Healthcare-focused private investment firm Consonance Capital Partners has closed its third private equity fund with $1.35bn in commitments, reaching its hard cap following an oversubscribed fundraising process that took less than four months, according to Private Equity Wire. The firm said the vehicle, Consonance Private Equity III, will target lower and middle-market healthcare businesses in the US.
Fund close and timeline
Consonance Capital Partners closed Consonance Private Equity III with $1.35bn in commitments, and the firm said the fund reached its hard cap, according to Private Equity Wire. The firm said the fundraising process was oversubscribed and took less than four months.
Strategy and target market
Consonance said Consonance Private Equity III will target lower and middle-market healthcare businesses in the US, continuing the investment strategy pursued by the firm’s predecessor funds, according to Private Equity Wire. Consonance focuses on businesses seeking to improve healthcare efficiency, control costs, and deliver high-quality patient care.
Consonance’s investment approach spans growth equity, leveraged buyouts, corporate carve-outs, recapitalisations, and special situations.
LP mix and global base
Consonance said the fund attracted substantial backing from existing limited partners, alongside a select group of new investors. The firm said the investor base includes endowments and foundations, pension plans, and financial institutions from across global markets.
Consonance said the fundraising outcome reflected investor confidence in its team, investment strategy, and track record, as well as established relationships with its limited partners and portfolio company management teams.
Advisers
Monument Group acted as global placement agent for the fund. Latham & Watkins served as legal counsel.
