JP Morgan-spinout One Equity closes sophomore fund at $1.75 bln

One Equity Partners, spun out of JPMorgan in 2015, has wrapped up its second flagship mid-market fund, raising $1.75 billion.

The vehicle is called One Equity Partners VII because the same team led prior funds when serving as the in-house private equity arm of JPMorgan and, between 2001 and 2005, Bank One. One Equity Partners VI, the team’s debut fund as a standalone PE firm with third-party capital, closed two years ago at $1.65 billion.

In a statement, New York-based OEP said Fund VII secured commitments from a range of global limited partners, including pension funds, financial institutions, family offices, asset managers, funds of funds, insurance companies, foundations and high-net-worth individuals.

OEP makes control-stake investments in companies in healthcare, industrials and related services, and technology and technology services in North America and Europe. The firm targets opportunities with revenue of $100 million to $800 million and Ebitda of $10 million to $70 million.

Fund VII, which invests $30 million to $300 million, has already done nine platform deals. They include two transactions completed this year: MediaKind, a Plano, Texas-based video software tech company carved out of Ericsson; and Walterscheid Powertrain, a Lohmar, Germany-based provider of parts and services for off-highway powertrain applications acquired from GKN.

OPE was founded in 2001 by President Dick Cashin. He leads a team of 30 investment professionals, operating from New York, Chicago and Frankfurt, Germany. Other members of the leadership team include Senior Managing Directors Greg Belinfanti, JB Cherry, Norma Corio, David Han, Jamie Koven, Chip Schorr, Johann-Melchior von Peter and Joerg Zirener.

Action Item: Learn more about One Equity Partners here.