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Odyssey Investment Partners pulls in $2bn for Fund V final close

24 Feb 2014

TMid-market US buyout house Odyssey Investment Partners has held a $2bn final close for its fifth flagship vehicle.

Odyssey was thought to have already beaten its $1.75bn target late last year thanks to commitments including $50m from the San Francisco Employees’ Retirement System (SFERS), which AltAssets revealed in December.

The firm said almost all of the LP investors from its fourth fund returned to back the latest vehicle alongside several “well-established institutional investors” new to Odyssey.

Odyssey closed its fourth flagship fund with commitments of $1.5bn in 2009.

The first two funds were closed on $760m and $750m in 1998 and 2005 respectively.

Odyssey focuses on acquiring control stakes in mid-market companies in the industrial manufacturing, business and insurance services, aerospace and defence, energy and rental sectors.

It typically invests in companies with EBITDA between $20m to $100m.

A joint statement from co-presidents Brian Kwait and Bill Hopkins said, “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.”

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