Orlando takes 'weeks' to raise €200m fund

German special situations specialist Orlando Management is close to wrapping up fundraising for its third fund, having garnered about €200m from institutional investors in a process that took weeks rather than months.

Orlando Management has completed the institutional part of its third fundraising after a rapid process.

Orlando Special Situations Venture Partners III has raised about €200 million to date, according to a source close to the process, meeting the target of the fund.

The sources said the fundraising took just ‘weeks’, a significant achievement given the tough fundraising environment where many firms have taken over a year to raise new pools of capital.

The firm is now working on the size and structure of its employees’ own contribution to the fund, according to the source. Generally a general partners’ commitment is in the 1 to 2 percent [of fund size] range, but the source said Orlando’s commitment had been “very big” in previous vehicles.

The firm’s previous fund closed on €256 million in 2006, above its €200 million target. It attracted a mix of limited partners from the US and Europe, including endowments, pension funds, financial institutions, funds of funds, and family offices according to a statement at the time. A similar spread of investors has backed the new fund, the source said. 

MVision Private Equity Advisers worked as placement agent on the fundraising, with SJ Berwin’s fund formation team providing legal advice.

Orlando’s Munich-based team specialises in investments in Germany’s sizeable mid-market, known as the Mittelstand. The firm targets special situations or companies in need of restructuring. It is led by a team of five partners: Henrik Fastrich, Georg Madersbacher, Stephan Rosarius, Hans Gottwald, and Florian Pape.