Oriens Investment Management has held a final close on its second private equity fund at the vehicle’s €70 million target, Private Equity International has learned.
The Budapest-based firm secured more than €50 million of its commitments from US limited partners, with investors from the Netherlands and Hungary providing the remainder, according to Wilf Wilkinson, managing partner at the fund’s placement agent Acanthus. Its US LPs include insurance companies, family offices, foundations and a blue-chip fund of funds.
Oriens Fund II – a 2016-vintage – had a $114 million hard-cap, according to an SEC filing. The vehicle will target controlling stakes in small- and mid-cap manufacturing and services companies in Hungary, the Czech Republic and Slovakia, according to the firm’s website. It has already completed two deals and will look to make a 4x cash multiple on invested capital.
The vehicle is Oriens’ first to gather commitments from international institutional LPs, Wilkinson noted. It raised €25 million for the 2010-vintage Danube fund from US family offices, he added.
Oriens was founded in 2007 by Peter Holtzer, previously chief executive of OTP Asset Management, ex-McKinsey consultant Krisztian Orban and George Herbert Walker, a former US ambassador to Hungary, its website said.
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