OpenGate raises $585m

The Paris- and Los Angeles-based manager closes its second fund above target.

OpenGate Capital held a final close of OpenGate Capital Partners II at about $585 million, above the fund’s hard cap of $550 million. The fund was targeting $450 million and closed on November 4th. OpenGate targets lower middle market businesses operating in North America and Europe across the industrials, technology, consumer and business services industries.

The firm’s previous fund, OpenGate Capital Partners I, closed in July of 2016 at $305 million.

Commitments to the fund came from 23 LPs across the US, Europe and the Middle East, and includes investments from pensions, asset managers, fund of funds, insurance companies, wealth managers and consultants.

UBS Private Funds Group served as the fund’s placement agent. Kirkland & Ellis served as legal counsel on the fundraise.