NovaQuest hits hard cap in latest fund

NovaQuest Private Equity held the final close of its second fund at $500 million after less than seven months of fundraising.

Like the firm’s preceding fund that started to deploy capital 2018, NovaQuest Private Equity Fund II is managed by partners Vern Davenport, Jeff Edwards Ashton Pool and Michael Sorensen. The firm’s focus on pharmaceutical companies has contributed greatly to its IRR, with a distinct focus on late stages of R&D and commercialization, according to an interview with CIO Jonathan Tunnicliffe last year.

“As a continuation of the strategy we executed in our first fund, NQPE II will focus on investing in innovative companies in attractive thematic sectors and on partnering with talented management teams to build great companies,” said Sorenson in a statement. Following the fund close, NovaQuest assets now total approximately $1.2 billion of assets and has completed seven active platform investments and 11 additional acquisitions.

The fund strategy relies on the firm’s vast strategic network, including the affiliated fund strategy NovaQuest Product Finance, to invest in tech-enabled life sciences and pharmaceutical services companies that improve outcomes and reduce the overall cost of care. The team targets lower middle market companies and uses its own in-house operating expertise to drive operational improvements and to prepare companies for growth.

Previous NQPE investments include Azurity Pharmaceuticals, a leading provider of drug delivery technology solutions; Clinical Ink, a provider of eClinical data collection technology; and Catalyst Clinical Research, a provider of outsourced clinical services for clinical trials.

Eaton Partners served as the placement agent for NQPE II and Ropes & Gray LLP provided legal counsel.

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