Middle market private equity firm One Equity Partners has completed fundraising for One Equity Partners VI, with total capital commitments of USD1.65 billion, surpassing its target.
Though One Equity Partners VI is the firm’s sixth private equity fund, it is the first fund raised with outside capital following the firm’s spinout from JP Morgan in 2015.
“The entire team would like to thank all of our investors for the outstanding support One Equity Partners received in closing our first private equity fund as an independent firm,” says the leadership team of One Equity Partners. “The strong response reflects the track record achieved over the past 16 years, and the ability of this team to build successful businesses and attractive portfolios that generate excellent returns for our investors.”
One Equity Partners employs a “transformative combination” strategy in which the firm seeks to merge like-sized businesses with a strategic fit to quickly build market leaders of scale.
One Equity Partners VI will continue the firm’s focus on businesses in the industrial, healthcare and technology sectors across North America and Europe.
One Equity Partners has made eight platform investments from the new fund to date, with approximately USD600 million already invested or committed. The firm has also completed eight add-on acquisitions for these investments, many of which were transformative in nature.
“We wanted to limit our fund size and remain disciplined in our investments in North American and European middle market businesses,” adds Dick Cashin, president of One Equity Partners. “We will leverage our industry expertise, relationships, and operational resources to help management teams in our target sectors take their businesses to the next level.”
Investors in One Equity Partners VI span North America, Europe, Asia, Australia, and the Middle East and include pension funds, financial institutions, sovereign wealth funds, consultants, and family offices. The fund also received investments from current and former portfolio company management teams, as well as a number of private equity founders and veteran dealmakers.
