Odyssey Investment Partners, LLC (“Odyssey”), a leading middle-market private equity firm with offices in New York City and Los Angeles, today announced the closing of Odyssey Investment Partners Fund IV, LP (“Fund IV”), a $1.5 billion private equity fund formed to pursue control-oriented investments and management buyouts of established middle-market companies with operations predominantly in the United States.
Investor interest in Fund IV significantly exceeded its initial target of $1 billion; Odyssey agreed to limit investor commitments to $1.5 billion. Fund IV’s limited partners include substantially all of the limited partners from the firm’s third fund, as well as several well-established institutional investors new to Odyssey.
Fund IV will be led by the Managing Principals of Odyssey: Stephen Berger (Chairman), Brian Kwait (Co-President), Bill Hopkins (Co-President), Doug Hitchner, Doug Rotatori, Randy Paulson, Jeff McKibben and Craig Staub. The lead Managing Principals have led Odyssey since the early 1990s and will build on the firm’s experience acquiring businesses in the industrial manufacturing and business services sectors. Odyssey typically invests in companies with EBITDA in the range of $20 million to $80 million. Within the firm’s target sectors, particular areas of focus include aerospace, equipment rental, localized services, distribution, insurance services, healthcare services, general industrial, energy, packaging, safety products and supply chain management.
Mr. Berger said, “My partners and I are gratified by the overwhelmingly favorable response to our fourth fund, particularly given the challenging fundraising environment for the private equity industry. We believe that the considerable interest shown in Fund IV by a diverse group of highly reputable institutional investors is a strong validation of our investment strategy and track record. Our investment professionals have worked hard to build this confidence in our firm, and we intend to deploy Fund IV using the same disciplined approach that has accounted for our success to date.”
Odyssey’s previous fund (“Fund III”) closed in 2005 with capital commitments of $750 million. Realized Fund III investments include Norcross Safety Products, a leading designer, manufacturer and marketer of branded products in the fragmented personal protection equipment industry; and Neff Corp., a construction and industrial equipment rental company.
Credit Suisse arranged for the private placement of limited partnership interests in Odyssey Investment Partners Fund IV, LP.