Investor interest in Fund V, which launched in September 2013, exceeded its initial target of $1.75 billion. Fund V’s limited partners include substantially all of the limited partners from the firm’s fourth fund, as well as several institutional investors new to Odyssey.
Fund V will be led by the Managing Principals of Odyssey: Brian Kwait (Co-President), Bill Hopkins (Co-President), Stephen Berger (Chairman), Doug Hitchner, Doug Rotatori, Randy Paulson, Jeff McKibben, Craig Staub and Robert Aikman. The senior Managing Principals have led Odyssey since the early 1990s and will continue to execute its buy-and-build strategy in the industrial manufacturing and business services sectors.
Odyssey raised Fund V independently, utilizing the relationships of the Managing Principals and other senior members of the Odyssey team.
“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,” said Messrs. Kwait and Hopkins in a released statement.
Odyssey’s previous fund (Fund IV) closed in 2009 with capital commitments of $1.5 billion. Realized Fund IV investments include BarrierSafe Solutions International, a provider of branded disposable gloves and injection molded protective footwear, which was sold in January 2014; One Call Care Management, a provider of specialized cost containment services to the workers’ compensation industry (sold December 2013); and TNT Crane & Rigging, a provider of lifting services and equipment to customers in the North American energy and industrial infrastructure end markets (sold October 2013).
Odyssey typically invests in companies with EBITDA in the range of $20 million to $100 million. Within the firm’s target sectors, particular areas of interest include aerospace, equipment rental, distribution, insurance/healthcare services, energy, packaging, safety products, industrial equipment and industrial automation. With the closing of Fund V, Odyssey now has more than $4 billion of capital under management. The firm has offices in New York and Woodland Hills, CA (www.odysseyinvestment.com).
© 2014 PEPD • Private Equity’s Leading News Magazine • 2-24-14