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BlackRock and Manulife back Zenyth Partners’ continuation fund

Zenyth Partners (Zenyth), a healthcare-focused private equity firm specialising in consumer-facing and tech-enabled healthcare services, has closed a continuation fund composed of both secondary and primary capital commitments, co-led by funds managed by BlackRock and Manulife Investment Management with support from Newbury Partners.

Zenyth Partners (Zenyth), a healthcare-focused private equity firm specialising in consumer-facing and tech-enabled healthcare services, has closed a continuation fund composed of both secondary and primary capital commitments, co-led by funds managed by BlackRock and Manulife Investment Management with support from Newbury Partners.

The fund has acquired minority stakes in three portfolio companies (the Sale Portfolio) from Zenyth Partners, LP, a 2018 vintage permanent capital vehicle. Each of the Sale Portfolio companies were founded by the Zenyth team.

The transaction represents a strong outcome for Zenyth Partners, LP and affiliates by more than fully returning capital invested in the Sale Portfolio at a valuation representing over 4x MOIC. The Zenyth General Partnership reinvested the entirety of its capital investment and proceeds realised from the transaction and committed additional new capital given its continued conviction in the Sale Portfolio.

The Sale Portfolio includes: The Smilist Management (Smilist), a dental support organisation focused on the New York and Philadelphia metro markets; ReFocus Eye Health (ReFocus), an ophthalmology practice management company with over 30 offices in New England and the Mid-Atlantic; and Helping Hands Family (HHF), provider of applied behavioural analysis and related services to children impacted by autism spectrum disorder serving 22 markets.

The transaction will provide 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.

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