OEP racks up $1bn for continuation fund

The fund is co-led by Carlyle subsidiary AlpInvest Partners and HarbourVest Partners.

  • The Continuation Fund will be used to support growth for OEP European portfolio companies USCO SpA and DWK Life Sciences
  • Kirkland and Ellis served as legal counsel for OEP while Ropes & Gray acted as legal counsel for AlpInvest Partners
  • One Equity Partners targets the middle-market industrial, healthcare, and technology sectors in North America and Europe

One Equity Partners has closed a continuation fund at $1 billion. The fund is co-led by Carlyle subsidiary AlpInvest Partners and HarbourVest Partners.

The Continuation Fund will be used to support growth for European OEP portfolio companies USCO SpA and DWK Life Sciences.

Based in Modena, Italy, USCO supplies aftermarket and OEM parts to the earthmoving machinery industry.

Wertheim, Germany-based DWK Life Sciences is a maker of premium laboratory glassware, storage solutions and other products for the life science and pharmaceutical end markets.

“This Continuation Fund will allow OEP to enable further expansion for two strong investments within our industrials and healthcare portfolio,” said One Equity Managing Director Steven Lunau, in a statement. “Our long-standing investment strategy of helping drive transformative and accretive acquisitions has allowed us to work with management to build these businesses into recognized industry leaders.”

Kirkland and Ellis served as legal counsel on the transaction and Moelis & Co. served as advisor on the transaction for One Equity Partners. Ropes & Gray acted as legal counsel for AlpInvest Partners.

One Equity Partners targets the middle-market industrial, healthcare, and technology sectors in North America and Europe. Founded in 2001, OEP spun out of JP Morgan in 2015.