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Private for-profit healthcare investment firm Cressey & Company has closed a $615 million fund, marking its fifth round of financing.
The Chicago- and Nashville-based firm has indicated plans to continue providing capital to executives in “high-potential sectors of the healthcare industry.”
"We are pleased with the support our new fund has received," said Cressey & Company partner Peter Ehrich in a statement. "The investment community's response underscores the strength of our investment strategy and team. We thank our existing and new investors for entrusting us with their capital, and we look forward to applying our expertise with the goal of building high-quality healthcare businesses."
In addition to seeking executives, Cressey & Company will focus on identifying more businesses in which to invest. The firm, whose partner roster includes former Senate Majority Leader Bill Frist, generally seeks control-oriented investments in companies with enterprise values of (at the time of investment) $50 million to $300 million, it said.
Fund V began in July, 2014, with a goal of $400 million, and became “quickly oversubscribed.” Its hard cap at $615 million marked a substantial climb from Cressey & Company's 2010 Fund IV gains, which totaled $385 million. Through its previous four investment rounds, the firm’s website indicates that it has managed over $1 billion in for-profit healthcare investments since its 2008 founding.
Cressey & Company targets inpatient facilities and outpatient services, information technology, home care, outsourced services, and speciality facilities, such as dental and veterinary care providers. Among the firm's current investments are home nursing service provider Encompass Home Health, veterinary hospital network VetCor, dermatological services organization Dermatology Solutions Group, and behavioral therapy provider InnerChange.
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