Growth equity firm Valspring Capital has closed its first fund, Valspring Capital Fund I, exceeding its $255m target, with plans to focus on investments in growth-stage companies in the healthcare sector.
Investors in the fund include a mix of institutional limited partners such as endowments, foundations, pension funds, financial institutions, funds of funds, and private wealth firms.
Valspring Capital was founded in 2022 by a team that previously worked at Bain Capital Ventures. The firm specialises in healthcare investments and completed two investments during the fundraising process including HealthJoy – a healthcare benefits navigation platform catering to mid-sized employers, and Phoenix – a Canadian pharmaceuticals home delivery company that aligns with Valspring’s investment criteria, which prioritises capital efficiency, strong unit economics, and high growth potential.
According to a recent press release, Valspring plans to target companies operating in information technology, technology-enabled services, and healthcare services across North America.
Monument Group served as the placement agent for the fund, and Ropes & Gray provided legal counsel.
