fund V”), a $2 billion private equity fund formed to pursue control-oriented investments and management buyouts of established middle-market companies with operations predominantly in the United States.
Investor interest in Fund V, which launched in September 2013, significantly exceeded its initial target of $1.75 billion; Odyssey agreed to limit investor commitments to $2 billion. Fund V’s limited partners include substantially all of the limited partners from the firm’s fourth fund, as well as several well-established institutional investors new to Odyssey.
Fund V will be led by the Managing Principals of Odyssey: Brian Kwait (Co-President), Bill Hopkins (Co-President), Stephen Berger (Chairman), Doug Hitchner, Doug Rotatori, Randy Paulson, Jeff McKibben, Craig Staub and Robert Aikman. The senior Managing Principals have led Odyssey since the early 1990s and will continue to execute its buy-and-build strategy in the industrial manufacturing and business services sectors. Odyssey typically invests in companies with EBITDA in the range of $20 million to $100 million. Within the firm’s target sectors, particular areas of focus include aerospace, equipment rental, distribution, insurance/healthcare services, energy, packaging, safety products, industrial equipment and industrial automation.
Messrs. Kwait and Hopkins said, “We and our partners are pleased by the significant demand for Fund V and by the speed with which we were able to complete the fundraising process. We are grateful for the confidence once again placed in Odyssey by a distinguished roster of institutional investors and in the coming years we will utilize our disciplined approach to create value on their behalf.”
Odyssey’s previous fund (“Fund IV”) closed in 2009 with capital commitments of $1.5 billion. Realized Fund IV investments include BarrierSafe Solutions International, a leading provider of branded disposable gloves and injection molded protective footwear; One Call Care Management, the nation’s leading provider of specialized cost containment services to the workers’ compensation industry; and TNT Crane & Rigging, the leading provider of lifting services and equipment to customers in the North American energy and industrial infrastructure end markets.
Odyssey raised Fund V independently, utilizing the relationships of the Managing Principals and other senior members of the Odyssey team.
About Odyssey Investment Partners
Odyssey Investment Partners, LLC, with offices in New York and Los Angeles, is a leading middle-market private equity firm with more than $4.0 billion under management. Odyssey Investment Partners, LLC primarily makes majority, controlled investments typically in established middle-market companies in a variety of industries. For further information about Odyssey Investment Partners, LLC, please visit http://www.odysseyinvestment.com.