Petra Capital Partners, based in Nashville, has completed fundraising on Petra Growth Fund IV (PGF IV) with USD208 million of capital available to invest. The fund targets healthcare, business, and technology-enabled services companies and is structured as a small business investment company (SBIC) licensed by the US Small Business Administration.
“We are very pleased with the response from our existing investors and several important new investors for PGF IV and the strong support we received from the SBIC program,” says Mike Blackburn, Managing Partner at Petra.
The fund has already closed on two new investments. In late 2019, the fund partnered with founding management and an experienced stable of co-investors to form Three Oaks Hospice, a Dallas, TX, based provider of hospice and palliative care services.
“We are excited to partner once again with David Gasmire, Chairman and Andrea Bohannon, CEO of Three Oaks Hospice. They share our vision of creating a leading hospice and palliative care provider focused on quality patient care and compliance. This new investment fits squarely into one of our core investment sectors of healthcare and represents a compelling opportunity for the fund,” says David Fitzgerald, Partner at Petra.
In addition, the fund recently invested in a Midwest-based provider of physical therapy clinics and worksite solutions.
With the raising of the new fund, Petra is also proud to announce that Doug Owen has been promoted to Partner in the firm. Additionally, Corey Cialeo recently joined the firm as Senior Associate.
“We are glad to have Corey join our growing team. Corey and other investment professionals we add to the team will strengthen our ability to invest our newest fund, as well as support Petra’s existing portfolio of companies,” says Doug Owen, Partner at Petra. Corey joins Petra from The Halifax Group, a middle market private equity fund where he was an Associate. Prior to The Halifax Group, Corey worked in investment banking with Stephens Inc.