Avista Capital Partners has held a final and above target closing of Avista Healthcare Partners VI LP (Fund VI) with $1.5 billion of capital.
According to Avista, this fund is one of the largest pools of private capital focused on investments in high-growth middle-market product and technology healthcare companies in North America and Europe.
“We thank all our limited partners for the confidence they have placed in our team, and the efficiency with which they made their commitments,” said Amanda Heravi, the head of investor relations at Avista. “We are honored to have raised a fund that is 25% larger than our prior fund, comprised of a diverse set of investors from leading public and private pension funds, university endowments and foundations, family offices, insurance companies and asset managers across North America, Europe, Asia and the Middle East.”
Fund VI is the third dedicated healthcare fund at Avista and has already made five healthcare platform investments. Its most recent acquisition was the February buy of Terrats Medical, a Barcelona-based manufacturer of dental prosthetics, including abutments and implants from Miura Partners. The company’s customers include dental offices, labs, and distributors, as well as dental implant OEMs.
“We are greatly appreciative of the overwhelming support from our existing limited partners and our new investors,” said David Burgstahler, the chief executive officer of Avista. “The closing of Fund VI is an endorsement of our long-held strategy of identifying and accelerating growth-oriented healthcare businesses with strong secular tailwinds. It also firmly recognizes the strong alignment of interest with our investors and Avista’s unique ability to consistently generate outsized performance regardless of market dynamics.”
New York City-based Avista makes control or influential minority investments in growth-oriented healthcare businesses. The firm’s earlier fund was oversubscribed and closed at its $1.2 billion hard cap in March 2021. Within healthcare, Avista has a specific interest in the following sub sectors: outsourced pharma and medtech services; consumer healthcare; medical devices; specialty and generic pharmaceuticals; distribution and diagnostics; and healthcare technology.
“With a compelling pipeline of investment opportunities and an incredible Avista team, we look forward to driving growth and building lasting value in partnership with our investors, managers, employees and portfolio companies,” concluded Mr. Burgstahler.
Rede Partners was the placement agent for this fundraise and Kirkland & Ellis provided legal services.
© 2024 Private Equity Professional | March 5, 2024
