Middle market private equity firm One Equity Partners (OEP) has raised $1 billion with backing from AlpInvest Partners, a subsidiary of global investment firm Carlyle, and HarbourVest Partners for a continuation fund.

The new fund takes on the two remaining portfolio companies left in the $1.65 billion One Equity Partners VI, a buyout vehicle OEP closed in 2017. The firm reached that amount in a little over a year thanks to heavy LP interest, which saw it turn away investors and cut its own stake in the fund to just over 3% to make room. Fund VI was OEP’s first fundraise in the wake of its 2015 spinout from JP Morgan.

The two portfolio companies are Italian earthmoving machinery aftermarket parts USCO, bought in April 2017, and German lab glassware specialist DWK Life Sciences, acquired in 2015.

“OEP is proud to partner with AlpInvest and HarbourVest on this oversubscribed transaction that generates liquidity and attractive returns for our existing investors in two proven assets and allows us to continue driving acquisitions and growth,” said David Lippin, Managing Director and Head of Investor Relations at One Equity.

In April 2022, NYC-based OEP raised its assets under management to $10 billion thanks to the largest-ever fund close – One Equity Partners VIII – with $2.75 billion of committed capital, 50% larger than its predecessor fund which the firm closed on $1.75 billion in 2019.