Avista Healthcare Partners has closed Avista Healthcare Partners CV II LP (ACV II), a single-asset continuation fund for GCM, a maker of precision medical components.
The new fund provides existing investors with an exit opportunity while enabling Avista to continue supporting GCM’s growth with additional capital. Investors in the ACV II include funds managed by Goldman Sachs Alternatives and BlackRock Secondaries. In addition to capital for the acquisition of GCM, the continuation fund includes additional capital commitments to support future acquisitions and further scale the GCM business.
GCM is a manufacturer of low-to-medium volume, precision components and system assemblies used in medtech, aerospace, and industrial applications. The company’s medtech products are used in robotic-assisted surgery, radiotherapy, diagnostic technology, and other medical equipment.
“We are excited about the future prospects of GCM and the opportunity to partner with Avista in a transaction that provides existing investors a liquidity option while providing GCM additional duration and capital to take advantage of the compelling opportunity in the robotic surgical and other high-growth medical technology end markets,” said Brian Musto, a managing director at Goldman Sachs Alternatives.
Avista acquired GCM in 2019 from May River Capital which originally acquired GCM (then Hi-Tech Manufacturing) in July 2012 from Longview Capital Partners. In May 2014, Hi-Tech acquired GCM Medical and OEM, Inc. and rebranded the merged company under the name GCM.
Since acquiring GCM, Avista has worked with management to double the company’s revenue, investing in technology, facilities, and talent. A recent add-on acquisition by GCM was the December 2024 buy of Precision Swiss Products, a North Carolina-based provider of micro feature machining services that create very small, precise, intricate details—features measured in fractions of a millimeter or even microns—on parts for customers in the medical devices, aerospace, and semiconductor capital equipment sectors.
Today, GCM, led by CEO Seamus Meagher, has a total of 350,000 square feet of manufacturing space in four facilities near San Francisco in Union City, California (headquarters); and in Illinois, North Carolina, and China.
“We are thrilled to continue our partnership with Avista,” said Mr. Meagher. “The new capital and continued expertise of the Avista team will help us more quickly enhance our product offerings, expand our manufacturing capabilities, and achieve our next stage of growth.”
“We are pleased to provide our existing investors with the option for liquidity or continuing to participate in the value creation strategy we are successfully executing at GCM,” said Rob Girardi, a partner at Avista. “We look forward to supporting GCM’s next phase of growth and expanding the company’s leading market position for the benefit of customers and all stakeholders.”
Avista Healthcare Partners makes control or influential minority investments in growth-oriented healthcare businesses, with specific interests in outsourced pharma and medtech services, consumer healthcare, medical devices, specialty and generic pharmaceuticals, distribution and diagnostics, and healthcare technology. The firm was founded in 2005 and is headquartered in New York City.
Piper Sandler was the financial advisor to Avista and Ropes & Gray provided legal services.
© 2025 Private Equity Professional | June 26, 2025
PSP Investments, one of Canada’s largest pension investment managers, has reported a 12.6% one-year net return for its fiscal year ending March 31, 2025. According to PSP, its results were driven by strong performances across infrastructure, private equity, public market equities, and credit investments.
Churchill Asset Management, an affiliate of Nuveen, has held a final, oversubscribed, and hard cap close of Churchill Co-Investment Fund II LP (Fund II) with $1.5 billion in limited partner commitments.
“We’re proud to announce the close of our latest co-investment fund,” said Jason Strife, the head of junior capital and private equity solutions at Churchill. “As a reliable co-investor to top-tier GPs for the last 14 years, we continue to leverage our differentiated model to gain valuable insights and early access to pre-syndication deal flow, allowing us to source a high volume of attractive opportunities. We are incredibly grateful for our investors’ continued support and trust with their capital.”
“Individual investors are increasingly focused on growing their exposure to alternative investment strategies, and the success of Fund II in the wealth channel underscores the strong demand we’re seeing from high-net-worth investors for differentiated private capital opportunities,” said Moshe Bajnon, the global head of private wealth and co-head of the investor solutions group at Churchill. “Churchill’s proven track record and expertise – combined with Nuveen’s marketplace relationships and history of product innovation – position us as a leader in expanding access to private markets.”
