o15 Capital Partners Closes Debut Credit Fund at $400M

o15 Capital Partners said its first America-focused credit opportunities fund and related vehicles secured $400 million in total capital commitments at closing.

The main fund, o15 Emerging America Credit Opportunities Fund, raised $370M, according to a February 6, 2025, news release. An amended filing with the SEC showed that the fund made its first sale on June 15, 2023, and by June 26, 2024, had raised $87.4M from 17 investors.

The fund generated support from institutional investors, including public and corporate pensions, foundations, banks and family offices. According to Dakota, the New York State Common Retirement Fund pledged $50M to the fund.

o15 Capital aims to capitalize on opportunities in the private credit and equity tranches of healthcare, education and business services companies. Through its inaugural fund, which is already more than 20% deployed, the Atlanta-based alternative investment firm targets American lower middle market businesses. The firm's portfolio currently comprises Lone Peak Dental group, Engineered Recycling Systems, Echo360, and Texas Endovascular.