Leavitt Beats Target on New Fund

Leavitt Equity Partners has closed its third fund, Leavitt Equity Partners III LP, with more than $180 million of capital. The firm’s initial target was $150 million.

Limited partners in Fund III include numerous strategic partners – healthcare provider systems, national and regional health insurers, healthcare service providers, healthcare IT companies, pharmaceutical companies, healthcare executives and entrepreneurs – in addition to insurance companies, foundations, and family offices.

“We are delighted with the outcome of this fundraise and the strong support from both existing and new investors,” said Taylor Leavitt, a managing partner and CEO of LEP.

Like its earlier funds, Fund III will invest in lower middle market healthcare companies with a focus on services, care models, and technologies that bring value to healthcare in the form of lower costs, better quality, and better access.

Salt Lake City-headquartered Leavitt Equity Partners (LEP) was founded in 2014 by Michael Leavitt, the governor of Utah from 1993 to 2003, the administrator of the Environmental Protection Agency from 2003 to 2005 and the Secretary of Health and Human Services from 2005 to 2009.

Fund III has already closed investments in Apollo Intelligence, a Massachusetts-based provider of life science services (July 2022); United Energy Workers, a Utah-based provider of home health services to patients with diseases caused by work for the Department of Energy’s nuclear program (October 2022); b.well, a Maryland-based provider of IT services related to patient and claims data (December 2022); Commonwealth Pain & Spine, a Kentucky and Indiana-based provider of pain management services (March 2023); SurgNet, a Tennessee-based provider of ambulatory surgery center (ASC) management services (September 2023); and Allurion, a Massachusetts-based developer of weight loss related medical devices (September 2023).

“We believe our ability to bring deep healthcare policy and strategic expertise enables significant growth potential for our portfolio companies as we look to support a more value-driven healthcare future,” said Andrew Clark, a managing partner at LEP.

Dorsey & Whitney provided legal services to LEP on this fundraise.

© 2024 Private Equity Professional | January 9, 2024