Consonance Hits Hard Cap

Consonance Capital Partners (CCP) has held a final close of Consonance Private Equity II LP at its hard cap of $856 million.

The new fund received support from existing investors, as well as from a number of new limited partners including insurers, endowments, foundations, family offices, asset managers, funds of funds, pension plans, and healthcare providers in the both United States and Europe.

CCP’s first fund closed in July 2014 with $500 million of capital. Like Fund I, the new fund targets growth equity, leveraged buyouts, and recapitalization transactions in healthcare companies that have between $25 million and $500 million in revenue. Within healthcare, sub-sectors of specific interest include providers, payors, distributors, medical device makers, specialty pharmaceuticals, outsourced services, and information technology.

New York City-based CCP was founded in 2005 by its four managing partners – Mitchell Blutt, Benjamin Edmands, Stephen McKenna, and Nancy-Ann DeParle. The four founders released a joint statement on the closing of Fund II.

“We are very pleased to close our second fund at its hard-cap and want to thank our limited partners for their commitment to our firm. Our team will continue to be highly focused and disciplined as we look at investment opportunities that provide high-quality care and where we believe we can help businesses grow and succeed through our strategic advice, operating expertise, extensive relationships and prudent financial management. And as we all manage through the COVID-19 pandemic together, our thoughts and prayers are with all who are suffering and have been impacted.”

As it did with its first fund, CCP engaged Monument Group as its placement agent and hired Latham & Watkins to provide legal services.

Private Equity Professional | April 29, 2020

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