One Equity Partners held its final close of a $1 billion continuation fund for two companies that were owned by the $1.65 billion One Equity Partners VI and co-investors, said David Lippin, managing director and head of investor relations for One Equity Partners, in an email.
The largest commitment to the continuation fund, OEP Neptune Fund I, came from HarbourVest and Carlyle Group's secondary market subsidiary Alpinvest, with the remainder coming from a consortium of 10 other North American and European investors, Mr. Lippin said.
The additional capital in the continuation fund will help fund acquisitions and continued growth at aftermarket construction parts manufacturer and distributor USCO and laboratory glassware manufacturer DWK Life Sciences.
One Equity Partners, a middle-market private equity firm, closed One Equity Partners VI in 2017.
"Consistent with trends in today's market, more than 90% of investors (in OEP VI) cashed out," Mr. Lippin said.