Private equity firm Origami Capital Partners closed a third fund, aimed at buying illiquid assets in complex legal structures or difficult ownership situations, with $371 million in commitments from investors.
Chicago-based Origami Capital is headed by Thomas Elden, who started the firm in 2008, and Jeff Young. The firm invests in assets trapped by legal, structural, valuation or ownership issues, including assets owned by hedge funds, real estate funds and private equity funds, as well as minority interests in alternative investments firms, non-performing loans and debt, bankruptcy and litigation claims. Origami Capital focuses on $10 million to $50 million investments in North America and Europe; the new fund is Origami Opportunities Fund III. Origami Capital has $543 million under management, according to a March filing with the U.S. Securities and Exchange Commission.
Several PE firms have announced new funds closing in the last three months. In May, Post Oak Energy Capital announced that it raised $600 million for a third fund, to invest in regional oil and natural gas providers and related infrastructure companies. Also in May, TPG closed a $10.5 billion PE fund to focus on North American and European opportunities.
In April, AE Industrial Partners LLC raised $680 million for the firm’s first fund, plus $160 million for co-investments, to target investments in aerospace and related companies. And the Carlyle Group LP (Nasdaq: CG) closed fundraising on a $403 million U.S. collateralized loan obligation fund to invest in senior secured bank loans. Investment bank Sixpoint Partners was the placement agent for Origami Capital’s new fund, with Sidley Austin LLP providing legal counsel.