One Equity Partners

One Equity Partners was formed in 2001 as the private equity arm of Bank One. When J.P. Morgan Chase acquired Bank One in 2004, OEP became part of the combined entity's investment management division. The firm completed a management-led spinout in 2015, becoming fully independent and simultaneously raising its first standalone fund, OEP VI, at $1.65 billion.

OEP executes a thematic middle-market buyout strategy built on four primary deal types: corporate carve-outs, founder and family-owner succession transitions, management buyouts, and strategic combinations that merge complementary businesses into a single scaled platform. The firm sources opportunities where it believes operational and strategic intervention can transform a niche business into a market leader, rather than relying solely on financial engineering.

The firm concentrates on three core verticals: industrials, healthcare, and technology. Within technology, it has been especially active in enterprise software, cybersecurity, and cloud infrastructure. Examples include cybersecurity provider Armis, cloud communications platform Infobip, and digital transformation specialists Orion and VASS.

OEP invests across North America and Europe, operating from offices in New York, Chicago, Frankfurt, and Amsterdam. The portfolio reflects this transatlantic footprint, with a concentration of manufacturing and industrial-tech holdings in Germany, Italy, and the U.S., alongside a broader European presence in sectors like packaging (Walki in Finland) and IT services (Lutech in Italy).

OEP is currently investing its ninth flagship fund, OEP IX, which closed at $3.25 billion in 2024. The fund succeeded OEP VIII, a $2.75 billion vehicle closed in 2021. The firm has not disclosed a specific target for Fund IX deployment, but has historically focused on equity checks appropriate for middle-market control transactions.

OEP invests exclusively in direct, control-oriented equity transactions — including platform acquisitions, carve-outs, and add-on deals for existing portfolio companies. There is no indication that the firm allocates capital to outside private equity funds as a limited partner; its model relies on hands-on operational engagement at the portfolio-company level.

OEP emphasizes an operational, partnership-oriented model with existing management teams, often retaining founders or incumbent executives post-close and providing strategic resources to accelerate growth. The firm structures many deals as strategic combinations — i.e., merging two companies simultaneously — to create immediate scale and market presence, rather than relying solely on organic expansion.