Complex-situations specialist Origami targets $500 mln for Fund IV

Origami Capital Partners is targeting $500 million for its fourth fund, which invests in complex and special situations, a person with knowledge of the firm told Buyouts.

Origami Opportunities Fund IV held a recent first close on about $300 million, the person said.

When Origami could hold a final close is unclear. Metric Point Capital is placement agent.

Origami couldn’t immediately be reached for comment.

Chairman Thomas Elden, a founding member of Lakeview Opportunity Fund, formed Origami in 2008. He was joined shortly thereafter by Jeff Young, managing partner.

Other executives include Partners Darren O’Brien, a former vice president at WL Ross & Co, and Julie Klaff, who worked at Sidley Austin prior to joining the firm. Joelle Kellam is chief financial officer.

Origami invests in niche special situations across asset classes. Opportunities include investing new money to address debt maturities, capital expenditures, providing liquidity to existing investors, fund restructurings and directly acquiring illiquid assets, the firm’s Form ADV shows.

The firm closed Fund III on $371 million in 2016, according to a statement at the time. Since inception, the firm has generated a more than 30 percent internal rate of return across more than 110 investments, the person said.

Action Item: Check out Origami’s Form ADV here: https://bit.ly/2MpO7VC