Odyssey Investment Partners closed its Odyssey Investment Partners Fund IV, a middle-market private equity fund, at $1.5 billion, according to spokesman Mark Semer. The fundraising target had been $1 billion.
The private equity firm committed 3% of total capital to the fund.
Odyssey Investment Partners Fund IV will pursue management buyouts and take majority interests, investing between $20 million and $80 million in middle-market companies in aerospace, equipment rental, health-care services, energy and safety products, among other sectors.
Odysseys fourth fund exceeds its $750 million third fund, which closed in 2005 and had a different investment focus.
Investors include the $9.5 billion Los Angeles Fire and Police Pension System.