German private equity firm Orlando Management has held a final closing for its Special Situations Venture Partners fund (SSVP), raising E163m – over 20 per cent higher than the original target of E125m.
SSVP, Orlando’s first institutional fund, has secured commitments from more than ten institutions, with some 71 per cent coming from European institutions, 24 per cent from the US and 5 per cent from the rest of the world. Commitments came from both pension funds and fund of funds. Investors in the fund include Danske Private Equity Partners I, Goldman Sachs’ Private Equity Group and LGT Capital Partners.
The fund will focus on the acquisition of underperforming industrial German, Swiss and Austrian middle tier companies with sales in the range of E50 to E250m. Christian Hollenberg, a partner at Orlando, said that the firm would consider follow-on investments beyond these countries.
SSVP has not made any investments to date, although Hollenberg added that the firm was very close to a number of deals.
London-based MVision Private Equity Advisers served as financial advisor and exclusive placement agent.