Stamford, Conn.-based Olympus expects to hold a final close by the end of next month on $2.5 billion for Olympus Growth Fund VI LP, the source says. The middle market investor had expected to hold a final close in March or April, but some municipalities need more time because their approval processes and committee meetings typically take longer, the source noted.
Some municipalities are also taking longer than usual because they are more focused on avoiding the appearance of conflict, due to pay-to-play scandals in the past few years, the source says. For example, several munis asked Olympus to sign a “no gift policy” and put in writing that it doesn’t use placement agents, said the source, who noted that Olympus doesn’t give gifts to LPs or use placement agents.
Olympus’s sixth fund is expected to be about 66% bigger than Olympus Growth Fund V LP, which raised $1.5 billion in 2007.
Photo courtesy of Shutterstock