Odyssey Investment Partners Fund III has closed on $750 million and will pursue control investments and management buyouts in the US middle market.
The New York-based private equity firm will focus on companies valued between $20 million and $60 million in the aerospace, equipment rental, environmental services, insurance services, healthcare, industrial, energy equipment and supply-chain management sectors.
Limited partners included corporate and state pensions, university endowments, foundations, financial institutions and asset managers. Managing Principal Stephen Berger said in a statement that many of the investors were investing with the firm for the first time.
“We are grateful for their confidence in our investment team and strategy”, Berger said.
Fund III completed its first investment in late 2004. The fund invested in Pro Mach, a manufacturer and marketer of packaging machinery serving the pharmaceutical, food and beverage sectors. The company generates annual revenues of more than $160 million.
Odyssey Investment’s first fund closed in 1998 on $760 million and became fully invested in 2004. The firm has more than $1.2 billion under management.