Apollo, Blackstone Back $425M BPOC Healthcare Continuation Fund
BPOC, a Chicago-based healthcare private equity investor, has closed its first continuation fund, a $425 million transaction co-led by investment funds affiliated with Apollo S3, Blackstone Strategic Partners and Five Arrows.
The continuation fund consists of five healthcare services companies previously held by Beecken Petty O’Keefe & Co. Fund IV LP and Beecken Petty O’Keefe & Co. Fund IV-A LP, 2013 vintage funds with $503 million in total capital commitments.
The fund looks to provide more time and additional capital to assist each portfolio company. JP Morgan, Newbury Partners, Committed Advisors and Kline Hill Partners also invested in the continuation vehicle.
“We are grateful for the support of our new investors and believe this new vehicle will enable us to continue to create value at certain Fund IV companies, while providing liquidity options for our existing Fund IV investors,” comments Gregory Moerschel, managing partner of BPOC.
The company, which was founded in 1996, has completed more than 60 platform investments and raised six funds with over $2.2 billion in total capital commitments.
Asante Capital Group Advisors LLC acted as advisor to BPOC on the transaction.