Varsity Healthcare Partners has held a final close of Varsity Healthcare Partners IV LP (VHP IV) with total capital commitments of $700 million, exceeding the fund’s hard cap of $650 million.
Limited partners in the new fund including insurance companies, pensions, endowments, foundations, and sovereign wealth funds. Varsity’s earlier fund, Varsity Healthcare Partners III LP, closed in August 2019 with $417 million of capital commitments.
Varsity Healthcare invests from $10 million to $60 million in companies that are active in the healthcare services sector and have from $5 million to $15 million of EBITDA. The firm, founded by David Alpern and Kenton Rosenberry, has offices in Los Angeles and Stamford.
In May 2023, Varsity’s new fund acquired Beghou Consulting, an outsourced biopharmaceutical consulting firm that is headquartered just north of Chicago in Evanston, Illinois. “Over the past 30 years, we have established ourselves as trusted advisors for emerging pharmaceutical companies, helping commercial teams plan and execute successful product launches of life-changing therapies,” said Beth Beghou, the founder and CEO of Beghou. “The Varsity team brings valuable resources and industry expertise that our firm can leverage to strengthen our services, enhance the value we provide clients, and give our talented people additional opportunities to grow.”
Varsity used Evercore as its placement agent for this fundraise and Kirkland & Ellis provided legal services.
© 2023 Private Equity Professional | July 11, 2023
