OpenGate Capital’s Second Institutional Fund Closes With a Flourish

November 8, 2019 | News, Private Equity

Private equity firm OpenGate Capital’s Second Institutional Fund raised $585 million versus a target of $450 million.

The enthusiastic support for OpenGate’s second institutional fund came from 23 investors located across seven countries. These included pensions, wealth managers, insurance companies, and asset managers. Moreover, the fund’s oversubscription of 30% shows the global eagerness to place capital with reputed and focused private equity firms. The second fund is designated “OpenGate Capital Partners II & II-A, LP.”

Founded by Andrew Nikou in 2005,  OpenGate Capital operates out of offices in Los Angeles and Paris. The private equity firm focuses on four industry segments, namely Industrials, Technology, Consumer, and Business Services. Moreover, the firm acquires and optimizes lower middle-market businesses located in North America and Europe. It specializes in corporate carve-outs and complex situations.

Further, its OGx unit serves as a technology partner to platform companies. It also helps them through digital transformation to achieve their maximum potential.

Sophisticated investors on board

“We are extremely honored to have the trust and confidence from our existing investors who re-committed with us and excited to partner with our new investors who represent some of the most sophisticated institutional investors,” said Andrew Nikou, who is also the CEO, of OpenGate Capital.

Platform investments

The first fund from OpenGate, of 2015 vintage, has concluded nine platform investments. These include Power Partners, Bois & Matériaux, Energi Fenestration Solutions, Alfatherm, EverZinc, Hufcor, Mersive Technologies, Jotul/Ravelli, and Fichet Security Solutions.

Meanwhile, investments through the second fund include Fiven, SMAC, Sargent & Greenleaf, Duraco, InRule Technologies, and CoreMedia.

OpenGate announced the last-named investment earlier this week. It acquired a majority interest in CoreMedia from Deutsche Telekom Capital Partners and a consortium of private investors for an undisclosed sum. CoreMedia is a global content management and digital experience platform.

[Related Story: Private Equity Giant KKR Announces Special Situations Fund III ]

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