Omni closes latest fund on £340m – exclusive

The London-based investor surpassed its target for its latest offering, which also out-raised its predecessors.

Omni Partners has held a final close on its Omni Secured Lending III fund on £340 million (€402 million; $439 million), raising significantly more than its predecessors.

OSL III invests in secured loans to UK-based residential and commercial real estate properties. According to materials provided to Private Debt Investor, the fund has generated an internal rate or return of approximately 9 percent to date.

According to PDI data, OSL III had a target of $400 million. Its predecessors, OSL I and OSL II, raised $45 million and $240 million, respectively.

Steven Clark, founding partner at Omni, previously told PDI a large portion of the investors his firm attracts are US-based. Many of these, he said, had withdrawn commitments from the fund in 2016 following the UK’s referendum on EU membership. The fund has since raised assets surpassing the total prior to these withdrawals.

A spokesman for the firm told PDI the fund had invested 90 percent of the capital it had raised prior to the final close. Through the end of March, the fund had made 247 deals.

Omni is a London-based asset manager focusing on private credit and hedge funds. The firm has approximately $1.1 billion in assets under management.