OpenGate Capital has closed its first private equity fund to new investors after raising $305 million in investor commitments. The private equity firm has already made four investments from the fund, with a fifth expected to close before year-end.
Los Angeles-based OpenGate Capital targets lower-middle-market companies, and cross-border and corporate carve-out opportunities. Before raising its fund, OpenGate Capital Partners I, the firm made investments only through its own partners’ capital. All investors in the new fund are institutions. The firm was founded in 2005 and has executed more than 40 transactions, including corporate divestitures, turnaround acquisitions, industry consolidations and other special situation investments. Its four investments from the fund, all in 2016, have been in Power Partners Inc., Energi Fenestrations Solutions, Bois & Matériaux and Alfatherm. The fifth investment is planned in Umicore Zinc Chemicals.