Linden Capital Partners has held a final close of its second structured capital fund, Linden Structured Capital Fund II LP (SCF II), with $400 million in capital commitments. Linden’s earlier structured capital fund closed in July 2021 with $355 million of capital commitments.
Limited partners in SCF II include both new and returning SCF I investors such as pension plans, insurance companies, family offices, and asset managers from the United States, Europe, Asia, and the Middle East.
SCF II invests both debt and equity in middle-market healthcare companies and has already completed eight investments, including the following six: RQM+, a provider of consulting services to medical device manufacturers; Aspen Surgical Products, a manufacturer of surgical disposables and patient safety products; Prescott’s, a provider of repair and maintenance services and refurbished biomedical equipment to hospitals and surgery centers (sold to Morgan Stanley Capital Partners in December 2024); IMA Group, a provider of medical evaluation and clinical research services; StatLab Medical Products, a supplier of anatomic pathology consumables and equipment; and IVX Health, an operator of ambulatory infusion centers.
“Our mission to create and support exceptional companies, coupled with our deep and experienced team and network, continues to strengthen our position as the largest healthcare-dedicated manager,” said Tony Davis, a co-founder and president of Linden. “The support of our existing and new investors in SCF II underscores our approach, and we’re proud to announce this milestone.”
“Our portfolio continues to highlight Linden Structured Capital‘s ability to be a value-added partner to healthcare companies and their equity sponsors, management teams, and founders, leveraging Linden‘s healthcare franchise, network, and infrastructure to support our investment strategy,” said Scott Gallin, a partner at Linden Structured Capital. “The performance of SCF I and demand we’ve seen in SCF II amidst the current market affirms our strategy, underscores our firm’s durability, and we believe positions us well to continue to drive results for our investors.”
Chicago-based Linden Capital Partners is focused exclusively on leveraged buyouts in the healthcare and life science industries, with a specific interest in medical products, specialty distribution, pharmaceutical, and services segments of healthcare. Linden’s strategy is based on three elements: healthcare and life science industry specialization; integrated private equity and operating expertise; and strategic relationships with large corporations.
In September 2024, Linden began fundraising efforts for its sixth buyout fund, Linden Capital Partners VI LP, with a target of $4.5 billion. The firm’s fifth buyout fund closed in December 2021 at its hard cap with $3 billion of capital commitments.
Linden used PJT Park Hill as the placement agent for SCF II and Kirkland & Ellis provided legal services.
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