Banner Capital Management has recapitalized eight portfolio companies into a $400 million continuation vehicle, Banner Capital Fund I, L.P., and has formally launched Banner Capital Fund II LP with a target of $200 million in capital.
“We are excited to welcome Hamilton Lane as an investor in Fund I, alongside our long-time partners. We remain strong believers in the companies and leadership teams that are part of Fund I and are grateful to have more time to fully realize the value created—while also providing early investors with interim liquidity,” said Tanner Ainge, the founder and CEO of Banner.
In tandem with the close of Fund I, Banner has announced that it held a preliminary close of Fund II in May 2025 to back the formation of 
Oceans Equity has named Scott Bartnick as a new managing partner, joining firm co-founder Josh Bilmes to co-lead the Miami-based private equity firm’s investment operations, portfolio strategy, and organizational growth.
“Defined contribution plans are the next frontier for private equity,” said Jon Gray, President and COO of Blackstone, “The structure needs to evolve, but the demand is clearly there.”
“We shouldn’t treat private equity as toxic or golden,” said Joshua Gotbaum, retirement policy fellow at the Brookings Institution, “it’s just another tool. What matters is how and when it’s used.”
Virent Capital has been launched by Connor McMahan, a former partner at L2 Capital, to invest in companies operating in the U.S. lower middle market.
Mr. McMahan has more than a decade of experience from his tenure as a partner at L2 Capital where he led investments across founder-owned businesses. Bob Levine, the founder of L2 Capital, has committed capital to Virent’s launch and will support the firm as it grows its platform.
Eagle Merchant Partners has closed its second private equity fund, Eagle Merchant Partners Fund II LP, with $415 million in capital commitments. The new fund closed above its original hard cap and was raised in just seven months. Eagle is an active investor in founder-owned businesses across the Southeastern United States.
“The Southeast remains one of the most attractive economic regions in the country, with strong demographics, a healthy business climate and a fragmented lower middle market,” said Stockton Croft, a partner and co-founder at Eagle. “We are grateful for the support of our limited partners and believe this reflects the investment community’s confidence in our investment strategy and operating approach.”
“Owners continue to respond to our experience, sector expertise and ability to help transform companies into market leaders,” said Bill Lundstrom, a partner and co-founder at Eagle. “Fund II gives us the capital and resources to invest in more high-quality companies across the region.”
Canaccord Genuity (CG) has appointed Mark Turco and James “Jim” Schroder as Managing Directors within its U.S. investment banking platform.
Mr. Turco brings nearly 20 years of healthcare investment banking experience to CG. Most recently, he was a Managing Director at Ziegler where he led more than 35 M&A and capital raising transactions spanning revenue cycle management, digital health, data analytics, federal health IT, post-acute technology, payments, and business process outsourcing. Earlier in his career, he was in the investment banking division at Alvarez & Marsal with a focus on financial restructurings and M&A. Mr. Turco has his undergraduate degree in history from Yale University.
Mr. Schroder joins CG with over 25 years of investment banking experience in software and technology. Before joining, he co-led the software team at Stifel, following its 2019 acquisition of Mooreland Partners.
Invictus Growth Partners has held a final and oversubscribed close of its second flagship vehicle, Invictus Growth Fund II LP, with $574 million in total capital commitments. Fund II exceeded its original hard cap of $450 million.
“We are honored and grateful for the support from our returning and new investors, which include pension plans, endowments, foundations, insurance companies, healthcare institutions, and family offices,” said Mr. DeLoche. “The early support and leadership from our existing investors helped to drive investor demand and facilitate a successful fundraise despite a challenging environment.”
“We will continue our strategy of bringing a partnership approach and deep operating expertise and resources to our portfolio companies to help them scale,” said Mr. Nettles. “This includes our world class team’s stewardship, machine learning-powered GTM operational enhancements through our DIANE platform, and the support of a dedicated portfolio company success team, the Invictus Guild.”
