SkyKnight Soars to Hard Cap Close

SkyKnight Capital has held a final, oversubscribed and hard cap closing of SkyKnight Capital Fund III LP with $600 million of capital.

Like its earlier funds, SkyKnight invests from $50 million to $250 million in equity in healthcare, financial services, and tech-enabled services companies.

Since its founding in 2015 by Matt Ebbel, a former managing director at New Mountain Capital, SkyKnight has made eleven platform investments and closed more than 50 add-on acquisitions. In addition to Mr. Ebbel, SkyKnight’s other partners include Mara Hunt, Claude Burton and Jordan Milich.

“At SkyKnight, we are executing on a long-term, genuine approach to private equity partnership,” said Mr. Ebbel. “SkyKnight brings both financial investment and strategic human capital to exceptional management teams to drive business growth and build value for all stakeholders. With Fund III, SkyKnight aims to continue to develop meaningful partnerships and contribute to the success of sector-defining, best-in-class companies.”

Fund III has already closed on two platforms with the buy of IMA Financial Group, a Denver-based specialty insurance broker, in November 2020; and the buy of NearU Services, a Charlotte-based provider of residential HVAC, plumbing, and electrical repair and maintenance services, in January 2021.

SkyKnight, with offices in San Francisco and New York City, began raising Fund III in November 2010 with an original target of $500 million. Limited partners in the new fund include family offices, foundations, endowments, pensions, and other institutional investors.

“We are incredibly grateful for the support of our existing limited partners as well as the expansion of our partnership to include additional leading global investors in Fund III,” said Mara Hunt, a partner at SkyKnight. “Our investors have confidence in the consistent, repeatable approach we use in sourcing, evaluating, and adding value to our portfolio companies. We have a true partnership with our investors and will continue to work hard to generate strong risk-adjusted returns for everyone who has entrusted us with their capital.”

With Fund III’s closing, SkyKnight now manages over $2 billion of capital across its funds and co-investment vehicles.

SkyKnight did not use a placement agent on this fundraise and Ropes & Gray provided legal services.

© 2021 Private Equity Professional | April 8, 2021

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