Eir Partners Capital has announced it has closed the second iteration of its private equity fund with $496 million in capital commitments.

The fund, Eir Partners Investment Program II, was oversubscribed.

Eir, based in Miami, is a middle market private equity firm focused on healthcare technology and tech-enabled services. Founded in 2015, Eir’s targeted stages of investment include growth equity through control buyouts and investment sizes ranging from $25 million to $100 million.

GTCR is expected to acquire Caravel Autism Health, according to industry reports.

Caravel Autism Health, founded in 2009 and based in Green Bay, Wisconsin, is a provider of in-home intensive, post-intensive, pre-intensive and diagnostic evaluation services to children with autism spectrum disorder. The company operates more than 60 locations in eight states.

GTCR, based in Chicago, pursues a wide range of investments in several industries, including healthcare. Founded in 1980, the firm prefers to make more substantial investments from a dollars perspective.

Caravel is currently backed by Frazier Healthcare Partners.

Sands Capital has announced it has closed its third life sciences fund, Sands Capital Life Sciences Pulse Fund III, with $555 million.

Through the new fund, the firm indicated it will continue to pursue businesses in private therapeutics, diagnostics, medical devices and life sciences tools businesses.

Sands Capital, founded in 1992 and based in Arlington, Virginia, describes itself as a long-term investor in innovative growth businesses located throughout the world.

Medical technology is evolving every day. What trends are investment banks seeing, and what are some of the capital trends in the medical technology space?

In this episode of The Corner Series, McGuireWoods’ Geoff Cockrell chats with Brian Scullion, senior director, medical technology at William Blair, a boutique multinational investment bank and financial services company, to discuss how investment banks view emerging healthcare technologies. Listen as Brian talks about private equity considerations in the healthcare industry, how AI and other emerging technologies are impacting capital investments in healthcare, and when value-based healthcare might grow in the commercial healthcare arena.

Vance Street Capital has announced it has closed its fourth fund, Vance Street Capital IV, with $775 million.

The fund exceeded its target of $550 million in commitments.

Through the new fund, the firm indicated it will continue to pursue businesses in the medical and life science sectors as well as a few others.

Vance Street, based in Los Angeles, is a middle market private equity firm that typically pursues companies with between $3 million and $30 million in EBITDA and with an enterprise value of $30 million to $350 million operating in the United States and Canada.

From a seller’s perspective, how does a provider group get ready for a sale process?

In this episode of The Corner Series, McGuireWoods’ Geoff Cockrell interviews Marc Anderson, managing partner of The Belay Group, on the nuances of preparing companies, particularly in healthcare services, for a sale process. The discussion highlights the importance of professionalizing back-office operations and financial reporting and the potential pitfalls around ownership structure and economics.

Marc and Geoff also discuss the variables in strategic decisions, such as consolidating smaller entities to gain scale and the role of tax planning. The conversation provides valuable insights, essential for any healthcare provider group considering a sale.

Knox Lane has announced the acquisition of All Star Healthcare Solutions.

All Star, founded in 2003 and based in Deerfield Beach, Florida, is a healthcare staffing firm that places physicians and advanced practitioners on locum tenens assignments and in permanent positions at health systems, hospitals and other healthcare facilities throughout the country.

Knox Lane, founded in 2019 and based in San Francisco, is a middle market investment firm targeting companies within the consumer and services sectors.

Terms of the acquisition were not disclosed.

Latticework Capital Management (LCM) has announced the closing of its latest fund with $345 million in commitments.

The new fund, LCM Healthcare Fund II, was oversubscribed, with the firm originally target $275 million. The fund will pursue control investments in founder-led lower middle market healthcare companies.

Latticework, based in Dallas, makes control equity investments in the lower middle market. Founded in 2015, the firm focuses exclusively on healthcare, specifically the provider services, hospital/major facilities, life sciences/pharmaceutical (pharmaceutical services and contract manufacturing for medical equipment/devices) and non-reimbursement industries. Latticework prefers to make more substantial investments from a dollars perspective.

Kain Capital has announced an investment in Essen Health Care.

Essen, founded in 1999 and based in Bronx, New York, is an independent, multi-specialty healthcare provider with over 450 practitioners across Manhattan, Bronx, Queens, Staten Island, Long Island and Westchester County. 

Kain, founded in 2014 and based in New York, is a private equity firm focused on investments in healthcare services and information technology companies.

Terms of the investment were not disclosed.

Kain noted that this is the third primary care/multi-specialty care group investment for the firm.

Dermatology and aesthetics practices took off after the Great Recession, thrived during Covid, and show no signs of slowing down. What makes dermatology and aesthetics such desirable investments?

In this episode of The Corner Series, McGuireWoods’ Geoff Cockrell chats with Clint Bundy and Stewart Carlin, managing directors of the Bundy Group, a boutique investment bank specializing in the healthcare industry. They discuss considerations for investing in dermatology and aesthetics practices.

Listen as Clint and Stewart explain why those practices are high-value investment targets, including the increasing influence of healthcare technology, the difference between being an investment cornerstone versus an add-on acquisition, and how aggressive investors will keep the market for dermatology and aesthetics providers robust.