Middle market private equity firm Odyssey Investment Partners has held the final closing of Odyssey Investment Partners Fund V.
The fund is a USD2bn private equity fund formed to pursue control-oriented investments and management buyouts of established middle-market companies with operations predominantly in the US.
Investor interest in Fund V, which launched in September 2013, significantly exceeded its initial target of USD1.75bn; Odyssey agreed to limit investor commitments to USD2bn.
Fund V’s limited partners include substantially all of the limited partners from the firm’s fourth fund, as well as several well-established institutional investors new to Odyssey.
Fund V will be led by the managing principals of Odyssey: Brian Kwait (co-president), Bill Hopkins (co-president), Stephen Berger (chairman), Doug Hitchner, Doug Rotatori, Randy Paulson, Jeff McKibben, Craig Staub and Robert Aikman.
The senior managing principals have led Odyssey since the early 1990s and will continue to execute its buy-and-build strategy in the industrial manufacturing and business services sectors. Odyssey typically invests in companies with EBITDA in the range of USD20m to USD100m. Within the firm’s target sectors, particular areas of focus include aerospace, equipment rental, distribution, insurance/healthcare services, energy, packaging, safety products, industrial equipment and industrial automation.
Kwait and Hopkins say: “We and our partners are pleased by the significant demand for Fund V and by the speed with which we were able to complete the fundraising process. We are grateful for the confidence once again placed in Odyssey by a distinguished roster of institutional investors and in the coming years we will utilize our disciplined approach to create value on their behalf.”
Odyssey’s Fund IV closed in 2009 with capital commitments of USD1.5bn. Realized Fund IV investments include BarrierSafe Solutions International, a provider of branded disposable gloves and injection moulded protective footwear; One Call Care Management, a provider of specialised cost containment services to the workers' compensation industry; and TNT Crane & Rigging, a provider of lifting services and equipment to customers in the North American energy and industrial infrastructure end markets.
