OceanSound Partners (OceanSound), a growth-oriented PE firm that invests in technology and technology-enabled services companies serving government and highly regulated end markets, has held the final close of its second fund, OceanSound Partners Fund II, at $1.49bn.
Together with affiliated co-investment vehicles and a single-asset continuation fund closed in April 2024, OceanSound has raised in excess of $2.15bn of cumulative committed capital in connection with the Fund.
The fund attracted support from a diverse group of existing and new, well-regarded limited partners, including leading pension plans, endowments and foundations, family offices, institutional consultants, asset management firms and insurance companies. The fund was oversubscribed and nearly all of the inaugural fund investors returned as investors.
The Fund closed at its revised hard cap and substantially above its original hard cap of $1.3bn, its target of $1.0bn and $780m raised by OceanSound’s inaugural fund which closed in February 2022.
Based in New York, OceanSound typically invests $75m to $300m through controlling-ownership positions in companies with enterprise values of $150m to $750m. OceanSound currently manages in excess of $3.7bn in Regulatory Assets Under Management and has invested in nine platform investments which, in turn, have completed 38 add-on acquisitions. OceanSound’s portfolio companies collectively generate over $3.7bn in revenue and employ over 12,000 individuals.
