Olympus closes $1.5bn fund

US middle market buyout shop Olympus has closed its fifth fund on $1.5 billion.

Olympus Partners has closed Olympus Growth Fund V on $1.5 billion (€1 billion), double the size of its previous private equity vehicle.

According to Rob Morris, a managing partner at the firm, Olympus increased the size of its current fund in order to match the company’s deal activity over the past four years. During that period, Olympus was doing roughly 14 deals per fund, with investments averaging $85 million to $90 million each, he said.

Olympus mailed out the fund’s private placement memorandum in mid-February, largely to existing investors. Approximately 85 percent of the fund’s limited partners are existing investors, according to Morris.

Asked if Olympus used a placement agent, he quipped: “We are certified professional beggars – I have my own monogrammed knee pads.” Morris said Olympus places great importance on personal interaction with LPs, and in being a “humble steward” of capital.
Olympus Growth Fund V will employ the same investment strategies as the firm’s previous funds, targeting middle-market and later-stage companies. Roughly 85 percent of the fund’s investments will be in the US, with the balance going largely to Europe and Canada.

Dewey Ballantine provided counsel on the fund formation.

Based in Stamford, Connecticut, the 19-year old Olympus consists of eight general partners who focus on investments in the healthcare, financial services, consumer and business services sectors. The firm’s previous fund closed in 2003 on $757.5 million.