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DW Healthcare Partners closes USD265m third fund

Mon, 11/02/2013 - 14:55

DW Healthcare Partners, a healthcare-focused private equity firm, has completed fundraising for its third fund, DWHP III, which has closed with USD265m of committed capital, exceeding its original target of USD250m. 

DWHP III investors are comprised of pension plans, foundations, fund of funds, high net-worth individuals and family trusts.

Andrew Carragher, DWHP co-founder and managing director, says: "Through our partnerships with talented founders and management teams in our portfolio companies, we have been able to sustain a consistent track record of delivering above-average returns to our investors.  As a result, we attracted a great deal of interest while fundraising for Fund III and are pleased that we have exceeded our target. We thank all of our limited partners for their commitment to our firm and look forward to forging new partnerships with innovators, founders, and management teams in the healthcare industry."

During the fundraising period, DWHP completed three fund III investments, totalling approximately USD80m. Through these investments, DWHP has become equity partners with Z-Medica, a developer and manufacturer of innovative hemostatic agents, Health & Safety Institute, a provider of safety and emergency care content and training, and Med-Pharmex, a veterinary drug manufacturer.

In conjunction with raising the third fund, the firm has opened an office in Toronto, Canada. This office will enable the firm to cover the Eastern Coast of the US and Canada more efficiently. The Toronto office is staffed with Carragher and managing director Rod Boone along with six other professionals.

DWHP's Fund III investment strategy mirrors the model of its first two funds, working as a strategic resource to founders to accelerate the growth of their businesses. DWHP's first two funds were USD88m and USD162m in size, and resulted in 16 platform company investments in the medical device, clinical research, wholesale pharmacy and outsourced healthcare service areas. For fund III, DWHP is seeking investments in companies with EBITDA of USD4m or more. Berchwood Partners served as placement agent for DWHP Fund III.


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