Private equity firm One Equity Partners has closed its $1 billion continuation fund, co-led by AlpInvest Partners, a subsidiary of Carlyle and HarbourVest Partners, that will support continued growth for two European portfolio companies.

The additional capital aims to help drive transformational acquisitions and growth at aftermarket construction parts manufacturer and distributor USCO SpA and laboratory glassware manufacturer DWK Life Sciences.

“This continuation fund will allow OEP to enable further expansion for two strong investments within our industrials and healthcare portfolio,” comments Steven Lunau, One Equity managing partner.

Kirkland and Ellis served as legal counsel on the transaction and Moelis & Co. served as advisor on the transaction for One Equity Partners. Ropes & Gray acted as legal counsel for AlpInvest Partners.