Regal Healthcare Capital Partners (RHCP) has held a first and final closing of its second private equity fund, RHCP II LP (Fund II) at its hard cap of $165 million.
Fund II was raised in less than two and a half months and surpassed its initial target of $125 million. Together with Regal’s first fund, which was raised in February 2018, Regal now has total committed capital of over $250 million.
Regal was co-founded in 2018 by Jon Santemma, the former head of healthcare investment banking at Jefferies, and Dr. David Kim. The firm is headquartered in New York (www.regalhcp.com).
Regal invests from $20 million to $30 million of equity exclusively in lower-middle market healthcare services companies that have from $2 million to $5 million of EBITDA. “We are excited to build on the momentum of our first fund by investing in great healthcare businesses and delivering superior returns to our investors,” said Mr. Santemma.
With the closing of Fund II, Regal’s investor base remains largely the same with almost $100 million of Fund II’s capital commitments coming from investors in Regal’s first fund. Regal also attracted substantial interest from several institutions and invited a select group to participate in Fund II.
“We are extremely grateful for the support we’ve received from our existing and new investors. Their confidence will allow us to continue on our mission of partnering with leading entrepreneurs to create high-quality healthcare businesses that put the patient first,” said Dr. Kim.
DLA Piper provided legal services to Regal for this fundraise and no placement agent was used.
© 2019 Private Equity Professional | August 5, 2019