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.