OpenGate Capital has reached the final closing for its first institutional private equity vehicle, exceeding its target of USD300 million.
OpenGate Capital Partners I and affiliated partnerships, closed on USD305 million in total commitments.
The firm has already completed four investments in the first half of 2016. It has signed an agreement for a fifth, due to close later in the year.
Andrew Nikou, founder, managing partner and CEO at OpenGate Capital, says: “I am incredibly proud of the hard work and commitment from everyone at OpenGate. The team stood their ground while we built this firm, had unwavering support from their families, and worked tirelessly to make our first fund possible. When I started OpenGate 10 years ago, I had a vision to build a firm with a differentiated cross-border focus. I am humbled looking back on what has been accomplished today, and really excited about the future. I am grateful to our investors, our partners, in shaping the next era of growth for OpenGate Capital.”
OpenGate Capital will continue its legacy of investing in lower middle market, cross border, corporate carve-outs and applying operational turnaround strategies to create value. To date, OpenGate Capital has completed four fund investments, including Power Partners, Energi Fenestrations Solutions, Bois & Matériaux and Alfatherm.
A fifth investment, Umicore Zinc Chemicals, is expected to close later in 2016.
UBS Private Funds Group served as the private placement agent and Kirkland & Ellis, led by Bruce Ettelson and Karin Orsic, provided legal counsel in connection with the fund raise.
