Origami Capital Partners has closed its third investment vehicle, which will invest in direct secondaries and restructurings, on about $371 million.
Origami Opportunities Fund III, which was initially targeting $400 million, had significant investor demand well over that amount, a source familiar with the matter told sister publication Private Equity International, but had set a hard deadline for a final close. The source added that it launched in March 2015.
The fund buys assets “trapped in complex legal structures or difficult ownership situations” and seeks to provide liquidity options to these owners, according to its exclusive global placement agent Sixpoint Partners. Origami invests globally, with a specific focus on North America and Europe.
The fund received commitments from limited partners such as endowments, foundations, multi-manager funds, consultants, public pensions, corporate pensions and family offices.
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 consistent 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.
Chicago-based Origami was founded by Tom Elden in 2008 and manages about $680 million in assets, according to PEI Research & Analytics.