Origami closes third opportunities fund on $371m

Origami Opportunities Fund III had significant LP demand exceeding its $400m target but had to meet a hard deadline for the final close.

Origami Capital Partners has closed its third investment vehicle, Origami Opportunities Fund III, on about $371 million.

The fund, which was initially targeting $400 million, had significant investor demand well over that amount, a source familiar with the matter told Private Equity International, but had set a hard deadline for a final close. The source added that it launched in March 2015.

The fund received commitments from limited partners such as endowments, foundations, multi-manager funds, consultants, public pensions, corporate pensions and family offices, according to its exclusive global placement agent Sixpoint Partners.

Sixpoint added that the fund buys assets “trapped in complex legal structures or difficult ownership situations” and seeks to provide liquidity options to these owners. Origami invests globally, with a specific focus on North America and Europe.

Origami’s target equity investment size is between $10 and $50 million, according to its website.

Citing strong demand from investors searching for undervalued assets across sectors, Sixpoint founder and partner Eric Zoller said: “The fund strategy is consistant with our stated focus of delivering unique strategies to our LPs across the private equity spectrum.”

The source said the previous fund, Origami Opportunities Fund II, closed on $225 million.

Sidley Austin was the fund’s legal counsel.

Chicago-based Origami was founded by Tom Elden in 2008 and manages about $680 million in assets, according to PEI Research & Analytics.