Middle-market private equity firm One Equity Partners has closed its eighth fund at $2.75 billion. One Equity Partners VIII’s limited partners include financial institutions, public and private pension plans, asset managers, funds of funds, insurance companies, family offices, high net-worth individuals, and foundations. Kirkland & Ellis LLP served as legal counsel for OEP.
NEW YORK–(BUSINESS WIRE)–One Equity Partners (“One Equity” and “OEP”), a middle market private equity firm, today announced the closing of One Equity Partners VIII, L.P. (“OEP VIII”), with committed capital of $2.75 billion. Thanks to strong demand from investors, the fund was significantly oversubscribed, and the hard cap was increased. The closing of OEP VIII brings the firm’s combined assets under management and committed capital to approximately $10 billion.
“We are grateful for the support from our investors and remain focused on our signature ‘Transformative Combination’ strategy in which we merge complementary, like-sized businesses to create market leaders, and do so with the modest use of leverage,” said Dick Cashin, President and Founder of One Equity Partners. “This approach has historically helped our portfolio withstand a variety of economic conditions and allowed us to be nimble and opportunistic during periods of short-term volatility.”
OEP VIII is the firm’s largest independent fund to date since OEP completed its spin out from JP Morgan in 2015. The fund attracted commitments from limited partners in 25 countries around the world, including financial institutions, public and private pension plans, asset managers, funds of funds, insurance companies, family offices, high net-worth individuals, and foundations.
“We raised OEP VIII in 12 months and exceeded our original hard cap, thanks to strong existing investor relationships and many new investors globally,” said David Lippin, Managing Director and Head of Investor Relations at One Equity Partners. “Thank you to all our investors for your continued partnership.”
OEP will continue to target equity investments between $30 million and $300 million in technology, industrial and healthcare businesses across North America and Europe. OEP VIII has already closed 12 new platform investments and recently signed a 13th investment. These investments include AMECO, BRUSH, Cicor, Wood Technologies International, Momentum Manufacturing Group, Armis, Rosboro, InfuCare Rx, Eco Material Technologies, Montgomery Transport, Norit Activated Carbon, Trustmarque and PGW Auto Glass.
OEP’s previous fund, One Equity Partners VII, L.P., closed in 2019 with $1.75 billion in commitments.
Kirkland & Ellis LLP served as legal counsel for OEP.
About One Equity Partners
One Equity Partners is a middle market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm seeks to build market-leading companies by identifying and executing transformative business combinations. OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record generating long-term value for its partners. Since 2001, the firm has completed more than 300 transactions worldwide. OEP, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, and Frankfurt. For more information, please visit www.oneequity.com.