Growth-focused private equity firm OceanSound Partners has completed the final close of its third fund, OceanSound Partners Fund III, LP, with $3.0bn in capital commitments plus an additional $0.4bn for related co-investment vehicles.
The fundraise has seen the firm increase its assets under management to more than $8bn.
Fund III, which significantly exceeded its $2.0bn target and $2.9bn hard cap, attracted a broad mix of institutional investors, including pension plans, sovereign wealth funds, endowments, foundations, family offices, and insurance companies. Many existing investors increased their commitments by roughly 125%, with nearly all of the prior fund’s backers returning.
The fund continues OceanSound’s focus on middle-market technology and technology-enabled services businesses serving aerospace, defense, government, and other highly regulated sectors. Typically investing $75m to $350m in controlling stakes of companies valued between $150m and $750m, the firm has already invested in twelve platforms, completing 56 add-on acquisitions across the portfolio, which collectively generate more than $4bn in revenue and employ over 14,000 staff.
Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel, and UBS’ Private Funds Group acted as exclusive global placement agent.
