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Laxman Pai, Opalesque Asia: Chicago healthcare investor BPOC has hit a $425m close for its first continuation vehicle co-led by investment funds affiliated with Apollo S3, Blackstone Strategic Partners, and Five Arrows.
The pure-play healthcare investor said in a press note that the continuation fund consists of five healthcare services companies previously held by Beecken Petty O'Keefe & Company Fund IV, L.P. and Beecken Petty O'Keefe & Company Fund IV-A, L.P. (together BPOC Fund IV), 2013 vintage funds with $503 million in combined total capital commitments.
'The continuation fund will provide more time and, in certain cases, additional capital to assist each portfolio company in further accelerating its full growth potential," said the release.
"We are grateful for the support of our new investors and believe this new vehicle will enable us to continue to create value at certain Fund IV companies, while providing liquidity options for our existing Fund IV investors," said Gregory Moerschel, Managing Partner of BPOC.
As part of the transaction, existing investors in BPOC Fund IV were provided with the choice to receive full liquidity or to fully or partially re-invest into the new continuation fund.
JP Morgan, Newbury Partners, Committed Advisors, and Kline Hill Partners also invested in the continuation vehicle.
"We are pleased to partner with BPOC and the other investors to help address liquidity, duration, and capital considerations for ...................... To view our full article Click here
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