Odyssey Closes Fund Six at Hardcap

Odyssey Investment Partners has held a first and final hard cap closing of Odyssey Investment Partners Fund VI LP (Fund VI) with $3.25 billion of capital.

Fund VI was oversubscribed and was supported by both existing investors and new institutional investors. Odyssey’s previous fund closed in 2014 with capital commitments of $2.0 billion.

Odyssey makes control investments in middle-market companies that have from $20 million to $100 million of EBITDA. Sectors of interest include industrial and business services. Within the firm’s target sectors, areas of specific focus include aerospace, defense, insurance services, safety & testing, automated equipment & components, industrial services, equipment rental, pharma services, energy services and packaging.

“We are sincerely grateful for the enthusiasm of our long-standing limited partners, as well as the expansion of our base with several leading global investors,” said Brian Kwait, a senior managing principal and chief executive officer of Odyssey. “Our successful fundraising effort reflects our investors’ considerable confidence in our team, which will continue to be focused on building value on their behalf in the coming years.”

The new fund is led by Mr. Kwait, and other senior managing principals including William Hopkins (vice chairman) and Stephen Berger (chairman). In addition, Jeffrey McKibben and Craig Staub have been promoted to senior managing principal, further strengthening the firm’s leadership team. Other promotions tied to the new fund include Jason Cowett, Jonathan Place and Jeff Moffett being named as managing principals, joining Rob Aikman, Doug Hitchner, Dennis Moore and Brian Zaumeyer.

“Odyssey’s success and growth over many years is a direct result of our philosophy of internal talent development,” said Mr. Kwait. “Adding Jeffrey McKibben and Craig Staub to Odyssey’s leadership team is an important step as we look toward the future. Jeff and Craig have made extraordinary contributions to our firm as outstanding investors and leaders.  Their promotions are richly deserved, and we will benefit for many years to come from their enhanced roles.”

Odyssey has offices in New York City and west of Los Angeles in Woodland Hills, California.

Debevoise & Plimpton provided legal services to Odyssey on this fundraise.

© 2020 Private Equity Professional | February 18, 2020

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