One Equity Beats Hard Cap on Latest Fund

One Equity Beats Hard Cap on Latest Fund

One Equity's eighth fund has already closed on twelve platform investments with another platform expected to close soon

One Equity Partners (OEP) has closed its latest fund, One Equity Partners VIII LP (OEP VIII), with committed capital of $2.75 billion. OEP’s new fund was oversubscribed and closed above its increased hard cap.

OEP is a middle-market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. Typical equity investments range from $30 million to $300 million. The firm spun out of JP Morgan in 2015 and has closed more than 300 transactions worldwide since its founding in 2001. OEP has offices in New York, Chicago, Frankfurt.

OEP VIII is the firm’s largest independent fund since its spin out from JP Morgan. The fund’s limited partners include financial institutions, public and private pension plans, asset managers, funds of funds, insurance companies, family offices, high net-worth individuals, and foundations.

“We are grateful for the support from our investors and remain focused on our signature ‘Transformative Combination’ strategy in which we merge complementary, like-sized businesses to create market leaders, and do so with the modest use of leverage,” said Dick Cashin, the president and founder of One Equity Partners. “This approach has historically helped our portfolio withstand a variety of economic conditions and allowed us to be nimble and opportunistic during periods of short-term volatility.”

OEP VIII has already closed 12 platform investments and has a 13th investment expected to close soon. Platforms that OEP has acquired in 2022 include Rosboro, an Oregon-based manufacturer of glued laminated timber (January 2022); InfuCare Rx, a New Jersey-based provider of specialty infusion therapies (January 2022); Eco Material Technologies, a Utah-headquartered maker and distributor of fly ash used to make cementitious materials (February 2022); Montgomery Transport, an Alabama-based provider of transportation and logistics services (February 2022); Norit Activated Carbon, a Texas-based manufacturer of activated carbon formulations (March 2022); Trustmarque, a UK-based provider of IT services, software, and hardware (January 2022); and PGW Auto Glass, a Pennsylvania-based wholesale and retail distributor of aftermarket automotive glass products (March 2022).

With the closing of fund eight, OEP now has $10 billion in assets under management. The firms previous fund, One Equity Partners VII LP, closed in 2019 with $1.75 billion in commitments.

“We raised OEP VIII in 12 months and exceeded our original hard cap, thanks to strong existing investor relationships and many new investors globally,” said David Lippin, a managing director and head of investor relations at One Equity. “Thank you to all our investors for your continued partnership.”

Kirkland & Ellis provided legal services to OEP on this fundraise.

© 2022 Private Equity Professional | April 14, 2022

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