Australia’s Odyssey PE raises $211m for debut fund

Missions Point in Sydney, Australia

Sydney-based Odyssey Private Equity, set up by former Quadrant Private Equity co-founder George Penklis, has raised A$275 million ($211 million) for its first fund, according to media reports.

Along with Penklis, its co-founders are former directors at CHAMP Ventures, comprising Gareth Banks, Jonathan Kelly and Paul Readdy. Banks was also recently the chairman of the Australian Private Equity and Venture Capital Association.

Odyssey Private Equity was established in the second half of last year after CHAMP Ventures got poor returns from its seventh fund and decided not to launch its eighth fund.

The new fund will mostly invest between A$15 million and A$40 million in the medium-sized companies across Australia and New Zealand with enterprise values of up to A$100 million, in which it will take both control and minority equity positions.

“The formation of the firm was driven by a number of factors. The timing was right for the team, which has a solid performance track record. The market segment is attractive, with strong deal flow and a history of strong returns for investors,” said Odyssey managing partner George Penklis.

“With private equity firms raising larger funds and moving out of the segment, we saw an opportunity and received strong investor support for the fund,” he added.

Also read:

Australia: Champ Ventures is winding up, there will be no 8th fund

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Australia: Quadrant PE to acquire Ardent Leisure’s gym biz

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.