Odyssey Investment Partners nears imminent hard cap close for $2bn Fund V

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dollar quarterMid-market private equity firm Odyssey Investment Partners is reportedly just days from holding a $2bn first close for its fifth fund on the vehicle’s hard cap.

PeHUB first reported the news, citing documents sourced from LP investor the Pennsylvania Public School Employees’ Retirement System.

It said Fund V will be at the hard cap for the first close on December 16, and will be kept open into January to allow for last minute commitments from LPs needing to make 2014 allocations.

Odyssey pulled in $1.5bn for its last flagship fund in 2009. It targets industrial and business services.

In October energy-focused investment group First Reserve agreed to acquire mobile crane operator TNT Crane & Rigging from Odyssey.

Odyssey acquired the company in a secondary transaction from private equity firm MML in 2011.

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