OceanSound Partners has closed its debut fund, OceanSound Partners Fund LP (Fund I), with $780 million of committed capital. The fund’s initial target was $550 million.
Institutional limited partners in Fund I include pension plans, endowments, foundations, family offices, institutional consultants, asset management firms and insurance companies.
New York City-based OceanSound is a middle-market private equity firm making control investments of $75 million to $300 million in North America-based technology and technology-enabled services companies serving the government and enterprise industries. Typical target companies will have enterprise values of $150 million to $750 million.
OceanSound is led by Managing Partner and Co-Founder Joe Benavides alongside fellow Partners and Co-Founders Ted Coons and Jeff Kelly.
“The closing of our first fund marks a tremendous milestone for OceanSound and validates our differentiated investment strategy together with our team’s capabilities,” said Mr. Benavides. “We started the firm shortly before the COVID-19 pandemic and could not be more pleased with all we have accomplished. We are extremely grateful for the support of our investors, who include some of the most respected institutional private equity investors. Their support underscores our ability to identify attractive investment opportunities where we have proprietary perspectives and can bring significant resources to build businesses that outperform their peers.”
With the closing of the new fund, OceanSound now has $1.15 billion in assets under management and has completed five platform investments and nine add-on acquisitions.
The firm’s portfolio includes CFM, a Tempe, Arizona-based software provider serving retail banks and financial institutions (December 2021); DMI, a Bethesda, Maryland-based software development business services provider serving commercial and government customers (October 2021); RMA Companies, a Rancho Cucamonga, California-based testing, inspection, certification & compliance (TICC) services provider for the transportation, healthcare, power and water end markets (September 2021); Netrix, a Chicago-based IT services provider (July 2020); and SMX, a Washington DC-based software and IT government contractor (March 2019).
Sixpoint Partners was the placement agent for this fundraise and Paul, Weiss, Rifkind, Wharton & Garrison provided legal services.
© 2022 Private Equity Professional | February 23, 2022
