SkyKnight Capital has held a final closing of SkyKnight Capital Fund IV LP with $1 billion in hard cap capital commitments.
San Francisco and New York City-based SkyKnight invests from $50 million to $250 million in North America-based healthcare, financial services, and tech-enabled services companies. SkyKnight’s earlier fund, SkyKnight Capital Fund III LP, closed in April 2021 at its hard cap of $600 million.
Since its founding in 2015 by Managing Partner Matt Ebbel, SkyKnight has made 16 platform investments and closed more than 100 add-on acquisitions. In addition to Mr. Ebbel, SkyKnight’s other partners include Mara Hunt, Claude Burton and Jordan Milich.
SkyKnight’s new fund was significantly oversubscribed with backing from both returning and new limited partners including endowments, foundations, pensions, family offices, and institutional investors.
“We are honored by the responsibility entrusted to us by our investors, and we are excited to continue to execute our differentiated private equity strategy,” said Ms. Hunt. “Fund IV was raised with over 100% net retention from existing limited partners, and we also welcomed over twenty new limited partners, representing America’s leading endowments, corporate and state pensions, and private market institutional investors.”
In February 2023, SkyKnight formed FirstCall Mechanical Group as a new platform in the commercial services sector. The Austin, Texas-based company provides HVAC, refrigeration, electrical, and plumbing services to commercial and industrial customers including distribution centers, cold storage facilities, food manufacturing facilities, universities, and other commercial properties. FirstCall has approximately 150 employees and operations across Viriginia, North Carolina, South Carolina, Georgia, Florida, and Alabama. SkyKnight partnered with Evan Eachus, FirstCall’s founder and CEO, in launching the platform.
“We are grateful for the support of our like-minded limited partners and pleased to announce the closing of Fund IV, which will allow us to continue to execute our investment strategy,” said Mr. Ebbel. “Fund IV will aim to invest in approximately ten platform companies where SkyKnight can bring our collaborative, entrepreneurial approach to building industry-defining businesses alongside aligned management and owners.”
SkyKnight did not use a placement agent for Fund IV and Ropes & Gray provided legal services.
© 2023 Private Equity Professional | September 26, 2023
