Provident Healthcare Ventures has launched its inaugural Principals Fund I with USD25m of committed capital.
All capital invested in the fund will be provided by the principals of Provident.
The fund includes both an incubator for early stage start-up funding, as well as more traditional seed funding for larger investments and more mature operating companies.
Investments will range from USD250,000 to USD3m, and focus on a number of growing healthcare services sectors, including homecare, hospice, specialty/institutional pharmacy, infusion therapy, and disease and therapy management.
"Provident Healthcare Ventures is a natural extension of what we’ve done for more than a decade," says Bob Ciardi, managing partner of Provident Healthcare Partners, an investment bank specialising in M&A in the healthcare services industry and one of the principal investors in Provident. "PHP’s proven ability to identify quality companies and strong management teams at an early stage, and then exit at significant premiums, is the cornerstone of all successful venture investments."
Bill Shepard, managing director of Provident Healthcare Ventures, adds: "We believe the healthcare services sector in the lower middle market is a growing, fertile landscape for entrepreneurship. It’s fueled by the robust mix of an aging population and therapies and treatments that cure or manage chronic diseases, which enable patients to live longer, healthier lives. Committed investors, committed capital and committed entrepreneurs are the proven components for success in this industry segment."
