NovaQuest Hits Hard Cap on Latest Fund

NovaQuest Capital has held a hard cap closing of NovaQuest Private Equity Fund I LP with $275 million of capital. NovaQuest now has more than $3 billion of capital under management.

Limited partners in the new fund include a range of institutional investors, including insurance companies, pension plans, asset managers, and family offices.  The new fund will invest in North American-based companies that are active in the tech-enabled healthcare and pharmaceutical services sectors.

“We are thrilled to have achieved this important milestone and are grateful for the support we received from our new and existing limited partners,” said Jeff Edwards, a partner at NovaQuest.

Eaton Partners, a subsidiary of Stifel Financial (NYSE: SF), was the placement agent for this fundraise. “Eaton Partners was a thoughtful, knowledgeable, and committed fundraising partner,” added Mr. Edwards.

Raleigh, NC-based NovaQuest was formed in 2000 and makes product-based investments in late-stage clinical and commercial biopharma programs, and acquires middle-market healthcare companies. The firm has been actively investing out of its new fund and has closed on three platform investments as follows:

  • Azurity Pharmaceuticals (formerly CutisPharma) is a Woburn, MA-based specialty pharmaceutical company that provides customized drug doses and user-friendly formulations for pediatric and elderly patients that are not served by commercially available therapies (acquired in March 2018). In June 2019, Azurity added-on with the buy of Silvergate Pharmaceuticals, a Greenwood Village, CO-based specialty pharmaceuticals company that develops and commercializes pediatric medications, from Frazier Healthcare Partners;
  • Clinical Ink, is a Winston-Salem, NC provider of real-time and same-day data capture and data integration technology used in clinical research trials (acquired in May 2018); and

“NovaQuest’s strategic partners, operating advisory board, and deep industry network differentiates NovaQuest with powerful value creation capabilities for middle-market healthcare companies,” said Eric Deyle, a managing director and co-head of private equity at Eaton Partners.

Eaton Partners was founded in 1983 and advises and raises institutional capital for investment managers across alternative strategies – private equity, private credit, real assets, real estate, and hedge funds – in both the primary and secondary markets. The firm is headquartered in Rowayton, CT and has offices throughout North America, Europe and Asia.

“It has been our pleasure to partner with one of the leading life sciences and healthcare investors and the entire NovaQuest team on a successful fundraise,” added Jeff Eaton, a partner at Eaton Partners.

© 2019 Private Equity Professional | November 8, 2019

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