Odyssey Investment Partners has closed its fourth fund with $1.5 billion in capital commitments. Credit Suisse served as placement agent. The mid-market buyout firm has offices in New York and Los Angeles, and had raised $750 million for its third fund in 2005.
Odyssey Investment Partners, LLC (“Odyssey”), a leading middle-market private equity firm with offices in New York City and Los Angeles, today announced the closing of Odyssey Investment Partners Fund IV, LP (“Fund IV”), a $1.5 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 IV significantly exceeded its initial target of $1 billion; Odyssey agreed to limit investor commitments to $1.5 billion. Fund IV’s limited partners include substantially all of the limited partners from the firm’s third fund, as well as several well-established institutional investors new to Odyssey.
Fund IV will be led by the Managing Principals of Odyssey: Stephen Berger (Chairman), Brian Kwait (Co-President), Bill Hopkins (Co-President), Doug Hitchner, Doug Rotatori, Randy Paulson, Jeff McKibben and Craig Staub. The lead Managing Principals have led Odyssey since the early 1990s and will build on the firm’s experience acquiring businesses in the industrial manufacturing and business services sectors. Odyssey typically invests in companies with EBITDA in the range of $20 million to $80 million. Within the firm’s target sectors, particular areas of focus include aerospace, equipment rental, localized services, distribution, insurance services, healthcare services, general industrial, energy, packaging, safety products and supply chain management.
Mr. Berger said, “My partners and I are gratified by the overwhelmingly favorable response to our fourth fund, particularly given the challenging fundraising environment for the private equity industry. We believe that the considerable interest shown in Fund IV by a diverse group of highly reputable institutional investors is a strong validation of our investment strategy and track record. Our investment professionals have worked hard to build this confidence in our firm, and we intend to deploy Fund IV using the same disciplined approach that has accounted for our success to date.”
Odyssey’s previous fund (“Fund III”) closed in 2005 with capital commitments of $750 million. Realized Fund III investments include Norcross Safety Products, a leading designer, manufacturer and marketer of branded products in the fragmented personal protection equipment industry; and Neff Corp., a construction and industrial equipment rental company.
Credit Suisse arranged for the private placement of limited partnership interests in Odyssey Investment Partners Fund IV, LP.
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 $2 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. The firm can be reached in New York at 280 Park Avenue, New York, NY 10017 or (212) 351-7900; and in California at 21650 Oxnard Street, Woodland Hills, CA 91367 or (818) 737-1111.