Special Situation Venture Partners III has closed with 231 million euro ($308 million) in commitments. The closing was advised by Orlando Management, a Munich and Zurich-based private equity firm focusing on special situations in the German-speaking market. MVision Private Equity Advisers acted as the global placement agent for the Fund.
The General Partner of SSVP III is pleased to announce the closing of Special Situation Venture Partners III (the “Fund”) on 23 March 2012 on €231 million. The closing was advised by Orlando Management (“Orlando”), the Munich and Zurich-based private equity firm focusing on special situations in the German-speaking market.
The success of the fundraising is attributable to significant support from existing investors, combined with overwhelming interest of new investors, which led to oversubscription. Allocation to new investors was limited to select high quality, long-term institutional investors. Investors in the Fund include a diversified mix of endowments, foundations, insurance companies and sovereign wealth funds from Europe, the US and the Middle East.
Orlando will continue to focus on the acquisition of industrial German or German-speaking “Mittelstand” companies with sales up to €500 million, with a healthy core, often profitable, but usually in a situation of underperformance, balance sheet distress, untapped development potential, excess balance sheet assets or fundamental transition. Typical causes of such Special Situations include: past unproductive capital expenditure, uncontrolled expansion, insufficient cost control, unresolved succession problems, gridlock between management, shareholders and banks, and inheritance / estate tax issues. Through acting as a hands-on owner and driving change, the Fund supports the acquired companies in realising their earnings potential.
MVision Private Equity Advisers acted as the global placement agent for the Fund. Sonja Pauls and Christian Schatz from SJ Berwin’s Munich Office acted as legal counsel.
About Orlando Management AG
Orlando Management AG was founded in 2001 and, with offices in Munich and Zurich, is the leading private equity investment advisor in Special Situations in the German middle market. The partner team has remained unchanged since the establishment of Orlando and has many years of experience managing industrial and service companies as well as in management consulting. Its focus has been on succession issues and strategic alignments of subsidiaries/business units of major corporations.