A private equity firm based in San Francisco, CA has partnered with an established healthcare investor to form a new fund of almost $200 million, focused on the healthcare sector. The firm typically makes equity investments between $5-30 M (USD), although the firm has made smaller and larger deals on a case-by-case basis. In addition, the firm also participates in buyouts and restructuring deals. The firm seeks to invest about $45 M per year, and looks for companies globally with a focus in North America.
The firm looks at all sectors within the life science space. The firm has invested the most in medical devices, diagnostics, healthcare IT/services, and biopharma/therapeutics, in descending order. With all sectors, the firm’s focus lies in products already on the market although they will look at clinical products that have novel technologies and clear regulatory pathways. The firm will participate in financing rounds no earlier than Series B or C rounds. In therapeutics, the firm will consider assets in Phase II clinical trials and beyond. In medical devices, the firm will look at 510k and PMA devices that are in the cusp of receiving FDA clearance.
The firm seeks to work with companies with strong, dedicated management teams with a track record of success. While positive revenue is not an absolute requirement, the firm’s portfolio companies generate an average of $10 – 20 M revenue. The firm does not generally require a board seat; currently, the firm has a board seat in approximately 20% of portfolio companies.
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