Private equity firm OceanSound Partners announced Tuesday that it has successfully closed its second fund, OceanSound Partners Fund II LP, with $1.49 billion in investor commitments. The growth-focused firm, advised by Paul Weiss Rifkind Wharton & Garrison LLP, surpassed its original fundraising target of $1 billion and exceeded its hard cap of $1.3 billion.
OceanSound $1.5B Fund : Significant Growth from First Fund
OceanSound’s second fund nearly doubles the size of its predecessor, OceanSound Partners Fund LP, which closed in February 2022 after securing $780 million in investor commitments. The firm’s ability to raise a larger fund in a challenging market environment demonstrates its strong investment track record and appeal to investors.
Managing partner Joe Benavides credited the success of the fund to OceanSound’s “differentiated, all-weather investment strategy” and the firm’s proven ability to deliver returns. He noted, “Since starting the firm shortly before the COVID-19 pandemic, we have raised two funds, closed a continuation fund, returned the majority of our inaugural fund’s capital to investors, and completed nearly 50 transactions.”
Expanding Investment Focus
OceanSound specializes in investing in middle-market technology and technology-enabled services companies that serve government and highly regulated enterprise markets. The firm typically invests between $75 million and $300 million in companies with enterprise values of $150 million to $750 million, often taking controlling ownership positions.
