Oregon commits to Odyssey’s sixth fund

Oregon joins Rhode Island and Ohio Fire & Police in committing to Odyssey Investment Partners VI

Oregon Investment Council committed $150 million to Odyssey Investment Partners’ sixth fund, staff told Buyouts. The deal closed October 31.

Odyssey Investment Partners VI is targeting $3 billion, Buyouts has reported. It will continue the firm’s focus on middle market business services and industrials companies.

Odyssey focuses on North American companies, according to its website.

Fund VI has attracted other pension investors. Rhode Island Investment Council committed $50 million in November, Buyouts has reported. Ohio Police & Fire Pension Fund committed $20 million in October, Buyouts has reported. District of Columbia Retirement Board also committed $50 million, according to data from sister title Private Equity International.

Odyssey’s fifth fund closed in 2014 at $2 billion. As of June 30, 2018 it was generating a 0.82 investment multiple and a -12.01 percent internal rate of return, Buyouts has reported.

The commitment comes as Oregon announced a major new partnership with Pathway Capital Management to monitor and opportunistically liquidate about $2 billion in assets, Buyouts has reported.

As of September 30, Oregon managed $106.8 billion across multiple state pension funds.

Action Item: read Odyssey’s form ADV here.