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Alternative Assets  + Private Equity  |  June 16, 2023
Calera Closes $750M Single-Asset Continuation Fund Backed by Goldman, Others
By: Joe Palmisano

Calera Closes $750M Single-Asset Continuation Fund Backed by Goldman, Others

Middle-market buyout firm Calera Capital has raised roughly $750 million for a new single-asset continuation fund to take on ImageFIRST Healthcare Laundry Specialists from its Fund V portfolio.

Calera bought into the linen, laundry and hygiene services provider in 2018, a year after raising $555 million for its fifth flagship fund.

Goldman Sachs, Blackstone Strategic Partners, TPG and Portfolio Advisors are anchoring the new fund, while Calera made a new equity commitment from its latest fund.

Calera said the continuation fund would “provide substantial additional capital to support the continued execution of ImageFIRST’s core organic growth strategy, facilitate expansion into new healthcare markets and adjacent services, and continue the development of the Company’s internal infrastructure”.

ImageFIRST has grown its pro forma EBITDA about five-fold since it was bought by Calera five years ago.

San Francisco-based Calera’s continuation fund is the latest in health-care related funds that have closed in recent weeks. Charterhouse Capital Partners closed a single-asset continuation fund in May involving specialty pharmaceutical group SERB backed by Goldman Sachs, CPP Investments and Hamilton Lane.

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.