Hildred Capital (Hildred) a middle-market, healthcare-focused private equity firm, has closed a multi-asset continuation fund led by secondary PE specialist Lexington Partners at over $750m in capital commitments.
The continuation fund, Hildred Perennial Partners I, LP, was established to acquire two healthcare consumer product focused companies—Hyland’s Naturals (Hyland’s) and Crown Laboratories (Crown)—from Hildred’s first and second funds. The fund includes significant unfunded capital to help drive organic growth initiatives and strategic acquisitions at these companies.
According to a press statement, the continuation fund was structured in a manner to “ensure a strong alignment of interests between the general partnership and limited partners”. Hildred’s co-founders rolled over 100% of their economic interests into the continuation fund while limited partners were provided with the option to roll all their interests into the continuation fund, sell all their interests, or sell a portion of their interests and roll a portion into the continuation fund.
Kirkland & Ellis and Lowenstein Sandler served as legal counsel for Hildred. Evercore served as the firm’s exclusive financial advisor.
