Patient Square Capital held the final close of its Patient Square Equity Partners fund with $3.9 billion in total capital commitments.
For the healthcare-focused private equity firm, the offering handily surpassed its target and is sizable in the healthcare space.
The investment focus for the Menlo Park, California firm is broadly across the healthcare industry, which includes development-stage therapeutics, commercial-stage pharmaceuticals, medical devices, diagnostics and life science tools, healthcare providers and tech-enabled and other services.
“Earlier in my career, mentors of mine would advise that the work starts when a transaction closes. Never has that felt more apt than right now with our fund closing,” said Jim Momtazee, managing partner of Patient Square, which now has $5.9 billion in assets under management. “We have a tremendous amount of work in front of us, but without those that committed to our fund, there would not have been a beginning. We have deep gratitude for the opportunity and are working hard to reward that trust.”
PJT Park Hill served as the exclusive placement agent, subject to certain exclusions; Kirkland & Ellis served as legal counsel.
Patient Square has deployed approximately $3 billion in equity capital, including co-investments, since June 2021. Portfolio companies include Access Telecare, Apollo Therapeutics, Eargo, Enavate Sciences, Hanger Inc., Kriya Therapeutics, Radius Health, Resolve Biosciences, and Summit BHC.
The firm has been building up its team steadily as well, most recently naming former Neuberger Berman exec Kaveh Samie as senior advisor.
“We are thrilled to have strong support from wonderful partners around the globe. We feel fortunate, especially in light of such a challenging fundraising environment,” said Jake Cabala, partner and head of Fund Partnerships at Patient Square. “Our approach to creating value and serving patients really seemed to resonate.”
