Healthcare-focused private equity firm Zenyth Partners held the successful close of a continuation fund co-led by funds managed by BlackRock Alternatives and Manulife Investment Management.
The transaction culminates in the sale portfolio of three holdings that were at a valuation representing over 4x MOIC. Those companies were: The Smilist Management, ReFocus Eye Health and Helping Hands Family.
The continuation fund, the size of which was not disclosed, is composed of both secondary and primary capital commitments with support from Newbury Partners, which funded the purchase of minority stakes in the three companies in the sale portfolio from Zenyth Partners.
The purchase was made from Zenyth Partners LP, which is a 2018 vintage permanent capital vehicle. Each of the portfolio companies were founded by the Zenyth team.
The transaction provides Zenyth’s evergreen fund with new capital to be opportunistically redeployed in new investment opportunities while raising additional capital in the continuation fund to support the continued growth of the sale portfolio.
“We are proud of the performance of the Smilist, ReFocus and HHF, and we believe this transaction validates our operationally-focused model of building sustainable patient- and provider-centric healthcare businesses leveraging consumer and tech-enabled concepts to drive industry leading KPIs,” said Rob Feuer, managing partner of Zenyth in a statement. “We look forward to continue driving long-term value for all stakeholders with supportive new partners.”