One Equity raises eighth fund

One Equity Partners (OEP) closed its latest fund at $2.75 billion, boosting the New York private equity firm’s assets to $10 billion.

One Equity Partners VIII is the firm’s largest independent fund to date since OEP completed its spin out from JP Morgan in 2015. OEP’s previous fund, One Equity Partners VII, L.P., closed in 2019 with $1.75 billion in commitments.

One Equity Founder and President Dick Cashin (provided)

The fund attracted commitments from investors in 25 countries around the world, including financial institutions, public and private pension plans, asset managers, funds of funds, insurance companies, family offices, high net-worth individuals and foundations. OEP VIII closed in 12 months and exceeded its original hard cap, thanks to strong existing investor relationships and many new investors globally, said David Lippin, managing director and head of investor relations at One Equity Partners.

“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 President and Founder of One Equity Partners Dick Cashin. “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.”

Cashin founded OEP in 2001 after spending two decades at Citigroup Venture Capital.

OEP will continue to target equity investments between $30 million and $300 million in technology, industrial and healthcare businesses across North America and Europe. OEP VIII has already closed 12 new platform investments and recently signed a thirteenth investment. These investments include AMECO, BRUSH, Cicor, Wood Technologies International, Momentum Manufacturing Group, Armis, Rosboro, InfuCare Rx, Eco Material Technologies, Montgomery Transport, Norit Activated Carbon, Trustmarque and PGW Auto Glass.

Kirkland & Ellis LLP served as legal counsel for OEP.

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